1. Respectful Exits The Voice of Aging Workers
Top 7 Stubborn Myths Vs. Realities About Aging Workers
My name is Lisa Poelle. During this session, I will be introducing you to the topic of FWA’s and we‘ll be talking about the ground rules and guidelines for implementation of this type of business tool here at Time Warner.
Why is TW involved in this? How do we know it really works? How would it work for me or the people on my team? Those may be some of the questions you came in with today. Over the course of the next hour and a half, we’ll discuss these issues in detail and then provide you with materials in case you should choose to apply.
And, as they say in the theatre, now would be a good time to check that all of your electronic devices are turned off so we don’t experience any interruptions or distractions.

2. Top 7 Aging Worker Myths – I
Older workers are clogging up the pipeline for millennials.
You can’t teach an old dog new tech tricks.
The longer people work, the more expensive they become.
Flexible and phased retirement are too risky and difficult to do.
I would like to start us off with a quick round of introductions:
Then….
Let me provide you with some TW statistics:
TW started FWA in By end of 2006, TW had 50 people on FWA. We found that it was equally used by Men and Women and by all levels of the workforce. Turnover rate was 18% less for ees on FWA. More than 20% of all promotions that year in the Admin. Dept. were for ees on FWA. In the latest EE Satis. Survey and in focus groups, ees said they felt more respected, loyal, trusted, and supported when given FWA.
In addition to the Admin. Dept., this year, TW rolled out Flex to the Finance and Global Media Depts. So, there are currently about 70 people working on a formal Flex arrangement in Corp and we anticipate more before the end of the year.
Some of the divisions have rolled out their own flex programs to portions of their companies, specifically Time Inc and Southern Progress, and HBO. Other divisions are showing interest in moving forward with a Flex initiative of some type.
© Respectful Exits 2018

3. Top 7 Aging Worker Myths – II
401-Ks, pensions and Social Security enable adequate retirements.
Employees and government are responsible for solving these problems.
AARP and other senior groups are already taking care of this.
© Respectful Exits 2018

4. Aging Worker Myths Vs. Realities
Myth #1 Older workers are clogging up the pipeline for millennials. Reality This “limited pie” argument rests on the long-discredited “lump of labor” theory that employment and its effect on the larger economy is a zero-sum game. Extending older worker employment adds to a growing economy that supports more jobs.
© Respectful Exits 2018

5. Aging Worker Myths Vs. Realities
Myth #2 You can’t teach an old dog new tech tricks. Reality Seasoned workers who have integrated a range of new technologies for decades often adapt innovation into complex organizations better than less patient but native users of “perfect” technologies. And with quality, ongoing training, aging workers are learning workers.
© Respectful Exits 2018

6. Aging Worker Myths Vs. Realities
The longer people work, the more expensive they become.
Reality
True costs account for the value of accumulated skills and organizational know-how. Studies show that older workers also have half the turnover rate (and expensive replacement costs), show better attendance levels and use fewer sick days than younger workers.
© Respectful Exits 2018

7. Aging Worker Myths Vs. Realities
Myth #4 Flexible and phased retirement are too risky and difficult to do. Reality Commonly cited employer concerns about insuperable pension challenges, age discrimination risks and IRS obstacles have not proven difficult or impossible to manage in many companies with successful initiatives. Thoughtful design avoids major problems.
© Respectful Exits 2018

8. Aging Worker Myths Vs. Realities
401-Ks, pensions and Social Security enable adequate retirements.
Reality
Typical retirees can’t afford retirement:
Average monthly Social Security: $1,404.
Median pensions (if existing): $772– 1,464/mo.
401K of $67,000 (aged 55-64): income: $224/mo.
Mortgage/rent, food, meds, healthcare add up. You do the math!
© Respectful Exits 2018

9. Aging Worker Myths Vs. Realities
Myth #6 Employees and government are responsible for solving these problems. Reality Employers set the stage for workplace compensation, pensions and tenure. If they take no responsibility for the financial future of those who build their businesses, who should? Strong profits, reduced tax burdens and the elimination of pensions argues for companies to do more. When employees and governments face budget constraints, there is only so much they can do.
© Respectful Exits 2018

10. Aging Worker Myths Vs. Realities
Myth #7 AARP and other senior groups are already taking care of this. Reality This may be the greatest myth of all. AARP is the association of Retired Persons. It and others provide valuable advocacy and services for those who have been discarded prematurely. These groups do not educate, advocate or mobilize to pursuade employers to redesign their approach to aging at-risk employees. Respectful Exits does this–and only this.
© Respectful Exits 2018