How Companies are Managing 'Unretirement'

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One of the myths we explored in our research for AARP is that the mature workforce is less interested than their younger colleagues in learning new skills and moving forward in their careers.

Nothing could be further from the truth. However, the boomer generation (which already has many years of work experience) may have different content needs and learning styles than Gen X or Y. Companies may need to be more flexible in adapting training programs and work processes to various groups. But relevant training programs, opportunities to be part of intergenerational teams, and career-path options that help employees avoid stagnation are as critical for the oldest workers as they are for the newest recruits. Career paths, including lateral opportunities or part-time and project-based assignments, must be created and communicated. Employees need to understand that promotions up the ladder and a full-time role aren't the only way to have a successful and fulfilling career with the organization.

• Ensure effective performance management.

Perhaps no organizational process is more pivotal in managing an intergenerational workforce than an effective performance-management system. Regardless of age, employees need to see that good performance is recognized and rewarded, while poor performance is actively discouraged, corrected, and/or addressed fairly, respectfully, and assertively. In high-performing organizations, performance is the basis for everything from training to work assignments to financial and other rewards.

Managers and supervisors need to "own" the process and may require additional support in applying it to different age cohorts, but the need for a robust performance-management system is paramount, especially when the need to counsel disengaged or underperforming workers (of any age) out of the company arises.

• Offer the right rewards:

The right mix of pay, benefits, and various organizational intangibles (e.g., reputation, work/life balance) is the key to attracting and retaining the talent an organization needs. Compensation should be market-competitive and reflect individual performance, while benefits can help define the organizational culture and address specific employee needs. For example, some organizations focused on recruiting and retaining older workers have enhanced their health-care programs to address older workers' concerns about coverage. Such companies should also ensure that wellness programs are in place to help reduce and manage health risks of an aging population. An added focus on ergonomics and flexible work design may also be appropriate.

Ultimately, a growing group of unretired workers can be a significant asset for organizations with the commitment to sustaining a high-performing multigenerational culture that engages employees of all ages and at all levels.

Roselyn R. Feinsod is a principal in the New York office of Towers Perrin, the global professional-services firm. An actuary by training, she helps major organizations adapt their talent strategies to changing business and workforce realities.

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