The New-Age Workforce: Achieving Productive Retention of Retirement Eligible Employees (REE) in an Aging Workforce

The baby boomer generational cohort is driving an aging population and an aging workforce. This demographic phenomenon is predicted to cause a labor shortage over the next several decades. Also of concern is braindrain, or the loss of valuable knowledge as a large swath of experienced workers leave the workforce. Therefore, organizations need to identify what factors play a role in motivating REEs to remain in the workforce and delay retirement while maintaining labor productivity.The New-Age Workforce: Achieving Productive Retention of Retirement Eligible Employees (REE) in an Aging Workforce The Problem for Practitioners Findings #1 The baby boomer generational cohort is driving an aging population and an aging workforce. This demographic phenomenon is predicted to cause a labor shortage over the next several decades. Also of concern is brain-drain, or the loss of valuable knowledge as a large swath of experienced workers leave the workforce. Therefore, organizations need to identify what factors play a role in motivating REEs to remain in the workforce and delay retirement while maintaining labor productivity. Data Analysis using NVivo10 JoAnne Koravos Dissertation Advisors: Dr. Thomas Mierzwa and Dr. Denise Breckon Conceptual Model Prior to Systematic Review of the Literature Evidence-based research using a systematic review methodology and realist synthesis in order to capture the mechanisms underpinning the behavior of the REE triggered by various contexts. Research Question What factors are associated with the productive retention of retirement eligible employees (REEs)? Method & Results Implications for Management Practice Practitioners who want to retain their REEs in anticipation of a labor shortage, or the need to avoid the loss of intellectual property, experience, and skills, should create an environment of organizational support and commitment; unless special contexts are present (see Findings #3). Some interventions, or programs, that should be implemented to improve REE self-efficacy and motivation to work longer and maintain productivity are: ü Job flexibility ü Comprehensive benefits packages ü Professional growth and development ü Workplace accommodations ü Training opportunities ü Access to employment policies w/out stigmatizing repercussions Definition of REE An employee of any age that due to his/her individual circumstances is legally and financially eligible for retirement and therefore is contemplating retirement or beginning the retirement process. Guided by Research Question Keyword search phrase derived from conceptual model Results from electronic database searches after duplicates (n = 419) Results from reference list searching (n = 2) Additional articles from SME Feedback (n = 1) Iterative searches during synthesis phase (n = 4) Results from Google Scholar Alerts (n = 1) Studies generated from all searches (n = 427) Results after inclusion/exclusion criteria (n = 53) Results after abstract and full text screening (n = 45 ) Final results after Quality appraisala (n = 29) 29 studies moved into the realist synthesis phase a Modified from three previously validated quality appraisal tools (Stoltz, Uden, & William, 2004; Parris and Peachey, 2012; Wong et al., 2013, p. 9). + _ Age$Related Attitudes, Beliefs, Stereotypes5 (AR$abs) Decision5 to5Retire [Leave] Decision5to5 Delay5 Retirement [Stay] Individual)Factors:! • Mo$va$on! • Job!Sa$sfac$on! • Job!Performance! • Organiza$onal7!!!!!!!!! !Commitment! • Work!Centrality! Performance Negatively5 Impacted Organiza4onal)Factors:! • Culture! • HRM!! • Leadership! • Job!Sector!Contexts! Societal)Factors:! • Demographic!Age! ShiG! • Re$rement!Policies,! Laws!&!Regula$ons! • Industry!Drivers! + _ Performance Positively Impacted Employee! ! Re$rement! Eligible! Age! Family! Health! Financial! Emo$onal! Not! Re$rement! Eligible! Self7Efficacy! Organiza$onal! Support! =$ ECONOMIC!IMPACT! _ + (C1 ) (+O1 ) Retention (M1 ) (I) Sense of self-efficacy, well being, and value to the org; socio-emotional needs are met Organizational Support: Culture of inclusion and organizational commitment (C2 ) (+O2 ) Productivity (M2 ) (I) Perceived organizational support, level of work centrality ! Job flexibility ! Comprehensive benefits packages ! Professional growth and development ! Workplace accommodations ! Access to employment policies ! Training opportunities ! Access to professional growth and development opportunities ! Inclusion and diversity programs Organizational Support Findings #2 Findings #3 Thesis Statement: (CMO) Logic It is hypothesized that – organizational programs and policies that create an environment of organizational commitment and support (C1) will motivate a retirement eligible employee to remain in the workforce longer (O1) due to a positive sense of self-efficacy (M1). The same sense of self-efficacy (M2) will have a positive effect on the REEs job satisfaction, job performance and level of productivity (O2). However, these relationships will be negatively influenced by age-related attitudes, beliefs and stereotypes within the workforce environment (C3)(M3), which will result in the decision to retire from the workforce and/or REE productivity will suffer (O3). In high stress job careers, such as child social welfare caseworker (C4), increased organizational commitment will cause the REE to experience low self-efficacy as their sense of autonomy and experienced tenure in the job are threatened (M4), resulting in work and job withdrawal, poor retention and low productivity levels (O4). Basic components of realist causal explanation: C = Context, M = Mechanism, O = Outcome (Pawson, 2006, p. 22 ); I = Intervention (Denyer, Tranfield, & Ernst van Aken, 2008, p. 397) (C3 ) (-O3 ) Low productivity; poor retention (M3 ) (I) Low sense of self-efficacy; perceived organizational support is challenged Unauthentic organizational support, and/or Age-Related, attitudes, beliefs, and stereotypes (AR-abs) ! Lack of training and development opportunities ! Workers are excluded due to older age ! Decline due to age is not accommodated ! Limited access to employment policies and benefits (C4 ) (-O4 ) Low productivity & poor retention via work and job withdrawal (M4 ) (I) Low self-efficacy; employee’s sense of autonomy and tenure are challenged. Organizational support within a high stress career job (i.e. child social welfare) ! Increased organizational commitment via training and development programs and supervisor support, etc. ! Self-Selection – the older worker you have is the one you want