Introduction Where will they come from? That is a question that is facing organizations and businesses in the United States as they ponder where the next wave of workers will emerge. Organizational recruitment and retention strategies have been challenged to find replacements for a generation of employees on the brink of retirement. This generation, the Baby Boomers, is a generation numbering 76 to 78 million people (Stendardi, 2005), a staggering number when contrasted with a 2009 Department of Labor figure of an employed civilian workforce of 140 million workers. The Boomers’ imminent retirement, sometimes referred to as the “ demographic tidal wave,” will challenge organizations and Human Resource departments to develop programs and policies to address the labor shortage. One of the strategies that have gained increased attention is the idea of a phased retirement. Organizations have turned to the concept of phased retirement to delay the loss of critical employees, ensure the transition of critical skills and knowledge, reduce recruitment and retention costs, and help bridge the labor gap. Normally phased retirement is an informal ad-hoc program that has different definitions and meanings. Lets examine the essence of the strategy and how it may be implemented at Princeton University. The Essence of Phased Retirement Phased retirement, as a legal concept, is undefined. It is not because this is a brand new phenomenon that is sweeping across Human Resource departments nation wide. In fact, the idea of phased retirement has been around since at least the 1950’s. Originally referred to as rehires, subcontracting, or consulting, phased retirement is a strategy that has been around for decades, though with a different purpose. ... ... middle of paper ... ...RETIREMENT.html Purcell, P. J. (2003). Older workers: Recent trends in employment and retirement. Journal of Deferred Compensation, 8(3), 30. Retrieved May 16, 2010, from ABI/INFORM Global. Rappaport, A. (2009). Phased Retirement-An Important Part of the Evolving Retirement Scene. Benefits Quarterly, 25(2), 38. Retrieved May 15, 2010, from ABI/INFORM Global. Sheaks, C. (2007). The State of Phased Retirement: Facts, Figures, and Policies. Generations, 31(1), 57-62. Retrieved June 11, 2010, from http://www.asaging.org/publications/dbase/GEN/Gen.31_1.Sheaks.pdf Stendardi, E. J. (2005). Using Phased Retirement to Make a Baby Boomer Retirement Work. Humanomics, 21(1/2), 48. Retrieved May 16, 2010, from ABI/INFORM Global. UCF Human Resources. (2010, April 27). Retrieved May 23, 2010, from http://www.hr.ucf.edu/web/benefits/retirement.shtml#retire1c2
Clements, B. J. (2014). Equitable and sustainable pensions: challenges and experience. Washington, D.C.: International Monetary Fund.
Today, the future of Social Security is in the news again. The reason Social Security is of such concern is that the extremely large group of citizens born in the post-World War II period—the much-discussed baby-boom generation—is retiring. The generation that will take its place in the workforce is far smaller in proportion to the number of retirees, raising fears about the sustainability of Social Security. In the past, proposed solutions to the various problems facing Social Security aroused great debate. Each time, however, the arguments were stilled, repairs were made, and the system continued to fulfill its mandate. That uncertainty about the future has resulted in suggestions for change that range from minor adjustments to complete privatization of the ...
boomers take their knowledge and skills with them as they face retirement. As of now
HR has abundant resources, however to bridge the generational gaps and provide employees with what they want seems to be a similar issue. In years past, HR only had to deal with Baby Boomer and Traditional values, which were similar in nature, however the new generations have different values and have different career paths than their elders. For example, “Why is it that Gen Y has not been more actively recruited? Why is it the Baby Boomers remain in the market place? Why would someone still want to work when their 70?” These are all questions an HR hiring manager has to decipher when determining candidates for a position. The task has become quite difficult due to the broad spectrum and variances of these generations.
The purpose of this report is to (1) discover the Baby Boomer and discuss briefly on how they came about. (2) What effects have Baby Boomers made in the economy, and (3) what does all this have to do with health care and retirement? Between 1945 and 1960 be...
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
Many Americans depend on Social Security benefits--from retirees, disabled workers, and dependents. Furthermore, numerous retirees have not saved enough money for retirement through other sources, so they count on Social Security as their basic source of income during their later years. Recently, the number of persons receiving Social Security has increased dramatically. This is largely due to the increasing number of persons in the baby boomer generation retiring and also people living many more years past retirement age. This increase in beneficiaries has initiated concerns and questions about the future of Social Security for persons still working. Recent studies have shown that in its current trend, the surplus of funds for Social Security will be depleted in the near future as the increase of payments will begin to exhaust the fund’s resources. To that end, reform of some kind is needed to help sustain this benefit for future generations to come (Social Security Administration, 2014).
For most Americans, retirement has become a lifelong goal. To retire comfortably, you need income, and this income can come from one of three sources: savings, Social Security, or a company pension plan. The unfortunate fact is that Americans save very little money nowadays, and for anyone under forty, Social Security is a very hollow promise. For most, private pensions are the key to a comfortable retirement. When it comes to private pensions, however, most companies and employees themselves don’t contribute enough money, meaning that future retirees will have to work longer if they want to maintain their pre-retirement standard of liv¬ing into retirement.
The Australian government will increase the age pension from 65 to 70 by 2035(Australian Department of Human services [AU]). This announcement has lots of challenges for Australian people who are under 50; some people support the rise and find it beneficial for the future economical life. However, others are against the announcement as it has lots of concerns for their future plan, as they have to work longer to save more for their retirement. The current population ageing put pressure on the young workers who support retirees and their families, at the same time it affect the economic development. So the rise of pension has advantages and disadvantages on the future life standard of most Australians. It is beneficial decision from the government to provide a productive and qualified future life.
"The Aging Workforce." NTAR Leadership Center/U.S Department of Labor, 2007. Web. 17 Dec. 2013. .
This strategy aims to employ workers from different backgrounds to provide tangible and intangible benefits for the business. The employers are the ones who control everything from the wage, promotions, incentives and the termination of the older counterparts. They are increasingly concerned about updated skills, physical demands, early retirement, and the cost of maintaining an older worker. Despite how employers may feel, companies cannot afford to neglect talent at any age. The employer should take advantage of the skills that the older employee posses, and carefully position them in jobs that matches their skill level as well as the job to be done. “Regardless of the change organizations make in the structure and functioning of the workplace of the future, it appears likely that older workers will play a crucial role (Hedge,Borman,& Lammlein, 2006). Different acts and laws are governed to respond to any discrimination against older employees in the workforce. Employment agencies, labor unions, local, state and Federal government are bound by these laws such as: Older Workers Benefits Protection Act (OWBPA); The Americans with Disabilities Act (ADA), Older Americans Act (OAA), to name a few. Funds for service by the Congress are provided in forms of grants for various programs yearly. States, counties, and cities recognize the value of the servicing and are generous in providing additional funds, benefits and in-kind economic benefits too. Because area and state agencies on aging are doing very little in a way to use mass media to promote themselves, the aging network is probably missing a large number of disadvantage people who should be receiving services but who are unaware of them. Much more emphasis has been placed on tying together the federal services for the older workers, but it should not have taken a federal initiative to make states see
It is the aging of the Baby Boomer generation that has the greatest impact on the aging labour force. Baby Boomers are born in-between the years of 1946 to 1964 and some of the Baby Boomers still have a few years before retirement left in the workforce. Although, there are some Baby Boomers that return to work after retirement to work part time. Baby Boomers will come back to work for many reasons, some being financial reasoning, socialization, and wanting to feel valued. Baby Boomers are work –centric, independent, and goal –oriented, meaning that they are self –reliant, dedicated, hardworking people that define themselves by their accomplishments. Younger workers may or may not enjoy working with the older generation; however, aging in the workplace has its issues. Some of these issues being, conflicts at work, physical limitations, and
Pensions are considered the traditional retirement plan. Companies large and small are moving away from this type of plan due to the risks and costs that the employer must burden. This lessens the risk to the employee while guaranteeing that they will have a specific income after retirement that may increase due to cost of living and inflation.
The issue at hand constitutes that companies are not willing to look beyond their aging workforce, choosing instead to push them out of the technological loop rather than attempting to incorporate them as valuable assets. "There is enough research that says older workers are dependable, they can change, they can learn. What we haven' t come to grips with is that research and management practice are not always related" (Capowski, 1994, p. 10).
In the analysis, we were requested to find a viable solution to the current problems with the Social Security system. Under the current system, young workers are taxed more than they will actually receive in benefits, causing the system to gradually deteriorate by the year 2040. Some recipients receive unnecessary benefits, while others who greatly need benefits are not receiving the appropriate amount. Reevaluations do not take place, meaning that some benefits are continuously distributed, even after they should have “expired”. Contrarily, others may qualify for more extensive benefits,