Published: The Raleigh Examiner
The trends and pressures facing the workplace and 21st Century Leaders may tempt to overwhelm even the most seasoned leader today. But many organizations preparing for growth recognize that the long-term health of the workplace culture needs a deeper examination and is beginning to move away from prescribed approaches of traditional workforce management toward a new workplace possible.
The Emerging Script
According to a recent Gallup poll (April 26, 2010), projected retirement age for American’s continues to increase. Of the poll:
- 34% percent of nonretirees say they will retire after age 65, while those saying they will retire before age 65 has shrunk to 29%.
- 27% say they will retire at age 65.
This marks a significant shift in retirement intentions as compared to an earlier poll conducted in 1995. Additionally, the 2010 Global Workforce Study, conducted by Towers Watson, a global professional services firm, identified:
- today’s employees understand that they are solely responsible for their long-term financial and physical health and well-being, as well as their career and performance.
As companies work toward improving financial performance, employees are similarly taking on secondary jobs and/or considering home based businesses to improve their personal financial balance sheets that may have been impacted by the Great Recession and/or who may have been frustrated about a lack of career advancement.
These changes among others may present creative opportunities for 21st Century Leaders and employees to fuse a new employment possible.
While exploring the costs of healthcare benefits and business strategies, the need for more strategic and disciplined people management processes increase as both organizations and employees create a new workplace possible that reflects the different expectations of the 21st Century workforce with the nature and rewards of future work.
Key questions to consider:
- How fit will leadership be for future conditions?
- How variable is the quality of workforce capabilities and talent pipeline?
- What core disciplines are we exceptional at? Which ones are we missing?
- What processes are in place to help us build upon future capability? Which ones may be hindering us right now?
- How might we redesign work and/or organizational structure to improve talent flow, productivity, and results?
- What employee and leadership behaviors can make meaningful impact?
Bottom Line
The shift in workforce demographics and strategic alignment of talent resources is great news for organizations seeking novel approaches to workforce management that can be custom-tailored to meet complex business needs and compliment an organization’s unique strategy and values. How 21st Century leaders and employees adapt new processes, evaluate ongoing needs and strive to make the necessary trade-offs can add some good news to both parties bottom line when strategic disciplines are well leveraged, and aim to balance workforce costs with agility, personalizing employee’s work experiences and strengthening excellence in execution.
About the author:
©2010 All rights reserved. Judy White, SPHR, GPHR, HCS is the President of The Infusion Group ™ LLC, a next generation people management consulting and executive coaching firm based in the Raleigh/Durham, NC area. For more information, go to www.theinfusiongroupllc.com and discover innovative services to help you move your ideas and potential forward.
So the big question is how to keep those employees who would rather be retired motivated, engaged and contributing fully? Or, shall we be thinking of ways to allow them to gradually ramp down their work hours, retaining the knowlege and experience until retirement. If they are staying because of pay or benefits, what new programs might we consider to allow them more flexiblity or more personalized options?
A big question indeed, Wendy.
What we’ve discovered in our research might be surprising. While emphasis has been appropriately placed on impending retirements, a top priority across all generations is better work/life/fit. Sixty-three percent of Baby Boomers and seventy percent of Gen X & Gen Y seek better work/life/fit for some of the reasons mentioned. Gen X & Gen Y on the other hand recognize they have a very different future ahead. Paying down large debt, advancing their education, gaining global work experience and new skills just to stay relevant while maintaining a personal life are lending to extensive shifts in the workplace. They too seek flexibility and hold a different mindset toward their work and future advancement.
One off programs might meet some workforce needs temporarily however, may unintentionally impact other worker segments adversely.
Flex scheduling arrangements for example are good practices, however, they do not address holistic organizational issues. Traditional career ladders were designed in the 50′s when family structures were able to support a working spouse who could invest the time to climb the corporate ladder differs from today’s mobile workforce and over 83.4% of dual income & non traditional families trying to balance competing priorities.
To meet these challenges, leaders can benefit by rethinking their workforce strategies and culture from a holistic point of view. To achieve the level of flexibility and personalized options that the multi generational workforce and global marketplace now demands, leaders
may find significant value and professional satisfaction through mass career customization and personalized employment options.
This requires leaders to rethink success in the new workplace.
How well aligned and integrated are our talent management practices to meet specific business objectives and the diverse needs of our workforce? Are we sending the message that shifting work pace up or down is acceptable and respected regardless of generation?
Leaders can begin today by:
Conducting career discussions (separate from performance review meetings) with each of their direct reports and gain an understanding of goals, career alignment in terms of pace, workload, scheduling and location and the type of rewards that are meaningful. This may provide surprising and helpful insight.
If a segment of workers are staying for pay or benefits, determine where they would like to make contributions beyond the “job”. Some Baby Boomers want to stay actively engaged but might thrive in a role that brings them closer to connecting with customers and working a very part-time schedule.
The key for management is to ask how their leadership needs to adapt to a dramatically changing workforce ahead and the type of work environment needed to achieve future success.
Thank you for raising the quality of conversation. We hope this information serves you well. Please check back as we have a number of exciting things coming on the horizon.
Thriving Forward.