The Multi-Generational Workforce: Lessons Learned from Sloan Center Research Jacquelyn James, Ph.D. Boston College Center on Aging & Work September 20, 2013 With Marcie Pitt-Catsouphes and Christina Matz-Costa

Lesson 1: Projected Changes in the U.S. Labor Force by Age Groups Toossi, M. (2012, January). Labor force projections to 2020: a more slowly growing workforce. Monthly Labor Review, 135 (1),

Implications…  Living longer  Working longer, differently  Re-conceptualizing age/career  Evolving notions of “retirement”  Struggling to keep up (employers)

 Chronological  Life stage  Career stage  Generational  Organizational  Relative  Social  Physical Lesson 2: Age is Multifaceted

Exercise: Mapping Your Age

Mapping Your Age: Your Perception

Age, Flexibility Fit, and Employee Engagement

 Workers at all ages, stages, and career stages may have different work styles, but they share a desire for better work-life fit. This is most important to older or late- career workers. Lesson # 3

Lesson 4: Flexibility is not Enough  Just over three in five (62%) of workers aged 50+ described the availability of flex time as "very important" or "somewhat important.”  The most important aspect of job satisfaction for Baby Boomers is the opportunity to use skills and abilities, with 63% ranking this as very important.  Job Security (61%),  Compensation/pay (60%),  Communication between employees and senior management (59%)  Organizational financial stability (56%).

Lesson # 5: Job Quality is Multi-faceted

Lesson 6: Business Drivers for Innovative Practices  Health concerns  Recruitment, retention, job satisfaction, engagement  Changes in workforce demographics  Changes in consumer demographics

Lesson 7: Organizations Respond in Different Ways Interviews Case studies: Cornell, Dell, GlaxoSmithKline, Marriott, MITRE, and Wells Fargo Age: A 21 st Century Imperative

Innovative Practice Families  Benefits  Dependent care  Diversity initiatives  Health and wellness  Leadership development  Recruitment  Retiring and retirement  Training  Workplace flexibility

Innovative Practices  Central Baptist Hospital  Career Coaching  Career flexibility addressed by a leadership succession and competency program to identify and retain organizational talent  Marriott  Hourly Flexibility  Innovative options for scheduling, career and work design flexibility  MITRE  Phased Retirement  Part-Time On-Call  Flexible options to transition into retirement  CVS Caremark  Snowbird Program  Program that enables older workers to transfer to different CVS/pharmacy store regions on a seasonal basis  Cornell University  Encore Cornell  Program for retirees enabling project work, consulting, volunteerism and website resources

Lessons 8: Implementation Challenges  Lack of Data on Individual Organization’s Demographics  Lack of Training of Managers  Lack of Funds for New Employee Benefits  Lack of Research Examining Return On Investment

Lesson #9: The Importance of Mentors “Cultivate relationships with those who can teach you.” – Baltasar Gracian, The Art of Worldly Wisdom  Reverse Mentor Study with The Hartford January 2013

Lesson #10: Set Aside Time for Innovation and Brainstorming The Sloan Center on Aging & Work at Boston College’s 2013 Charette is a fast-paced, structured process that includes a series of tasks and team interactions resulting in an innovative practice prototype designed to challenge your company’s multi- generational workforce Charette: Innovative Practices for Multi- Generational Workforces

Jacquelyn James, Ph.D. Director of Research Sloan Center on Aging & Work at Boston College