Mindset, Learning, Collaboration

What are the implications of an ageing workforce for you?

Older workers will have a profound effect on the labour market as aging will affect the size, characteristics and possibly the productivity of the workforce. 

I recently heard of a woman in her 50’s being asked by a recruiter “how long was she planing to live?”. Apart from it being discriminatory and very inappropriate, it highlights that many who are 50+ are seeking meaningful employement and that workplaces just havent considered the implications of this. I believe there are so many “young” people” in recruitment that they just cannot imagine being 50+. In fact you dont need to be 50 + to experience this kind of discrimination in the workplace. There are so many poeple entering the workplace who are young and want flexibility they expect that everyone does. There has been a definate shift in the last 10 years from a feeling of security in a job to feeling like you just need to accept you will change jobs often. Regardless of this trend there is an aging workforce upon us and they will need to be accomodated because they will make up the bulk of the workforce. On the flip side those in this age bracket will need to think about marketing themselves differently and working differently.

Aging workforce stats

HRINZ had this to say on their website: “The New Zealand workforce is greying, becoming more female, and will stop expanding by about 2030. Older workers will have a profound effect on the labour market as aging will affect the size, characteristics and possibly the productivity of the New Zealand workforce. The aging of the New Zealand population will raise a number of labour market issues that have important implications for policy development, service delivery and the way organisations operate in the future.”

Judith Davey, Victoria University Professor writes “Decreased fertility means that fewer young workers are entering the workforce, not enough to replace retiring baby boomers (AIM, 2013). Skills shortages are emerging in many OECD countries (Callanan & Greenhaus, 2008). Van Dalen, Henkens, and Schippers (2009) found that employers in several European countries perceive shortages of labour as one of the main labour market challenges for the coming decades. In a speech in May 2013, the Minister for Social Development pointed out the New Zealand trends. By 2030, more people will be retiring than entering the workforce. The workforce grew by about half a million from 2000 to 2010 – but the projected growth for the next decade, is only 190,000. ”

She goes on to say “Firms which understand the implications of population ageing will be better placed to address its challenges. Llewellyn and Chaix-Viros (2008, p. 5) concluded that “the age-related workforce changes that lie ahead are among the most significant changes to which companies will have to adapt.” Successful adaptation will require investment in human capital and knowledge management in mixed-age workforces (Lissenburgh & Smeaton, 2003). ” Making Active Ageing a Reality

Why do older workers stay and how will it impact business?

I was recently at an ACC Health and Safety Expo in Nelson and one of their speakers spoke about the implications for business of an ageing workforce. Leonie Wallwork, Partners in Change, talked about the aging workforce and her message was:

·  Employers need to prepare themselves for an increase in older workers

· Talent is ageless. Become and age friendly employer.

· Employers need to assess, reassess and assess again to make sure the work people are doing is appropriate for their skills, experience, physical capability and well being of the worker.

Leonie outlined reasons why older worker stayed and the top risks for have hiring and retaining an older workforce. She said those 65+ stay in the workforce for 3 reasons:

1.   Choice

2.   Necessity

3.   Fear

The top risks for hiring or retaining an aging workforce are:

· Loss of talent -ie If the over 55s leave how will you replace them? Do you know how many you have already in your workforce?

· Loss of knowledge- i.e. What knowledge would walk out the door with them if they leave?

· Reclining productivity- There is little relationship between age and productivity. Engagement is what is important. How can you engage the older workforce? What incentives will appeal to them? Will you need to redesign their work?

·Compromised health and safety well being- It’s a myth that the oldest workers have higher injury rates. The highest rates for time off work is in the 30-54. Highest number of injuries reported are in 20-29yr. General well-being affects all workers.

·Damage to reputation- Treat people well is good for retention and your reputation. Your employees and their families are your potential customers. Assess your benefits and risks of your current workforce. Injuries to workers cost your business in time, reputation, money and morale of your workers. Talent is ageless.

What can you do if you are hiring ?

  • Assess your current workers – can they do their jobs safety, now and in the future?
    Its really important that you have a handle on the benefits and risks associated with workers you have currently. What age ranges to you have? What capabilities do you need them to have for the job they do? When you have this data you can then do an assessment to find out whether they are at risk in their current position and what the implications are of this person staying on in this role to do the job safely. This should be part of your task analysis and risk assessment process and review.
  • Involve your workers and find out what they are experiencing and any issues they feel may come up in the future for them (future planning).
  • Examine your Retention and Recruitment implications
    This has implications for your recruitment program as well. What talent and skills would you loose if your older workers leave? How can you accomodate them elsewhere or change the way they work in order to retain this. Ask yourselves-What am I doing right now to ensure they want to stay and see a future with this company. When recruiting new employees you need to consider the skill and experience of those applying but also the physical needs of that person to do the task. Could you change the hours, change the workstation, get someone else to do part of the job that the new person may not be able to do… don’t let age be a barrier.

What are the implications for you if you are 50+

I have blogged on this before. We need to consider alternative work options like working for yourself, contracting and casual work. In this case your hourly rate will be higher and our hours will changeable. You might work hard out for 3 months then have a month off between projects. It could be exciting but you have to set up good business systems, do some financial planning, marketing or your skills and learning what it is you are really good at. The hardest question I had to answer was “what are you passionate about? ” You need to find the answer it and this will drive everything you do. 

You dont have to do it alone. We are Anywhere Business Network want you to feel you have a place to go to get your mindset in order, people to collaborate with and a place to find out and learn about what you dont know.  Check out our website and social media feeds.

Kerri Bainbridge

One half of the Anywhere Business Team

Mindset, Collaboration, Learning

For tips and tools for being in business www.anywherebusinessnetwork.co.nz 

Related articles and sourced information:

5 steps to addressing the ageing workforce challenge

https://www.hrinz.org.nz/Site/Resources/Knowledge_Base/A-H/Ageing_Workforce.aspx

Judith Davey supplied me with her articles referenced here. More articles by Judith Davey please email her on: Judith.Davey@vuw.ac.nz

Do you have any raving fans?

Video: Courtesy of Panalitix Proprietory Ltd via the Taxman Ltd. Panalitix produce these wonderful short videos. To subscribe to the Elevate EMagazine produced by Panalitix email us at info@anywherebusinessnetwork.co.nz and put Subscribe to Elevate newsletter.

Raving fans! What is a raving fan. Well, its a customer who is loyal to you and your brand who will not only consistantly buy from you but tell others about you.

One of the top questions you you need to ask yourself if you are in business is “why sould a customer buy from me” and “why would they choose my business”. There has been lots of research on this and looking at why do customers change their vendor or supplier and not choose to stick with you. Yes, a persentage of people will leave because of price or the product is better somewhere else but that isnt the number one reason. The statisitcs consistantly show that (70%) the number one reason why customers leave a businesses is the perceived lack of interest or in difference to them. That they dont care.

So what are you doing to create a remarkable experience. What are you doing to create a difference rather than a perceived indifference. This video gives you some simple littele things you can do to create that loyalty you need to retain customers and ones who will altimately tell others about you and be a raving fan.

Need some help?

For help to grow your buisness through collaboration with other entrepreneurs, develop a healthy life style and learn how to develop a successful business go to www.anywherebusinessnetwork.com.

This link is especially useful to those who are interested in learning about how to market online in todays digital world. There you will find a link a 30 free trial to the learning platform.

If you like books on this subject go to our shop www.anywherebusinessnetwork.co.nz for the book Raving Fans by Harvey MacKay.

Kerri Bainbridge

One half of the Anywhere Team NZ

Do you use affirmations?

Do you have something you remind yourself of everyday? My business partner has a saying above his desk. Is says:

Just for Today:
I will not worry, I will not be angry, I will do my work honestly, I will give thnaks for my many blessings I will be kind to every living thing

He reminds himself of this everyday. Its’ an affirmation. I have listened to lots of Tony Robibns cds and he uses affirmations.

“Everyday in every way my life gets better and better”

-is one of them. He says you can subsitute the “my life” bit with anything really. Like my health, my attitude, my fitness, my body, my money.

I came accross an article on this article you might like to read by Alexa Brett https://alexabrett.wordpress.com/2017/05/27/do-you-have-a-mantra/

She says “It is believed that the action of repeating the sounds, or sentences, over and over again helps the nervous system regulate. If the phrase has a personal meaning it may also have a stronger psychological impact because it can be used to reinforce a belief..”

I have used affirmations for a long time now. I am always amazed at how it works. I find it helps me to focus on what I want in a positvie way by making a positive statement about what I want in my life or what I want more of.

How can you use it with your business?

Easy, what doy you want? Every day I make a sale. Every day I receive great feedback. I am a successful ……. (whatever you are), I have fun every day, I am financially successful and enjoy being able to pay for everything I need to, I recieve cheques/money daily, I am so grateful that I am well paid and that I am appreciated..

How do you make these affirmations up?

Use positive words like grateful, great, I am statements are good. I know its hard to make a statement like I am financially successful when you are not. But you can start by saying –I am looking forward to the day I am financially successful, I am making decisions today that are garanteeing my financial success, I know that finanical success is important to my future and I am making positive steps to ensure this happens soon, I see the evidence of money coming into my account regularly and I this gets bigger and bigger. 

If you want to have a healthier body you could say things like: Every day my body gets slimmer because I make healthy choices and get regular exercise. Soon you will be looking at food differently and fining opportunities to get regular exercise.

Have good things happened to me because of these affirmations I use?

Absolutely, I find the best statements I make are the ones where I have the most trouble believing. I focus on areas where I still hold on to negative beliefs. These positive statements then replace these old negative beliefs to remind me I am not limited by what is sometimes my reality.

I would love to hear some of your affirmations.

Kerri Bainbridge

One half of the Anywhere Team NZ

Mindset, Collaboration, Learning