Older Workforce, Aging Consumers

Posted by suzanne  on Feb 10, 2017

The population is aging in Canada as the baby boomer generation approaches and enters their later years. In a similar vein, the Canadian labour force is aging.

The aging population and labour force affect the Canadian economy. Policy makers, economists and government are concerned about how this will impact the economy.

Canada’s population growth is dependent upon the fertility rate, death rate and rate of immigration. Fertility rates have decreased over the decades as women have fewer children. Canadians are living longer. Immigration policy in Canada aims to bring more people into the country who can contribute to productivity and growth and compensation for the low fertility rate to keep the economy strong.

However, government, policy makers and economists do not fully recognize that older workers are eager to work and continue to work, in order to contribute to their communities. Older workers are skilled and experienced workers. They have communication, interpersonal and problem solving skills and have developed their ability to work with others. All of these skills are essential in the workplace today.

Organizational Level

As the populations ages and the workforce becomes older, all levels of society are impacted by demographic change. Importantly, this impacts organizations who are worried about a chronic labour shortage resulting from a rapidly aging population. Organizations have identified skill shortages in different roles across various industries. This is a top priority for business leaders.

Around the globe, other countries are innovating to address these concerns. These countries believe that the best way to adopt a successful aging strategy is to realize that aging is an opportunity.

One example is Japan, where policy makers have been steering the growing number of healthy 60- and 70 year olds away from retirement into work. These mature workers are taking on work roles and this makes them productive members of society. They hold jobs ”that otherwise would be impossible to fill as the population shrinks.”  ¹

Furthermore, an entrepreneurial focus on the aging demographic, with products and services to support aging, ensures that aging is a benefit that broader society can reap.

Although consumer spending growth overall is weak in Japan, economists at UBS Securities there say they believe the expansion of the senior market could more than offset any declines that come from a shrinking population, at least for a time.²

 

For Japan, the way forward is clear. For more, visit Aging Gracefully in the Wall Street Journal.

Footnotes:

^1,2Schlesinger, J. M. & Martin, A. (2015). Entrepreneurs are exploring robotics and other innovations to unleash the potential of the elderly. Aging Gracefully: Graying Japan Tries To Embrace the Golden Years.

Knowledge Sharing: Later Life Career

Posted by suzanne  on Dec 8, 2016

Redirection is an alternative to retirement. A large and growing proportion of older adults are choosing to work past what has traditionally been thought of as ‘retirement age’. This represents a significant shift in our society.

The Redirection Project examines this new and emerging social trend. Results of the research will be shared in January. First, a webinar will be held on January 12th, 2017. Sign up here. Second, there is a presentation at Cannexus17 in Ottawa on January 23rd. Sign up here.

The documentary film Redirection: Movers, Shakers and Shifters discusses these issues and portrays the stories of five adults who found second or third careers after age 50. The English and French trailers of the film are available. The documentary film is been screened through feature presentations around the country to great acclaim.

Work and Aging: Symposia

Posted by suzanne  on Aug 29, 2016

45th Annual CAG Conference in Montreal, Quebec

Work and occupation are important across the life course. It is a great thrill to share the most recent research on work and aging at the upcoming CAG annual scientific and educational meeting to be held in Montreal, Quebec. At this year’s conference, I am chairing two Symposia on work and aging. I have invited some esteemed scholars to present their work. The Symposia are to be held on Saturday, October 22nd, 2016.

During the first Symposium, I will be discussing the Redirection Project. During the second Symposium, I am sharing the documentary film Redirection: Movers, Shakers and Shifters which helps bring key issues from my Redirection Project to a broader audience.

Symposium I: Policy Imperatives for Later Life Work

Symposium II: Movers, Shakers and Shifters: Later Life Career Redirection

It is very exciting to have scholars presenting on issues surrounding work and aging and gratifying to see this much attention devoted to work and occupation as people age at CAG. As a broad gerontological topic, work and aging is particularly relevant and timely as the large cohort of baby boomers approach later life and gain their own perspective on being mature and experienced workers.

Extension of Working Life

Posted by suzanne  on May 25, 2016

People are working during later life. This is a new social trend and it is occurring as the Baby Boomers enter their later years. Recent surveys and polls all point to this shift in Canada.

This trend is occurring for many reasons. Some people cannot afford to retire. They need to pay bills. They need to be gainfully employed past traditional retirement age. They have not saved enough to retire. They are in debt. In other words, they cannot retire and live on a fixed income.

CBC Radio’s The Current highlighted the challenges of some of these individuals. Listen to the podcast.

Other people want to continue working. They gain a great deal from their paid work. For example, work provides self worth and self-esteem, mental stimulation, physical activity and social relationships. Some of these individuals might have retirement savings, so income generation is viewed as a benefit but it is not the primary motivation. They might be professionals who are highly educated. They believe they have more to contribute; they are not ready to retire.

When I started conducting the Redirection Project and investigating later life career development, career shift and career extension, I recognized that there is a dichotomy among older workers. Some must work; some want to work. It is great to hear from older adults about their diverse experiences (and the surveys are still available for participation). Both of these experiences are important to understand; hence, I developed the on-line surveys to reflect both sets of circumstances. The fact is that socio-economic circumstances have changed a great deal since the retirement system was developed.

Indeed, paid work during later life is important. Paid work represents many things to individuals. Motivations for later life paid work are complex. This new trend is a big shift from the previous model of retirement. It is a big shift within workplaces as well. Policy to address this social change must be carefully handed.

This is why the qualitative and quantitative datasets collected through the Redirection Project are critical for gaining a better understanding of later life career development and employment experiences and informing social policy, organizational programs and career development practice. For more information about the Redirection Project, please visit www.MyRedirection.com.

The Mature and Experienced Workforce

Posted by suzanne  on Jan 31, 2016

It was a pleasure to have the opportunity to focus on Canada’s aging workforce at the recent symposium devoted to this topic. In fact, since presenting at CEDEC‘s Maturing Workforce Symposium held at Cannexus16 a few days ago, I have continued to reflect on some critical issues.

The aging population equates to an aging labour force and this has implications at the individual, organizational and societal level. These complex issues demand employer policy as well as social policy to help address them.

Older Workers
Life spans have increased and individuals are responsible for saving more for their retirement at the same time that financial markets and investment returns are shaky. It is no wonder various polls report that more people expect to continue working past traditional retirement age.

Mature or older workers have different goals and needs than younger age groups. They want flexibility from employers. They need career pathways that help them meet specific objectives.

Employers
Both the way we work and the linear career path of the past have changed. This collides with our intergenerational workplace and makes it urgent that employers create new programs and policies to facilitate talent management, training and development and career progression.

Later life career development is new terrain in the work-life landscape. Navigating job change and moving into mentorship roles are difficult tasks. In addition, succession planning and knowledge transfer need to be mapped out. Businesses and organizations are trying to identify and understand what this means in their workplace.

Canadian Society
With these powerful demographic and economic forces, we are undergoing a major social and cultural shift surrounding later life work and retirement. We are in a revolutionary transition and social policy is required to help guide and manage this significant change that will affect established social structures in Canada. New evidence-based policies and programs are required.

Finally, these issues are complex. Collaboration and partnership are required to navigate this emerging later life landscape.

Redirection Project

Posted by suzanne  on Jan 26, 2016

More and more people are pursuing a longer working life. Redirection speaks to this rethinking of work and income options for later life.

I coined the term redirection to refer to the new stage of career as individuals transfer their skills, experience and knowledge in a new direction. By pursuing a new occupation, individuals are able to use some of their strengths while learning something new. This provides revitalization.

Northumberland County residents are invited to participate in the Magnet Redirection Project as part of the age-friendly initiative.

Attention Northumberland County Residents, please click here: Magnet Redirection Project.

The Redirection Project examines how Canadians in their 50s, 60s and beyond are turning away from traditional notions of ‘retirement’ to seek new employment. There is a radical change taking place with an expansion of our working lives and re-imagining of retirement as the baby boomers enter what has traditionally been viewed as their retirement years.

The Redirection Project is a CERIC-funded national research initiative. The project consists of a national survey (see below), success stories to help inspire others and a documentary film (see the story contest).
The research examines partipants’ experiences with later life work and career development as they shift gears and pursue new types of work.

If you are age 50 or over and seeking new employment (or have already found your new career), you are invited to participate in important research about this topic in order to help others in similar circumstances.

To participate, please click on one of the following links.
Redirected and working in a career
Seeking redirection and looking for a new occupation

The project has received great coverage in the Globe and Mail.

Recent York University YFile press: September 2015 and January 2016 articles.

Later Life Work and Career

Posted by suzanne  on Sep 19, 2015

For adults age 50 and over, longevity has combined with a rethinking of work and income options. There is a radical shift taking place with an expansion of our working lives and a re-imagining of retirement, combined with a demographic shift to an aging society.

Delayed retirement is a growing trend. Since the mid-1990′s, there has been an increase in the employment rate of older Canadians. In fact, Statistics Canada data show that from 1997 to 2010, the employment rate of men 55 and over increased from 30.5% to 39.4%¹. During the same time, the rate for women grew from 15.8% to 28.6%. In addition, a Canadian survey indicates that a growing number of individuals expect to be working full time at age 66².

It is a pleasure to announce my new study. Funded by the Canadian Education and Research Institute for Counselling (CERIC), this project will examine how Canadians in their 50s, 60s and 70s are seeking out second and third careers as “retirement” is redefined. It will also look at how career professionals can best assist older adults in their career development. The Redirection: Work and Later Life Career Development Project will examine this new phase of later life career that is emerging.

I coined the term “redirection” to refer to the process of finding new pursuits during the second half of life. Redirection, which aims to move beyond traditional notions of retirement, occurs as older adults increasingly seek the rewards of work and stay engaged. It can be a stage of renewal, reinvention and growth.

This project was announced by CERIC and York University.

Footnotes

Redirection: A New Life Stage

Posted by suzanne  on Mar 14, 2014

Life Redirection: Sometimes you just have to make a change

My scholarly article entitled Redirection was recently published in The Gerontologist. In this paper, I discuss the sociological and psychological process of later life career development as an individual enters a new career stage. To date, this has received little attention in the career development field.

Retirement is changing. There is great knowledge, skill and experience that older adults can transfer into new roles. I predict that organizations and communities will begin to recognize this.

The fact is that more people will reach this life stage as life expectancy continues to increase. More individuals will be looking for the next challenge.

What is your next challenge?

Ruth Dempsey from Aging Horizons Bulletin interviewed me about this paper. The interview is here.

Today’s Image of Retirement

Posted by suzanne  on Jun 28, 2013

Many factors have impacted our image of retirement with the traditional age for retirement influencing expectations in particular. Age sixty-five looms large as a magical age for retirement and seniorhood. Yet, this was not always the case.

Retirement is a social construction. In the past, there was no retirement. There were few elderly people because it was rare for someone to reach old age.

When retirement was first conceived in 1883 by Chancellor Otto Von Bismark of Germany, western society was different. Perspectives were different. Sixty-five years of age was chosen for an individual to receive a pension; however, this was with the expectation that most individuals would never live long enough to actually retire and collect the pension.

A lot has changed. Older adults are healthier and life expectancy has increased significantly over the past 130 years.

Individuals want to remain active and engaged. It is no longer your grandmother’s or your grandfather’s retirement.

The Longevity Imperative: Later Life Career Options

Posted by suzanne  on Feb 14, 2013

Clearly, later life careers and career options require change. Longevity, greater health and education and financial realities have all contributed to this social imperative to revisit later life career and career planning.

Individuals are working longer. They are embracing productive and engaging roles that they find stimulating and meaningful.

Despite this, career and career development during later life are not often discussed. Seasoned workers, with the skills and talent they bring to the workplace, continue to have much to offer – even as they approach the traditional age for retirement.

More individuals are looking for new career options for the second half of life. They aren’t ready to be tapped on the shoulder and told it is time to go. Older workers who remain with their employers are often dismissed and neglected when it comes to career development, talent management and training and development. What we should be seeing instead is more attention to these issues.

In addition, there is much more opportunity for innovative talent management programs for older workers, such as transition and knowledge transfer strategies and succession planning – all of which support employer and employee interests. This is good for a healthy economy, a productive workforce and a stronger Canada.

My work addresses the career development of older workers and demonstrates why this is important for healthy aging. I believe that individuals will continue to be connected to the workforce in various ways; thus, we need to rethink organizational processes and procedures that slowly move older workers aside. We need to be more innovative with regard to the ways individuals can contribute and be productive.

I notice a growing interest in baby boomers and career. It is always refreshing to discuss issues with others who share a similar perspective. Dear readers – I would enjoy hearing about the issues you see in society and in the workplace. Please share any good examples of best practices that stand out for you.