Analysis of aging workforce 3
Succession Plan 4
Nowadays, HR techniques prefer to hire people of older age (above 50) and this is because older people with their experience and knowledge can manage things in a better way. Various studies have proved that people of older age can put more focus any task constantly than younger people. It is, therefore, considered to have older people in the workforce who can perform tasks with more concentration. When it comes to managing something, older people think from all sides; however, younger people being passionate and enthusiastic sometimes take risky decisions. An organization that is having a great number of aging workforces is considered more serious and work focused in the industry. It benefits the organization in all aspects that people can trust the organization in performance and discipline perspectives. According to U.S. Census Bureau, in 2010, 10% of Baby Boomers were retired, and the number is continuously increasing during every year. Therefore, an organization must have a succession plan to meet such critical situations.
Analysis of aging workforce
Employers are recognizing the value of aging workforce increasingly. Older people are considered to have more experience and greater institutional knowledge than younger ones. They usually have more productive nature and consistent focus on their work. Having big experience of various issues in life, they could handle any situation tactically (Casey Chosewood, 2011). Their stress level is usually low on the job, this makes them work more efficiently and they commonly have smooth rations with their coworkers. Further, they had better understand the rules and regulation and the value to follow them. Stanford Center on Longevity has provided data that the number of people aging over 65 is expected to increase from 13% to 20% by the year 2030. That is not all, over-65 people are not just increasing in number, but they are also considered as healthier as and more active than their young counterparts and previous generations as well.
New research data explains that whether it is day-to-day variability or within-day variability in cognitive performance occurs less in older people when compared to younger adults. More than 200 people contributed to a research study, younger (aging 20-31) and older (aging 65-80). The research carried out 12 different tasks including testing perceptual speed, working memory, and episodic memory and repeated them about 100 days, which proved that there are significant age differences. Performance variability was experienced less in the older group during all nine cognitive tasks than the younger group. Thus, it was concluded that older adults’ cognitive performance is more consistent across days. Considering all above facts and figures, recruiting older age people will benefit the organization in various aspects (Sleek, Michel, & Mikulak,” 2013).
When it clearly seems that some people are going to be retired next quarter or next year, HR manager must think of developing other team members to replace them (Jackson, 2014). It is the best strategy to fill the gap without any disturbance. This succession plan is divided into following parts:
Value the older workforce: - In this part, every older worker will be given full attention and value that his aging factor and experience requires. This will make him realize that organization is taking care of him so he should also be willfully sincere with the organization. In this way, he would be focusing more on work, which will increase his skills to be moved to a higher post.
Strategic workforce analysis: - In this step, every aging employee will be judged critically in order to examine the knowledge, skills and abilities he has. Considering the job descriptions of the posts are going to be vacant, the current workers will be examined that who qualifies the required job specifications. The analysis will help the organization to keep in mind the person who possesses the required skills and keep him boosting. When a number of employees are analyzed then for each post, more than one employee will be examined further by assigning some extra responsibilities. This will show, how much capability they possess to be posted on specified post. Further, this will bring their lacks in front, which then could be filled in order to make them completely able for the post.
Appropriate training: - The selected employees then will be provided with appropriate training to make them able to handle situations in future. If a person is on the post of junior manager and he has to deal with the responsibilities of the senior manager, then his skills must be polished. He must be given such training as his skills can meet an upper-level post.
The succession plan overall focuses to bring out key employees in order to make able to take higher responsibilities. This plan will make them completely able to be replaced with the persons are going to be retired.
The aging workforce is considered as a main asset of an organization. They are more experienced in terms of dealing any task and completing it timely. Older people above 50-60, are said to be more consistent and concentrating on the tasks, they are given. Therefore, if a number of baby boomers are going to be retired, an organization must have a succession plan to fill the gap.
Jackson, H. G. (Hank). (2014). The Role of HR in Addressing the Challenges of an Aging Workforce. Retrieved from http://www.shrm.org/hrdisciplines/staffingmanagement/Articles/Documents/2014 SHRM-AARP_HR_Mag_insert.pdf
Casey, L. Chosewood, M. (2011). When It Comes to Work, How Old Is Too Old? Retrieved from http://www.medscape.com/viewarticle/741559_3
Sleek, S., Michel, A., & Mikulak, A. (2013). Science Reveals the Benefits of an Aging Workforce. Retrieved from http://www.psychologicalscience.org/index.php/news/minds-business/science-reveals-the-benefits-of-an-aging-workforce.html