A NEW ERA FOR AGE

G R OU P ME MB E R S M.SAAD SIDDIQUI 06-0110 HAFIZ HARIS 07-0080 HASSAN AHMAD 07-0001

DURING PREVIOUS RECESSIONS

Older workers rarely treated kindly More likely get laid off Hard to get new jobs

NOW..
This time its different Statistics show no evidence

of

older

workers losing their jobs Not forced to retire at 65 Working longer trend due to:
Ageing population Greater life expectancy Reduced pension provisions

S URVE Y
According to EEF Workers reaching retirement age in 12 months were asked to work on 84% workers were accommodated Research from CIPD This recession shows increase in decision to work later 71% aged workers plan to work past state retirement age Only 40% at the height of the economic boom

PROBLEMS
Majority of working population is going to

retire in next 5 to 10 years Recession will encourage retirees to work on due to current trend Organizations are not prepared for more people working longer Hiring, training and talent management for older workers is inappropriate The idea that retirement is one-off transition in people's lives is deeply-rooted

STATUS OF ORGANIZATIONS
U S orga niza tions : NOT READY! Highlighted in recent research by Sloan

Center on Aging and Work at Boston College U K orga niza tions : NOT READY! Revealed by Chris Ball, chief executive of The Age and Employment Network

POSITIVE THINKERS
Organizations that thinks positively about

ageing can be classified in 2 type s :

Facing skills shortage Discovered that older workers are often

better at customer services

LEGISLATION
Anti-age discrimination legislation in 2006 Pension and retirement legislation may

help

WHY OLDER PEOPLE?

Lose physical and mental agility There are ways of accommodating Tend to be more loyal R e s ult: Less likely to quit before payback

period Inclusion in talent management programs R e s ult: Competitive advantage Lower absenteeism rate More reliability Better work habits than younger workers

ASPECTS ANALYZED
Globalization: Help manage the head-

quarters more effectively and easily Help to make strategic plans and during strategic management processes Help to perform better and more accurate job analysis In development of corporate-level strategy or competitive strategy Recruitment: Internal sources of candidates Selection: Background investigations & reference checks

ASPECTS ANALYZED
May suffer from salary compression Maintain retire-friendly environment Modification in testing procedures Autonomy and flexibility are main concerns

SOLUTION
Management training to address age bias Phased retirement that allows workers to ease

out Portable jobs for snowbirds who wish to live in warmer climates in winter Use pre-retirement consultancy as a tool Part time projects for retirees Full benefits for part-timers