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Work-Life & Home-Life A Constant Balancing Act Work and Retirement A Discussion Why do we work? Why do we retire? Key Points Balancing Work-Life and Home-Life It s ... – PowerPoint PPT presentation

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Title: Work-Life

Work-Life Home-Life
  • A Constant Balancing Act

Work and RetirementA Discussion
  • Why do we work?
  • Why do we retire?

Key PointsBalancing Work-Life and Home-Life
  • Its time to rethink the relationship between
    work and retirement
  • Flexible Work Options There is more than one
    way to work toward full retirement
  • The way work is arranged at your organization
    will affect how your workforce ages
  • There are society-level factors that will impact
    how your workforce ages

Traditional Work Arrangement
  • 40 hours per week
  • Standard schedule
  • In the same location
  • Some traveling
  • Employer-based health insurance
  • Costs of living are paid for with your income

Traditional Retirement
  • 62-65 years of age
  • You wake up one day without a job
  • Medicare covers your health care
  • Social Security and retirement savings cover your
    costs of living

Approaching RetirementA Variety of Preferences
Source Harris Interactive Dychtwald, The
Merrill Lynch New Retirement Survey, 2005
Approaching RetirementShould I Stay or Should I
May prefer to continue with current employer
Would prefer to leave current employer
Phased RetirementFlexibility in Action
Traditional Retirement
Phased Retirement
Phased RetirementWhat Happens During the
  • Worker reduces the amount of time at work
  • Gradual reduction in hours (e.g. 40, 30, 20, 10
  • Part-time work
  • Seasonal work
  • Sabbaticals
  • Contract-based work
  • Job-sharing
  • Can happen with the long-time employer or an
    entirely new employer
  • Can be a formal program

Phased Retirement Opportunities and Challenges
  • Health Benefits
  • Health care costs have increased dramatically
    over the past several decades
  • Health care costs will likely present a challenge
    for organizations that employ older workers
  • Wrapping health insurance around Medicare might
    reduce employers health care costs for phasers
  • Legally complex

Phased Retirement Opportunities and Challenges
  • Pension and Retirement Funds
  • Reduced time at work would lead to reduced income
    for older workers
  • Drawing savings during transition phase may
    supplement a workers reduced income
  • Legal restrictions vary by types of savings plans
  • Defined benefit
  • Defined contribution

Flexible Work OptionsA Step Back
  • Part-time work
  • Seasonal work
  • Job sharing

Flexible Work Options
Tradition Flexible Option Examples
Schedule 9-to-5 4 x 10 hr shifts
Work Load 40 hrs/week Part-Time
Location Workplace Home (telecommute)
Responsibilities Alone Shared
VariationDifferences Between Industries
  • Some industries are inherently more flexible
    than others
  • Computer programming vs. factory work
  • Industries that hire independent contractors on a
    contingent basis
  • Construction
  • Hair salons
  • Knowledge-based occupations

Work ArrangementsWhat To Do
  • Consider what makes sense for your workplace and
    your workforce
  • Creating new flexible options
  • Developing a formal phased retirement plan
  • Legal advice
  • Promoting flexible options that already exist

Society-Level FactorsA Birds Eye View
  • What happens if you want to develop a phased
    retirement program and cant?
  • What happens if there arent enough primary care
  • There are social factors that determine how your
    workforce will age

The Legal FrameworkLaws Relevant to the Aging
  • Tax Benefits Laws
  • IRS
  • Discrimination Laws
  • ADEA
  • ADA
  • Health and Safety Laws
  • OSHA
  • Workers Compensation
  • Family Medical Leave Act
  • Social Security

Community Resources
  • Public transportation
  • Schools and colleges
  • Elder care facilities
  • Health care providers
  • Child care

Social and Community ResourcesWhat To Do
  • Identify what your organizations priorities are
  • When the social framework is a barrier (e.g. laws
    are too narrow)
  • Let your legislators know where you stand
  • Lobby for change
  • When the social framework is an asset (e.g. a
    child-care facility close to your workplace)
  • Increase awareness among your employees
  • Provide incentives to utilize beneficial programs

Work Life BalanceA Review of the Key Points
  • Its time to rethink the relationship between
    work and retirement
  • Flexible Work Options (e.g. phased retirement)
    give employees more than one way to work toward
    full retirement
  • You can organize work to influence how well your
    workforce ages
  • Be aware of the society-level factors that will
    impact how your workforce ages

Time for a Break
Work/Life BalanceWhat To Do1
  • Identify your priorities
  • Create a plan to address your priorities
  • Implement your plan and build on it

1 Planning approach adapted from The
Breakthrough Strategy, developed by Robert
Identify a Work/Life Balance PriorityWhat Will
Make a Difference?
  • What Is Your Priority?
  • Whats important for the future of your
  • What will people in your organization really care

Create a PlanHow Do You Achieve Your Objectives?
  • How will you measure success? ________
  • Pick a good way to measure your top priority
  • How much will you change? ________
  • Hint Start small to generate momentum
  • Do you have a baseline?
  • Who is accountable?
  • Who is the champion? _______________
  • Is it a team effort? If so, whos on the team?

Create a PlanHow Do You Achieve Your Objectives?
  • What is the timeline?
  • When will it all be done? ____/ ____/ ______
  • How often will you need to meet for progress
  • What, exactly, do you need to do to make it
  • Step 1__________________________________________
  • Step 2 _________________________________________
  • Step 3 _________________________________________
  • Step 4 _________________________________________
  • Etc.

Create a PlanHow Do You Achieve Your Objectives?
  • What might get in the way?
  • How will you respond?

Challenge Response

The Age Friendly Workplace
Type of Goal Goal How It Will Happen Who Will Ensure It Does When It Will Finish Challenges Responses
The Work Environment
Health Promotion
Work/Life Balance - In the Workplace - In the Community