Glen Hiemstra gewav - futurist.com · 02-01-2011 · Glen Hiemstra will be a featured speaker at...
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• • by Glen Hiemstra • ,ne gewav 1 In Antioxidants. Fungicides. Friction reducers. Rust inhibitors. From outside the industry, they all sound like' prescriptions for staying young! Of course, we all know we are getting older. Much older. On January 1, 2011, when the first Baby Boomer turns 65, the long anticipated "age wave" really begins. As this tidal wave ro]ls over the demographic landscape, we will create a future that has never been seen before, at least outside of Florida. What does this mean? Frank and Ernest Walk to the front door of your business, step outside and look at the people you see. On aver- age, about one of every ten people ought to be over 65, as the average today is 12 percent. Now, imagine stepping outside in 2020, and notice that one of every five, perhaps even one of every four people you see is over 65. This is the world we are headed toward. In 2020 some 25 percent of Florida's population be over 65. The U.S. Census Bureau predicts that in 2020 we will have 27 Floridas or more in the United States. Now turn around and look at your business itself. How old is the workforce that you see? Despite the fact that the aging of the population is generally known, a surprising number of businesses are ill-prepared. A National Study of Business Strategy and Workforce Development, conducted by the Bos- ton College Center on Aging and Work in early 2007, found a quarter of U.S. business have failed to plan for the effects of the agir:tg population. Organizations know that their workforce is aging, and that mi]lions will be looking at retirement in the coming decade and soon thereafter. They know that when this happens, years of experience will disappear, leaving a potential short- age of sl\ills behind. And they know that many older workers are ill-prepared financially for retirement. They may not know that a majority of aging workers say they would prefer, if able, to continue to work in some capacity wei! into their sixties, but not in a full-time position. Yet, only 37 percent of employers have developed strate- gies to retain older workers longer. Only a third of companies had made projections about the anticipated retirement rates of their current workforce. A similar study by Manpower Inc. found that two-thirds of U.S. companies had no plans for retaining or attracting older workers. .. © 2000 Thaves. Reprinted with permission. Newspaper dis\. by NEA, Inc. This is an issue of strategic importance. The authors of the Boston College study suggest that companies that have not already begun to plan for the aging workforce begin to ask questions like these: Does your organization understand the age composition of specific departments and teams? Do you have specific projections about the timing of re- tirements? • How well do you promote the sharing of knowledge among employees at different career stages? Of different generations? • Could retention of older workers, and the postponement of full-time retirement, help your company address some of its HR challenges? • Is there a business case for flexible work options in your company? I f so, do supervisors understand the impor- tance of these options to the business and to employee engagement? continued on page 12 Vol. 58 NO.2· February 2008 • Compoundings 11
Transcript of Glen Hiemstra gewav - futurist.com · 02-01-2011 · Glen Hiemstra will be a featured speaker at...
• •
by Glen Hiemstra
•,ne
gewav 1 In
Antioxidants. Fungicides. Friction reducers. Rust inhibitors.
From outside the industry, they all sound like' prescriptions for
staying young!
Of course, we all know we are getting older. Much older.
On January 1, 2011, when the first Baby Boomer turns 65,
the long anticipated "age wave" really begins. As this tidal
wave ro]ls over the demographic landscape, we will create
a future that has never been seen before, at least outside of
Florida.
What does this mean? Frank and Ernest Walk to the front door
of your business, step
outside and look at the
people you see. On aver
age, about one of every
ten people ought to be
over 65, as the average
today is 12 percent. Now,
imagine stepping outside
in 2020, and notice that
one of every five, perhaps
even one of every four
people you see is over 65.
This is the world we are headed toward. In 2020 some
25 percent of Florida's population w~11 be over 65. The U.S.
Census Bureau predicts that in 2020 we will have 27 Floridas
or more in the United States.
Now turn around and look at your business itself. How old
is the workforce that you see? Despite the fact that the aging
of the population is generally known, a surprising number
of businesses are ill-prepared. A National Study of Business
Strategy and Workforce Development, conducted by the Bos
ton College Center on Aging and Work in early 2007, found a
quarter of U.S. business have failed to plan for the effects of
the agir:tg population.
Organizations know that their workforce is aging, and that
mi]lions will be looking at retirement in the coming decade
and soon thereafter. They know that when this happens,
years of experience will disappear, leaving a potential short
age of sl\ills behind. And they know that many older workers
are ill-prepared financially for retirement. They may not know
that a majority of aging workers say they would prefer, if able,
to continue to work in some capacity wei! into their sixties,
but not in a full-time position.
Yet, only 37 percent of employers have developed strate
gies to retain older workers longer. Only a third of companies
had made projections about the anticipated retirement rates
of their current workforce. A similar study by Manpower
Inc. found that two-thirds of U.S. companies had no plans for
retaining or attracting older workers.
.. © 2000 Thaves. Reprinted with permission. Newspaper dis\. by NEA, Inc.
This is an issue of strategic importance. The authors of the
Boston College study suggest that companies that have not
already begun to plan for the aging workforce begin to ask
questions like these:
Does your organization understand the age composition
of specific departments and teams?
Do you have specific projections about the timing of re
tirements?
• How well do you promote the sharing of knowledge
among employees at different career stages? Of different
generations?
• Could retention of older workers, and the postponement
of full-time retirement, help your company address some
of its HR challenges?
• Is there a business case for flexible work options in your
company? If so, do supervisors understand the impor
tance of these options to the business and to employee
engagement?
continued on page 12
Vol. 58 NO.2· February 2008 • Compoundings 11
Top Line
TrendS continued from page 11
Glen Hiemstra will be a featured speaker at ILMA's 2008 Management Forum, at 10:45 am on Friday, April 11, Turning the Future Into Revenue. He will present an overview of four dynamic trends - demographics, technology, the new economy, and the next energy revolution and will provide details on how to become a more successful strategic leader.
Demography is destiny. The future may be unpredictable
and fuH of surprises, but the future also is knowable. Nothing
is more predictable than the makeup of the population. How
people behave is a bit more mysterious, but not impossibly
so. By profiling your current workforce and paying atten
tion to projections, you can enhance winning employment
strategies.
By the way, if certain additives work out in the field of
aging, like nutraceuticals, advanced stem ceH and genetic
therapies, or even nanotech machines, then some experts be
lieve we might live for hundreds of years. But that is another
story •
References:
National Study of Business Strategy and Worliforce Development, conducted by the Boston College Center on
Aging and Work, reported in
http://blog.manta.com/post/168
Manpower Inc. survey of employers, reported in
http://www.agingw.orkforcenews.com/labels/Spain.html
and also in http://www.manpower.com/investors/
releasedetaiLcfm?releaseid = 238986
Hiemstra is the author of Turning the Future into Revenue and founder of Futurist.com. A highly respected international futurist, he has consulted with a wide variety ofenterprises for two decades, assisting them in planning for the long-term future. He can be reached at www.futurist.com.
Ciba Specialty Chemicals' Lubricant Additives are available exclusively from Monson Companies of Leominster, MA Ciba'i'ikmONSON For more information or to place an order call:
Customer Service: 800-235-0957 Technical Support: 800-229-4090 x3042 154 PIONEER DRIVE, LEOMINSTER, MA01453COMPANIES
12 Compoundings. February 2008 • Vol. 58 No.2
