RECRUITING, RETAINING AND SUPPORTING MAINE’S AGING WORKFORCE Lori Parham, State Director AARP Maine April 2016

Integrated Marketing | 2 The Changing Landscape of Work For the first time in modern history, workplace demographics now span four generations.

Integrated Marketing | 3 The Generations Traditionalists: Before 1945 Boomers: Gen X: Gen Y:

Integrated Marketing | 4 Helping You Harness the Power of Experience Equip workers 50+ with skills and resources that will help them leverage their competitive advantage in the job market. Engage in ongoing dialogue with employees to understand their critical business challenges and workforce needs.

Integrated Marketing | 5 The Business Case for Workers 50+ Experienced Workers Help Employers Maintain a Competitive Edge

By 2022, the number of workers age 50+ will constitute 35% of the workforce. Demand, Say Hello to Supply Sources: Aon Hewitt analysis of Bureau of Labor Statistics data, and ManpowerGroup 2014 Talent Shortage Survey

The Costs Are Less Than You Think

Turns Out, Age ISN’T Just a Number Source: Transamerica. Baby Boomers Are Revolutionizing Retirement: Are They And Their Employers Ready?” December A 2014 survey of more than 700 employers revealed the following beliefs regarding the value of older workers: (it’s a lot more than that…….)

Every Day is “Bring Your Commitment to Work” Day

Staying Power – the 50+ Are Sticking Around 4 Source: Aon Hewitt Engagement Database ; 2014 analysis by Aon Hewitt (and not just for financial reasons…….)

Staying Ahead of the Curve 2013: AARP Multicultural Work and Career Study

What’s Important to Older Workers? Age 50-64Age 65+ Want a flexible workplace 70% Need the money 96%88% Say a 401(k) is essential 56%31% Work to support their families 74%51% Have taken time off for caregiving 19%14%

AARP in Maine Presence –230,000 AARP Members –39% Work Full or Part Time –9% Are Self-Employed Jobs/Work Programs –Work Reimagined w/LinkedIn –Encore Entrepreneurs –Employer Outreach –Employee Support

AARP in Maine Partnerships: –U.S. Small Business Administration –Local & State Chambers –CEI –SHRM Maine Chapter

Maine Employer Profile: Cianbro Corporation Industry: Construction, Building Winner of AARP’s Best Employers for People 50+ Award

Cianbro Corporation Workforce: Thirty-four percent of Cianbro employees are age 50+ The average tenure of employees age 50+ is 15.5 years

Cianbro Corporation Recruiting Workplace Culture

Cianbro Corporation Benefits - Health Benefits - Financial Retiree Opportunities

Characteristics of Maine Employers Variety of industries Aging workforce impacts vary considerably More local vs. more regional focus Urban v. Rural geography Some sophisticated talent management practices

Leveraging Maine’s Aging Workforce Recruit mature workers intentionally Create a culture that is multigenerational friendly Offer flexible work options

Leveraging Maine’s Aging Workforce Invest in training, career paths, new roles Facilitate knowledge transfer Foster social networks

Leveraging Maine’s Aging Workforce Consider using retired employees as a “just in time” workforce Hire the long-term unemployed Share “A Business Case for Workers Age 50+” with management and colleagues Sign the AARP Employer Pledge

Long-Term Unemployed 3 3 million long-term unemployed 27%27% have college degrees 43% 43% are age employers pledge to hire

Ready to Rethink Your Hiring Strategies?