Here is a hypothetical question. You are asked to vote for a new chief executive. There are two candidates and they are surprisingly similar. They have near identical educational qualifications, personality traits and values. They seem equally bright. But one is 35 and the other is 63. Who would you choose? The dynamism and energy of youth or the understanding and wisdom of maturity?
Most chief executives are between these hypothetical ages, usually five to eight years either side of 50. So what is the essential difference?
The answer is that woolly concept called experience. Age is “seen it all before”, “tried and tested”, “all in good time”. Youth is “do keep up”, “move with the times”, “change or die”.
So when is experience useful and relevant and when is it not? What happens if the world has changed? There is nothing more pathetic than the ageing leader clinging on to the strategy of a previous era that clearly does not work any more.
Experience can be a serious handicap. People have to unlearn lessons and technology and this may be harder than learning them in the first place. And how easy is it to teach older people new things?
Certainly governments that offer pensions want to keep us at work, particularly in old (in both senses of the word) Europe. There are more older workers than ever before – nearly three times as many 40, 50 and 60 year olds than 100 years ago.
And there are simply not enough young people at work to pay for their generous pensions. About half of all Germans, two-thirds of Americans and three-quarters of Swiss between 55 and 65 work full time. In 1980 there were about twice as many under-30s as over-50s in the European workforce. It is predicted that this will reverse in 2020.
Do employers want older workers? Or young workers older bosses? Are they slow, doddery, forgetful and computer phobic? Or are they more reliable, conscientious and good with customers? Are grey temples reassuring or something to worry about? Studies show that, naturally, older workers hold pretty positive views about their older peers. Interestingly, the quality and quantity of contact with older workers improves younger workers’ attitudes towards them. But older supervisors are more critical of older workers than younger supervisors.
So what are the issues? Potential loss of productivity is a concern. The evidence, however, is that if people are in reasonable health and in the right job for their temperament and values, there is no decline whatsoever in productivity up to the age of 80. What about their lack of enthusiasm for change? The able employee, given good continuing training, is not necessarily change-averse even at advanced years. As much depends on their personality as their abilities. Some 20-year-olds hate change, some 80-year-olds are game to “have a go at something new”.
By and large, chief executives are bright, energetic and engaged: more so than many their age. They are sometimes called elite survivors. They age well intellectually. They are not preserved by hair dye and cosmetic surgery but by intellectual fitness and flexibility.
What about declining abilities? It is true that it is harder to teach an old dog new tricks. Word fluency, memory, reasoning and speed of reactions do decline but for most people only noticeably so after 75.
Four things influence older workers’ and managers’ ability and productivity. First, their physical and mental health, which influence all aspects of their social functioning. Next, their education and ability. Third, their motivation and attitude to work. Finally, there is the nature of the work itself, with its particular mental and physical demands.
Older people can bring wise judgment and social competence. Many have greater acceptance and credibility with customers, shareholders or journalists than young people. They have often built up useful networks both inside and outside the organisation. Many enjoy and have become used to life-long learning and continuing education, and many are still marked by old-fashioned values of commitment and loyalty.
Teaching older people means applying what we know about adult education more carefully. Their education works best when they are taught with familiar materials; when they can pace their own learning; when they have training on a weekly basis rather than in blocks; when they practise with new materials; and when they can call on special tutors and peers for help.
So what exactly is the “older” worker or manager? When can we expect someone to peak in terms of management? We know what is true for athletes but what about in the boardroom? Chief executives need to be bright, hard-working and emotionally stable. They need integrity and courage and the ability to learn. Perhaps their peak age depends on the sector, although Steve Jobs, the hugely successful chief executive of Apple, is no spring chicken and has suffered cancer to boot.
Perhaps what fades in most older people is the sheer hunger for success, the drive, the ambition. As Meg Whitman, former chief executive of eBay, said when searching for her successor: “Everyone I know is too rich and too tired.”
Adrian Furnham, The Sunday Times, Sep 2010
Getting Codgers And Kids Working Together
Remote teams are not only made up of people from different functions, locations and countries, but generations as well – which may be one of the hardest chasms to span. You know the complaints: “Older workers are technophobic and too set in their ways to deal with the new realities of business.” Or “Those darned kids won’t pull their faces up from their texting long enough to pay attention.” the answer might be cross-generation mentoring.
When we think of mentoring, it’s usually in a Mr. Miyagi/Karate Kid scenario. The wise old hand passes his wisdom to the newbie, the kid learns a valuable lesson just before the oldster kicks the bucket, and there isn’t a dry eye in the house. But when it comes to the modern workplace, everyone can (and darned well better) learn from everyone else on the team.
What are the real business advantages of mentoring across generations?
* You can capture older workers’ knowledge and pass it on. As workers get closer to retirement age, your team is in great danger of having years of wisdom and experience head out the door. By establishing a good mentoring relationship there are plenty of opportunities to pass that knowledge on to those who (hopefully) will continue the team’s good work.
* Younger workers can energize your older workers and boost productivity.The energy and constant questioning of younger workers might be a bit grating at times, but challenging assumptions is great for improving process (assuming you and your team are open to new ideas). And if you give them the chance, the younger generation can demonstrate why they love technology so much: It gets things done more easily. Watching someone use a new tool effectively is far likelier to speed its adoption than another nagging memo from IT.
* It builds stronger teams. Let’s be honest. In a perfect world your team members would all volunteer to help each other find solutions, extend a hand of welcome to newbies, and break down silos on their own. But we don’t live in a perfect world. When you assign mentors, you are jump-starting a process that might not happen organically (or at the very least might take longer than your project can afford). Many great relationships started because people were thrown together and had to make the best of it.
George Orwell once said “Each generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.” Even though he was being satirical, he was right.
Article Taken From Bnet, April 2010
Now, I’m not saying that signing up for Expert Alumni will guarantee you this kind of second career – but is a PERFECT example of what IS POSSIBLE. My aplogies as I write, can’t tell you exactly where this came from – but a version of the story can be found here on the Chicago Tribune Site. Enjoy – and do let us know if you have any second career stories that you would like to share.
So how did James Williamson, a 62-year-old Vice President of Technology Standards at Sony, end up being inducted into the Rock and Roll Hall of Fame?
If you don’t know Mr. Williamson, don’t feel bad. Neither did I. The important thing is that he knew Iggy Pop 35 years ago. That’s why he has been on tour with The Stooges and stood with Iggy and the band when they were inducted into the Rock and Roll Hall of Fame earlier this year.
The last time Mr. Williamson played with The Stooges, Richard Nixon was in the White House. He joined the band in the early 1970s. They labored in early punk rock obscurity for a few years and, unable to get a break, split in 1974. Iggy began a successful solo career; James gave away his guitar and moved to Los Angeles to study engineering. Ultimately he got married, had kids, was hired by Advanced Micro Devices and eventually transitioned to Sony.
Iggy Pop had reformed The Stooges in 2003. The group was touring the world, introducing new generations to Stooges music. But sadly, in early-2009 guitarist Ron Asheton died. The Stooges needed a guitarist to continue their tour so Iggy called Mr. Williamson. He said no. Then, in a bizarre alignment of stars, Sony began handing out early retirement packages and Mr. Williamson had a change of heart. After 35 years, he relearned the guitar and debuted with his old bandmates earlier this year in Sao Paolo, Brazil in front of 40,000 fans. Next came the Hall of Fame induction and the rest of the 2010 tour.
This Article struck me as pertinent …
Why ?
Well click through and read it – and the author describes – amongst other things – 5 myths about ‘the millennial generation’
- Millennial Myth 1: Millennials will bring a wave of IT anarchy
- Millennial Myth 2: Millennials are experts in social networking
- Millennial Myth 3: Millennials want to use Facebook for work
- Millennial Myth 4: Millennials won’t accept traditional corporate hierarchies
- Millennial Myth 5: Millennials cannot think
All good stuff – well worth a read – but the fact is that there is no discussion of experience – the importance of havig been there ‘and done it’ – and make no mistake – as extraordinary as this transitiion is that the world is going through – there are still lessons that have been learnt in the past that can be applied to the challenges of the modern world. Not only that but the boomer generation – at the other end of the experience scale if you will – are incredibly similar to the ‘Millennials’.
To show you what I mean …
- Boomer Fact 1: Boomers will NOT bring a wave of IT anarchy – been there – done that !
- Boomer Fact 2: Boomers are NOT experts in social networking – there again – we do use it – a lot !
- Boomer Fact 3: Boomers do NOT want to use Facebook for work – we want to seperate home and work
- Boomer Fact 4: Boomers will accept traditional corporate hierarchies (though we might not want to work in them)
- Boomer Fact 5: Boomers can – and do – think
Plus – we’ve been around for a while, have the experience, know how it works.
To read this article follow the link below and go to page 11.
Only 14% of UK managers consider their organisation well-prepared to cope with the demands of an increasingly older workforce, according to research by the Chartered Management Institute (CMI) and the Chartered Institute of Personnel and Development (CIPD).
In the report, entitled Managing an Ageing Workforce, 34% of managers claim that board-level recognition of ageing workforce issues is non-existent. It also reveals that 43% are not well-informed about their organisation’s retirement policies, and 40% have experienced age discrimination at some stage in their careers. This is despite latest estimates that a third of UK workers will be over 50 by 2020, and the government’s recently announced plans to abolish the default retirement age in 2011.
Petra Wilton, the CMI’s director of policy and research, said that although the age profile of the UK workforce is changing, UK businesses are woefully under prepared for the impact it will have on them.
“This latest research makes it clear that those at senior level in particular are failing to take the issue seriously and that discrimination is still too frequent. If action isn’t taken, employees who are in the 50-plus age bracket will feel undervalued and will have no incentive to carry on working beyond normal retirement age. The loss of their talents and considerable experience by businesses not prepared to adapt is reckless in the extreme.”
Despite the perceived ignorance of issues surrounding the older workforce, more than 90% of respondents to the survey – conducted among the CMI’s and the CIPD’s combined membership – saw the value in retaining the knowledge and experience of older workers.
“Employers need to view the ageing workforce as an opportunity rather than a threat,” said Penny de Valk, chief executive of the Institute of Leadership & Management. “Older people are the largest-growing age demographic and in business terms they represent a hugely profitable market segment. As employees, older workers possess a wealth of skills and talents which should be harnessed and not wasted in these times of needing to get more from less.”
Dianah Worman, the CIPD’s diversity adviser, said employers would need to keep on their toes to respond appropriately to the phasing out of the default retirement age next year.
“Clearly businesses already recognise the value of older workers, but this knowledge needs to be matched with appropriate action,” she said. “We know from this latest research that managers aren’t being supported or trained appropriately in the management of older workers, for example, but it is also apparent that the needs and preferences of older workers have to be better addressed.”
Graham Snowdon-gaurdian.co.uk
The abolition of forced retirement is not only a ‘huge victory’ for workers at risk of being forced out of their jobs because of their age, but is also a ‘landmark’ for the UK society at large, as older workers, the UK economy, public finances and employers will all benefit from this change, says Age UK.
The Charity hailed the announcement that the Government is consulting on scrapping the Default Retirement Age (DRA) from October 2011 as a huge victory for hundreds of thousands of employees who are at risk of being forced to retire at or after reaching 65 for no other reasons but their age. Age UK estimated that around 100,000 workers over 65 were pensioned off against their will in 2009 as employers used forced retirement as a shortcut to shed jobs.
Responding to those employers’ organisations who have lamented the negative impact of this decision on businesses, Age UK stresses that scrapping forced retirement is a ‘landmark’ for our society and points to the Government’s impact assessment to show the UK economy, employers, public finances and older workers will all benefit from this measure.
According to the impact assessment published last week alongside the consultation on abolishing the DRA, employers themselves stand to save £45 million in the first year after the DRA is scrapped, rising to £71 million per year in a decade, against estimated one- off costs of £38 million. The UK economy will also benefit from the increased skills and knowledge available, while the Exchequer will gain an extra £79 million in tax revenues in the first year alone and £132 million extra each year after a decade.
Michelle Mitchell, Age UK Charity Director, said: “We have led a four year campaign to achieve this historic decision so Age UK is absolutely delighted that the Government is setting a clear date for the abolition of this arbitrary and unfair law.
“Not only is this a huge victory for hundreds of thousands of employees who are at risk of being forced out of their jobs simply because of their age, it is also a landmark achievement for the UK society in the progress towards a fairer and more age-friendly society.
“There’s overwhelming evidence to show that older workers, the UK economy, public finances and employers themselves will all benefit from the announced abolition of forced retirement legislation. The Government has made the right call on forced retirement and we encourage ministers to stand by it.”
Responding to some of the arguments put forward by employers’ organisations, Michelle Mitchell said:
Scrapping the DRA will NOT ‘line lawyers’ pockets’
“Government research indicates that the abolition of the Default Retirement Age will not lead to an increase in the number of legal cases brought against employers. On the contrary, it estimates that there will be between 200 and 400 fewer cases at the Employment Tribunal. This measure will cut the red tape and make employers less liable to compensation claims arising from the incorrect application of the current procedure which is far from simple.”
Older workers will NOT ‘work until they drop’
“People don’t show any intention of wanting to ‘work until they drop’. The average age for retirement has increased over the past decade, but is still below the default retirement age of 65, at 64.5 for men and 62.4 for women. Abolishing the Default Retirement Age does not affect the normal procedures to assess workers’ performances. Employers will still be able to dismiss people on grounds of capability or launch disciplinary proceedings – as long as their decision is not based on someone’s age.”
It will NOT be more difficult for employers to broach the subject of retirement
“There must be a better way of broaching this subject with employees than waving the threat of forced retirement at them. Employers have had years to prepare for this change and are now showing a distinct lack of imagination on this issue. Even so, one of the objectives of the Government consultation is to provide new guidance on how to start discussions on retirement between employers and workers and minimise the risks of disputes.”
There will NOT be fewer jobs for younger workers
“There is not a shred of evidence that younger workers will suffer because of this change in policy. The idea of a finite job market working on a ‘one-in one-out’ basis is simply wrong. Firstly new graduates and experienced older workers are not likely to be competing for the same jobs. Secondly demographic changes over the next 10 years will result in fewer younger people entering the workforce and chasing promotions anyway. And finally, many employees reaching their 60s choose to change jobs, downsize or go part time, leaving plenty of openings for their younger counterparts.“
Employers will NOT lose out from scrapping the DRA
“Government figures show that the benefits of scrapping forced retirement far outweigh the costs for employers. In the first year after the DRA is scrapped, employers are set to gain £45 million, making savings on administrative and policy costs and a cut to retirement red tape, against estimated costs of £38.2 million. While these are one-off costs, the savings will continue far into the future, rising to £71 million a year after a decade. Over four in five employers operating a mandatory retirement age already have performance management systems in place, so the impact on them will be limited. Four out of five of requests to continue working past retirement age are accepted anyway, so scrapping the DRA can only be good for employers as it means there will be less form-filling for them to do.”
Mature Times 03/08/2010
This week the online social networking giant Facebook reached the milestone of 500 million users. Just who are these people and why are they spending so much time checking into Facebook every day?
Baby Boomers flocking to Facebook
Surprise, surprise. Though Baby Boomers are often considered technologically inept by the younger generation, it is in fact, the Baby Boomers who make up the largest growing demographic on Facebook, often much to the chagrin of their children and younger friends and relatives. After all, what 19 year old wants Aunt Mary posting her comments on his or her wall or gushing over reconnecting with long lost friends from high school on Facebook, of all places!
One young man of a new Boomer Facebook user (his mom) wrote on his mother’s wall, “You’re on Facebook way too much. You’re going to get addicted.”
Should Boomers hang out on Facebook?
He’s not the only one to view Boomers on Facebook with a jaundiced eye. In a recent online article written by Brigida Mack posted on the website of Charlotte North Carolina’s wbtv-tv, a University of North Carolina professor had this to say about Boomers on Facebook.
“It’s a funny image really I think to think of all these shriveled up baby boomers sitting there keying into their computers but that’s, I think that’s going to be part of our life,” said Dr. Deborah Bosley, a professor at UNC-Charlotte that tracks social media trends.
Some myths and stereotypes of boomers
Shriveled up Baby Boomers? Perhaps Dr. Bosley hasn’t read recent reports that say Baby Boomers are the most affluent group in society today and that they are also much more tech savvy than given credit for.
According to a recent report issued by the Nielsen Wire, “today’s middle aged and older consumers are different than their predecessors. The conventional wisdom that they spend little, resist technology and are slow to adopt new products needs to be re-assessed.”
Nielsen says that “Boomers are an affluent group who adopt technology with enthusiasm ” and have also “shown a willingness to try new brands and products.”
Here are some Nielsen facts about Boomers:
Watch the most video: 9:34 hours per day
Comprise 1/3 of all TV viewers, online users, social media users and Twitter users
Time shift TV more than 18-24s (2:32 vs. 1:32)
Are significantly more likely to own a DVD player
More likely to have broadband Internet access at home
Baby boomer are also defying many of the stereotypes of aging, including how they are choosing to spend leisure time and retirement.
Boston Baby Boomer Travel Examiner-Mari DeAngelis
More retirees are being targeted by financial fraudsters. Often, these scammers are themselves elderly
Annuities. Life insurance pools. Principal-protected notes. The options being offered to senior citizens hoping to ensure a comfortable retirement are dizzying. And in a growing number of cases, that may be the intention as more scammers–often elderly themselves–try to con retirees. Though hard numbers are difficult to come by, many lawyers and advocates for the elderly say more seniors than ever are being lured into investment schemes that are unsuitable for people of their age or are outright swindles. “Seniors who suffer from isolation and diminished capacity make ideal targets,” says Steve Riess, a San Francisco attorney who represents elderly victims of con artists peddling bogus investments.
One out of five Americans over the age of 65 has been the victim of a financial scam, according to the Washington-based Investor Protection Trust, a nonprofit that promotes shareholder education. That means more than 7.3 million seniors have been taken advantage of financially through inappropriate investments, high fees, or fraud, which insurer MetLife says comes at a cost of more than $2.6 billion a year. “Older people are being targeted because, as 1930s robber Willie Sutton said when asked why he robs banks, ‘that’s where the money is,’” says Kathleen Quinn, executive director of the National Adult Protective Services Assn. in Springfield, Ill.
Many of today’s scammers have a particularly good understanding of their victims–because the fraudsters themselves are of retirement age, if not exactly retired. More elderly con artists than ever seem to be preying on retirees, perhaps because senior citizens put more confidence in someone their age, says Denise Voigt Crawford, president of the North American Securities Administrators Assn. “It’s astounding that you can’t even trust older people anymore,” Crawford says.
In November, William Kirshner, 84, a financial adviser in Corpus Christi, Tex., was sentenced to five years in prison for stealing more than $100,000 from senior citizens and other clients who invested in promissory notes issued by his company. Ronald Keith Owens (above), 74, was sentenced to 60 years in prison in January 2009 for persuading investors, including retirees, to put more than $2.6 million into nonexistent bank-related investments. And William Walter Spencer, 68, a Franklin (Tenn.) financial adviser, sold elderly members of his church promissory notes that turned out to be bogus. He pleaded guilty to fraud in May and is expected to be sentenced in August.
Veterans are a big target. Several groups offer to help former soldiers sign up for a $2,000-a-month benefit from the Veterans Affairs Dept. in Washington. While the program is real, some groups are telling seniors they can only qualify if they liquidate their assets and purchase an annuity, which usually comes with a hefty sales commission.
Reverse mortgages, which let people aged 62 and older get cash out of their homes and are repaid when the borrower dies or moves, are a big part of many scams. One popular ruse is urging the elderly to finance annuity purchases with a reverse mortgage, despite a ban on cross-selling them with other financial products. Other unsuitable investments being pushed on seniors are pools of life insurance policies, similar to the bundles of home mortgages that helped fuel the financial crisis. Some of these have turned out to include policies that don’t exist, and it’s unclear whether they’re supposed to be overseen by state insurance regulators or the Securities & Exchange Commission.
Principal-protected notes are another investment being pushed on the elderly, says John Gannon of the Financial Industry Regulatory Authority in Washington. He says seniors fall for these because the name makes it sound as if they’re risk-free; in fact the principal isn’t always protected, as holders of notes backed by Lehman Brothers learned when the firm collapsed. “Financial professionals, both legitimate and illegitimate, know there are assets seniors have that they can get their hands on,” Gannon says. “They’ve figured out ways to get to all of them.”
The new financial regulatory reform bill would crack down on advisers who market themselves as specialists in investments for seniors, and another measure would include harsher penalties for anyone committing securities fraud against the elderly. “We need better regulation of this industry,” says 75-year-old Senator Herb Kohl (D-Wis.), who heads the Senate’s Special Committee on Aging, “so seniors can tell the difference between professionals who offer clear and unbiased financial advice and bad actors…who steer them toward inappropriate financial products.”
The bottom line: More retirees than ever are being targeted by financial swindlers, many of whom are themselves elderly.
Alex Leondis_Bloomsberg Business Week
