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SHRM Survey Findings: 2014 Older Workers Survey In collaboration with and commissioned by the Sloan Foundation September xx, 2014.

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Presentation on theme: "SHRM Survey Findings: 2014 Older Workers Survey In collaboration with and commissioned by the Sloan Foundation September xx, 2014."— Presentation transcript:

1 SHRM Survey Findings: 2014 Older Workers Survey In collaboration with and commissioned by the Sloan Foundation September xx, 2014

2 Introduction SHRM and the SHRM Foundation have launched a national initiative highlighting the value of older workers and identifying--through original research-- the best practices for employing an aging workforce. This three-year initiative is generously underwritten by a grant from the Alfred P. Sloan Foundation. The purpose of this research is to:  Describe SHRM initiatives for the aging workforce and employers  Review data around best practices for engaging the aging workforce based on the 2014 Older Workers Survey  Discuss future stages of our initiative Definition  For the purpose of this survey, older workers were defined as employees 55 years of age or older. Older Workers ©SHRM 20142 Introduction and Definitions

3 Older Workers ©SHRM 20143 Key Findings About one-quarter of respondents reported employees begin to consider an employee to be an older worker when they’re between 50 and 54 years old (28%), between 55 and 59 years old (28%) or between 60 and 64 years old (24%). Less than 10% of employees did not consider an employee to be an older worker until they’re 65 or older. In general, organizations did not consider an employee to be older worker until they were slightly older. One-third of respondents reported their organizations (32%) begin to consider an employee to be an older worker when they’re between 60 and 64 years old, another 17% between 65 and 69 years old, and 7% when the employee is 70 or over. Over one-third of respondents (36%) indicated their organization is preparing for the projected increase in the proportion of older workers in the labor force by “beginning to examine internal policies and management practices to address this change;” one-fifth (20%) indicated their organization has examined their workforce and determined that no changes in their policies and practices are necessary. Another one-fifth (19%) of respondents indicated their organization is just becoming aware of this potential change (in the ratio of older workers).

4 Older Workers ©SHRM 20144 Key Findings (Continued) About one-half of respondents did not think the potential loss of talent as older workers retire or leave over the next 1-2 years would have an impact on their industry and organization (46% and 53%, respectively). As respondents considered the long-term impact of the potential loss of talent, higher percentages indicated they think the loss of talent will be a “problem” or a “crisis.” About one-third think it will be a problem/crisis for their industry in the next 6-10 years and 11-20 years (36% vs. 39%, respectively); the same was true for the impact on their organization (35% and 39%, respectively). About one-half of respondents reported their organization tracks the percentage of workers in their organization eligible to retire in the next 1-2 years (50%) and 3-5 years (45%). Of the responding organizations, 10% of their employees will be eligible for retirement in the next 1-2 years; another 14% will be eligible in the next 3-5 years. More than one-half of respondents indicated their organization has identified their future workforce needs (58%) and their potential skills gaps (52%) in the next 1-2 years; just one-third (35%) have analyzed the impact of workers aged 55+ leaving their organization in the next 1-2 years. As organizations consider strategic workforce planning further into the future, they were less inclined to have taken action; about one-fifth had analyzed the impact of workers aged 55+ leaving their organization (17%), identified their future workforce needs (21%) or identified their potential skills gaps (20%) in the next 6-10 years.

5 Older Workers ©SHRM 20145 Implications for HR HR professionals must lead their organizations in preparing for a more demographically diverse workforce due to an increase in the proportion of older workers. To do this, however, they must first educate themselves about the change and consider how it may impact their organization. A first step is determining what percentage of their workforce is 55 or older and projecting how this proportion may evolve in the years ahead. Each industry and organization will be affected by an aging population in different ways. HR professionals must understand their own unique industry and organizational demographics in order to create viable strategies for successfully addressing these changes. Convincing workers to delay retirement and stay motivated will be an important HR responsibility in the years ahead but could be challenging if managers and organizational leaders do not lend their support in these efforts. Thus, a big part of HR’s role in preparing their organizations for an aging workforce will be educating leaders and managers on the benefits and opportunities as well as any potential challenges this shift represents. A minority of HR professionals say their organizations have analyzed the impact of workers aged 55+ leaving their organization, identified their future workforce needs or identified their potential skills gaps in the next 6-10 years. Those that have taken these actions may help position their organizations to take advantage of a strategic opportunity as they will be more prepared for the changes than their competitors.

6 Older Workers ©SHRM 20146 Part 1: State of Older Workers in U.S. Organizations

7 Age at which most employees begin to consider an employee to be an older worker Older Workers ©SHRM 20147 Age Workers Are Defined as “Older Workers” Age at which organizations begin to consider an employee to be an older worker Note: 2014 n = 1,913. Percentages may not sum to 100% due to rounding. Note: 2014 n = 1,647 Respondents who indicated “Don’t know” were not included in the analysis. Percentages may not sum to 100% due to rounding.

8 Older Workers ©SHRM 20148 How Organizations Are Preparing for the Projected Increase in the Proportion of Older Workers in the Labor Force 1 Note: n = 1,715. Percentages may not sum to 100% due to rounding. 1 “According to the Bureau of Labor Statistics, workers 55 years of age and over are projected to make up approximately 26% of the labor force by the year 2022, compared to 21% in 2012 and 14% in 2002. As the proportion of older workers increases, the potential impact resulting from the loss of their knowledge and experience may become more substantial. Which of the following best describes your organization’s preparation for this change?”

9 Overall impact on industry and organization of the potential loss of talent as a result of older workers retiring or leaving their organizations for other reasons over the next… Older Workers ©SHRM 20149 Note: Percentages may not sum to 100% due to rounding. Impact on Industry Impact on Organization

10 Older Workers ©SHRM 201410 Tracking Employees Eligible for Retirement Does your organization track the percentage of workers in your organization eligible to retire in the next… Approximately what percentage of your workforce will be eligible for retirement in the next… Note: n = 1,815-1,872. Percentages do not sum to 100% due to multiple response options. Note: n = 270-855. Percentages do not sum to 100% due to multiple response options.

11 Older Workers ©SHRM 201411 Has your organization conducted a strategic workforce planning 1 assessment to… 1 Strategic workforce planning is a process used to ensure an organization takes into account the future loss of knowledge through employee resignations/retirements and the projected knowledge/personnel resources required to achieve the organization’s goals. n = 1,551-1,651 n = 1,542-1,691 n = 1,529-1,666

12 Older Workers ©SHRM 201412 Demographics

13 Demographics: Organization Industry Older Workers ©SHRM 201413 Note: n = 1,711-,784. Percentages do not equal 100% due to multiple response options. Industry Percentage Professional, Scientific, Technical and Information Services21% Manufacturing20% Government Agencies17% Health Care and Social Assistance10% Retail & Wholesale Trade and Accommodation and Food Services10% Educational Services8% Real Estate & Leasing and Finance & Insurance8% Transportation and Warehousing6% Construction5% Administrative and Support and Waste Management and Remediation Services 4% Utilities4% Arts, Entertainment, and Recreation3% Mining, Quarrying, and Oil and Gas Extraction3% Religious, Grant-making, Civic, Professional and Similar Organizations 3% Repair and Maintenance3% Agriculture, Forestry, Fishing and Hunting2% Personal and Laundry Services1% Other Industry10%

14 Demographics: Organization Sector Older Workers ©SHRM 201414 Note: n = 1,696

15 Demographics: Organization Staff Size Older Workers ©SHRM 201415 Note: n = 1,011

16 n = 1,717 Demographics: Other Older Workers ©SHRM 201416 U.S.-based operations only 77% Multinational operations 23% Single-unit organization: An organization in which the location and the organization are one and the same. 39% Multi-unit organization: An organization that has more than one location. 61% Multi-unit headquarters determines HR policies and practices 53% Each work location determines HR policies and practices 4% A combination of both the work location and the multi-unit headquarters determines HR policies and practices 43% Is your organization a single-unit organization or a multi-unit organization? For multi-unit organizations, are HR policies and practices determined by the multi-unit headquarters, by each work location or by both? Does your organization have U.S.-based operations (business units) only, or does it operate multinationally? n = 1,722 n = 1,102 Corporate (companywide) 69% Business unit/division15% Facility/location16% n = 1,101 What is the HR department/function for which you responded for throughout this survey?

17 17 SHRM Survey Findings Response rate = 9.9% 1,913 HR professionals from a randomly selected sample of SHRM’s membership participated in this survey Margin of error +/-X% Survey fielded May 1st-July 3rd, 2014 In collaboration with and commissioned by the Sloan Foundation Survey Methodology Older Workers ©SHRM 2014

18 For more survey/poll findings, visit shrm.org/surveysshrm.org/surveys For more information about SHRM’s Customized Research Services, visit shrm.org/customizedresearchshrm.org/customizedresearch Follow us on Twitter @SHRM_Research@SHRM_Research Older Workers ©SHRM 201418 About SHRM Research Project lead: Karen Wessels, researcher, SHRM Research Project contributors: Evren Esen, SPHR, director, Survey Programs, SHRM Research Jennifer Schramm, GPHR, manager, Workforce Trends and Forecasting, SHRM Research Yan Dong, intern, SHRM Research Copy editor: Katya Scanlan, SHRM Knowledge Center

19 Founded in 1948, the Society for Human Resource Management (SHRM) is the world’s largest HR membership organization devoted to human resource management. Representing more than 275,000 members in over 160 countries, the Society is the leading provider of resources to serve the needs of HR professionals and advance the professional practice of human resource management. SHRM has more than 575 affiliated chapters within the United States and subsidiary offices in China, India and United Arab Emirates. Visit us at shrm.org.shrm.org Older Workers ©SHRM 201419 About SHRM

20 Founded… Older Workers ©SHRM 201420 About the Sloan Foundation


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