The motivation to continue working is receiving more and more scientific attention . Reasons for this include an increasing life expectancy and health of workers which allows them to keep working after retirement age. It is important for organizations to motivate employees to continue working because the changing demographics result in a declining workforce in western countries (OECD, 2005). Another related problem might be people who retire before the official retirement age as the workforce will dwindle even further. Decreasing workforce makes it harder for organizations to fill positions and harder for society to pay for social security. Building on this trend, this study focusses on what organizations can do to keep employees longer in their organization and how this mechanism works.
Recent work by Templer, Armstrong-Stassen and Cattaneo (2010) provided a framework that looks at antecedents of continuing to work after retirement. They found three main factors that affect the decision to continue working. The first and most important factor is the financial motive; evidence for this is well documented (Humphrey et al, 2003; Parkinson, 2002).The second factor mentioned by Templer et al.(2010) is work fulfillment. Both the studies by Humphrey et al (2003)and Parkinson (2002) indicated that the second most important reason to continue to work after retirement was work fulfillment. A third factor was also mentioned by Templer et al. (2010), generativity. Generativity deals with older worker transferring their knowledge and skills to (younger) co-workers. Research shows that transferring knowledge may be important to older workers (Mor-Barak, 1995). Therefore generativity may also be an important reason to continue to work after...
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...ople with low job satisfaction may want to retire (desire) but because it is not feasible do not have the intention to retire.
A more recent meta-analysis provides a more definite answer. They looked at 341 samples with a total of 188,222 participants and found that job satisfaction negatively related to the decision to retire This means that when people experience more job satisfaction, they will retire later. This is in line with the theoretical framework that is provided.
Therefore, based on the more positive wording of motivation to work as opposed retirement intentions (ie motivation to continue working), the predictions of the signaling theory and the social exchange theory and the empirical evidence. The second hypothesis is: H2. The positive relationship between HR commitment practices and motivation to continue to work is mediated by job satisfaction.
(Bendick, Brown & Wall, 1999). A new awareness of older workers has emerged as retiring
“Boomers prefer the; give me my objectives and get out of my way approach.” This generation was raised to be on time, self-sufficient, and respectful to their superiors in the work place. They hold to the idea that a 9-5 work time in the office is the way that work will be completed most efficiently. Also Gen X prefers a structural hierarchy where they can get a biannual or annual review with a raise. The nominal amounts of success grow in the eyes of the boomer are based on their hard work and what they do with their money. They believe that need to grow in a company and work up the corporate ladder or it would earn them a one way ticket into the boss office to receive a final pay check and out the company’s front
There are extensive studies on retirement covering education in general. The findings suggest that education is an important factor in affecting retirement planning preparedness (Hogarth, 1985; Joo&Pauwels, 2002). Education enables individuals to explore more information relating to their retirement planning and that sources of information will influence their decisions, attitude and intention to do retirement planning (Hogarth, 1985; Joo&Pauwels, 2002). Also, DeVaney (1995) addressed that the effect of education level may serve as a motivator or guidance for individuals to start the preparation for retirement planning. With the increase in age and educational level, individual tends to be more motivated to work on retirement planning preparation or take some action for their retirement (DeVaney, 1995).
All organizations want to see an increase in productivity and a positive impact on the bottom line. Successful organizations realize employee retention and talent management is integral to sustaining their leadership and growth in the market place. The focus of this group project is on worker retention strategies. Worker retention strategies are programs designed to preserve existing quality workers by providing benefits and incentives. These benefits and incentives are provided to employees in various ways. Our group chose to explore six organizations in three different industries. These industries include Retail, Package shipping, and Airlines. Through research and investigation of three major industries we were able to develop a comparison of how these major organizations retain quality workers. First, we explore and learn how to keep people motivate to stop turnover within an organization. Secondly, we investigate employer’s benefits and incentive programs to keep quality employees. Finally, we examine workforce motivation and the engagement to commitment as organizations continually change initiatives and strategic planning.
Baby Boomers – Work is important for baby boomers, they hold their work in a higher priority
Traditionally, the role of motivation in the work place has been tailored to the average worker. In a lot of motivational research, the common focus revolves around how to motivate employees to be the best and most productive version of themselves. As today’s workforce is becoming increasingly dominated by an aging population of workers, the image of the average worker changes. The average age of retirement is on the climb and as a result recent literature in Industrial/Organizational Psychology has begun to focus upon how to how effectively motivate the aging and elderly portion of the workforce. In addition, recent research has begun to focus on how to properly motivate employees to maintain an optimal level of performance as they age. The
... function in the workplace, allowing them to feel as though they can belong to the workforce as opposed to feeling expectancy for their retirement to make space for younger workers. Phipps (2006) point outs out that when senior staff watch younger, less experienced employees being promoted over them, they feel devalued and demoralized, leaving many to embrace being singled out for redundancy or early retirement schemes (Phipps, 2006, p. 522).
Many decades ago, people worked for the same company all their lives (Semuels, 2013). When they retired they received a full pension and possibly a gold watch (Semuels, 2013). Nowadays there is not that much loyalty to employers and employees (Semuels, 2013). In the 1970’s companies had lifetime employees with a “long-term plan for developing talent internally” and they honored the employees for life (Semuels, 2013, p.1). Back then they estimated how much their company would grow and approximately how many employees they needed to achieve their goals (Semuels, 2013).
Singh, P., & Loncar, N. (2010). Pay satisfaction, job satisfaction and turnover intent. Relation Industrielles, 65(3), 470-490. Retrieved from: http://search.proquest.com/docview/756743994?accountid=27313
Steers, Richard M., Richard T. Mowday, and Debra L. Shapiro. "Introduction to Special Topic Forum: The Future of Work Motivation Theory." The Academy of Management Review 29.3 (2004): 379. Print.
The report is basically about retirees who face such difficulties and for the government to get awareness of the problem which come over after getting retired. The importance of this report cannot be neglected because now retirees are the big part of our society and sooner or later everyone has to reach at that point where he will become a victim to these problems. This report will provide the important statistics regarding the retirement reasons and other factors affecting the retirement decision.
It all means a wish to quit and move on to something better and many employees are there right now. I am currently employed at a very popular hospital and I am currently seeing job dissatisfaction first hand. In the department that I work at many employees are showing their true views on how they are unsatisfied with the job. Many people feel that the job is becoming very stressful with the demands from upper management. Many employees are working long hours and are not receiving any recognition for it. In the past few months I have seen many employees quit and move on to other positions. Many of the ones remaining are not even putting 100 percent into their work because they feel like they should not if they will not be recognized for
Dwight D. Eisenhower once said, “Motivation is the art of getting people to do what you want them to do because they want to do it.” Studies have found that high employee motivation goes hand in hand with strong organizational performance and profits. Therefore, managers are given the responsibility of finding the right combination of motivational techniques and rewards to satisfy employees’ needs and encourage great work performance. This becomes a bit more challenging as employees’ needs change from one generation to another. Three of the biggest challenges a manager faces in motivating employees today are the economy and threats to job security, technological advances, and company cultures that primarily focus on the bottom line.
Lots of working people are scared when comes planning for their retirement day, as well as there are some of them are confident to face theirs restful years. This people who fear with their retired age are the person whose are lack of knowledge about financial matters so they will ignore their planning for retirement as long as they can. The effect is, they will try to continue to work as long as they can work. Recently, the Ministry of Human Resource’s Malaysia, increase the retirement age to 60 years old for government sectors. As Hunt (2009) state that Malaysian confident for their retirement have decrease rapidly in some way. According to Lai Cheng Tung & Jean Dennis Comeau (2012) the people who agree with the new retirement age as they claim that they required more retirement savings, increasing retirement age will increase the life expectancy, and this provide retention of talent or improving skill proficiency especially in expert job that need longer years of experience to master it. To support more agreeableness in increasing retirement age, based from Life Insurance Association of Malaysia (LIAM), 5% and less than that percent are prepared completely for their retirement (Habib, 2007). All of the statement showed that Malaysian are still good enough to continue working even most of them are lately around 60’s as a period for preparing themselves before retired.
In conclusion, the of motivation factors have a strong influence on job satisfaction resulting in any positive feelings that accompany human, who is trying to keep this state as long as possible, which leads to further efforts.