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Your #Career : The Big Changes Ahead For #BoomerWorkers …Boomers & #GenXers : Your Working World is in for Major Disruptions Between Now & 2030, According to a New Report from the Management Consulting Firm Bain & Company.

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Boomers and Gen Xers: Your working world is in for major disruptions between now and 2030, according to a new report from the management consulting firm Bain & Company. “The depth and breadth of changes in the 2020s will set apart this transformation from many previous ones,” said the report, Labor 2030: The Collision of Demographics, Automation and Inequality.

But here’s the bigger surprise: Some of those disruptions will make it easier for people in the 50s and 60s to keep working, find jobs and start businesses, the Bain forecasters say. Now that’s a noteworthy trend.

Hanging On to Older Workers

The main reason for the good news, according to the Bain experts, is that the abundance of labor seen since the 1970s — due to boomers and women entering the workforce — is winding down. Bain foresees labor force growth in the U.S. slowing to 0.4% a year in the 2020s. With workers in shorter supply, the Bain analysts say, employers will be eager to hang on to the ones they have and entice applicants, including older ones, to join them.

“Baby boomers will remain an important pool of talent through 2030, when the youngest cohort of that generation will only be 66,” the report said. This view echoed what I heard last May when I asked futurists Katherine LY Green, of Green Consulting Group, and John Mahaffie and Jennifer Jarratt, founders of Leading Futurists, what they expected for older workers in the coming decades.

Companies looking to innovate and scale within their businesses “will often find that skill among workers who’ve been around the place awhile,” said Andrew Schwedel, a partner in Bain & Company’s New York Office and head of the firm’s Macro Trends Group, which published the study.

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What Skill Sets do You have to be ‘Sharpened’ ?

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More Flexible Employment for Boomer Workers

“The war for talent” means companies will be innovating like crazy to make compelling offers to workers,” said Schwedel. He anticipates not only more demand for flexible work arrangements from employees and job applicants, but more need for a flexible workforce in general.

To keep older workers, there may be “more opportunities to retool your skills, and maybe even a new generation of employee benefits,” said Schwedel.

Also, the Bain report said, “as competition talent increases, standard employment offers may disappear.” Companies offering an identical package to the three generations of the labor force in the 2020s could “be vulnerable to poaching from employers willing to make more focused offers” with a custom blend of compensation, benefits and hours.

Whither Age Discrimination?

Age discrimination by employers, Schwedel said, won’t disappear, but it will change. “You may not see employers offering older workers traditional employment. We’ll be seeing the rise of more part-timers and independent contractors.”

The ability to work longer will be a huge help to many Americans in their 60s without enough retirement savings to let them live out their longer lives in comfort. Bain’s dire view: as things stand now, only about the top 20% of older households are likely to have enough savings to support a traditional retirement. The Schwartz Center for Economic Policy Analysis just came out with an even gloomier report, saying that 40% of older workers and their spuses will be “downwardly mobile” in retirement.

Inequality Among Older Americans

One big question, Bain says, is whether people in their 60s will physically be able to keep working.

“If you’re well-educated, and high-income, you will probably manage to keep working into your 70s if you want,” said Schwedel. “But if you’re blue-collar, with less than a high-school education and health problems, you’ll have a tougher time.”

The bottom 40% of older households “may see their income and workforce participation decline due to health reasons,” the Bain report said.

What About the Robots?

And those robots we’ve been told will be coming to take our jobs? Automation may be reason to worry for many, but it could possibly spell opportunities for your career, and for your investment portfolio.

Bain believes the rapid spread of automation may eliminate as many as 20 to 25% of current jobs — equal to 40 million displaced workers. Hardest hit: workers currently making between $30,000 and $60,000 per year.

“But some people will benefit” from automation, said Schwedel.

The Good News for Entrepreneurs

For example: entrepreneurs. “Automation will make it much easier for a small business to access scale in ways it was hard to do in the past,” said Schwedel. “You can rent from Amazon Web Services, use UPS to do your logistics and hire Salesforce.com to run your sales.”

The report also noted that now “entrepreneurs can use social media postings, targeted search engine ads and email newsletters to launch businesses at a fraction of the marketing budget previously required.

Other beneficiaries from automation, said Schwedel, are “people in managerial roles requiring professional expertise and who have the ability to work with new technology and use it to increase productivity — like data scientists.”

Similarly, “if you are a financial adviser, automation will dramatically increase your productivity, it won’t necessarily eliminate your job. The financial adviser industry has not found it economical to serve clients with smaller portfolios, but it will become more economical when technology extends their reach.”

Opportunities for Investors

That could also be good news for the many middle-income Americans who want financial advisers to help manage their money but are often snubbed.

“From a micro standpoint, anything related to automation will generate investment opportunities,” said Schwedel. Bain forecasters see four types in sectors such as energy, health care, aerospace, retail and infrastructure:

1. Core platform providers providing the essential enabling technologies for the next phase of automation. They include “the physical building blocks, such as high-dexterity robotic hands” and the “analytical or control building blocks, such as machine learning systems and the application program interfaces that go with them.”

2. Systems integrators combining the building blocks to create function systems by assembling sophisticated hardware and software components in one integrated package. Think drones that drop off packages.

3. Businesses that figure out how to adapt automated systems to discrete uses. Example: delivering a package to a customer’s house.

4. The collateral infrastructure that enables new automation systems. Bain believes this may be nearly half the total investment that the next phase of automation will require.

Why Higher Taxes May Be Coming

One more thing the Bain forecasters say may be on the horizon: much higher taxes. That’s because there’ll be more older Americans requiring government benefits such as Medicare and Medicaid and fewer younger Americans working and paying taxes.

Tax increases of 15 to 25% per U.S. worker by 2030 “could be required to offset changing demographics and inequality,” the Bain report said.

“We’re not prescribing policies,” said Schwedel. “We’re not saying whether taxes should go up or by how much or what type.”

The researchers just believe taxes may go up if trends play out the way they expect: lower economic growth, surging health care costs, rising income inequality, lagging wages, a cyclical downturn in the second half of the decade, a decline in interest rates and major job displacement. An alternative scenario if those trends come true: increased government benefits.

 

Forbes.com | February 20, 2018 | Next Avenue

#Leadership : The 9-to-5 Workweek Is Dead. Here’s What’s Next…Could Reimagining the 40-Hour Week Grind Make your Company More Productive?

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Your mind could have drifted thousands of miles away, but as long as your body showed up to work at Dallas-based tax firm Ryan, that was all that mattered. “We literally ranked people by hours,” says Delta Emerson, president of Ryan’s global shared services.

Conceptual portrait of a business lady with clock being short of time

“Even if someone worked 24 hours the day before, they still had to book at least eight hours Monday through Friday.” The clock was seen as an easy proxy for work ethic, and employees who logged marathon sessions at their desks “wore their hours like a badge, practically tattooed on their foreheads,” Emerson says. “But it was at a cost.”

Emerson didn’t want to just tweak the workweek. She wanted to bust it open. But when she pitched the idea of flexible hours, she was almost thrown out of the CEO’s office. A resignation letter from a rising star finally got her the green light. Now the firm measures results–not time. Some staffers work as little as 20 hours a week; some start at 7 a.m., others at 10 a.m.; some commute to the office only twice a week. Since the 2008 shift, revenue has grown 15 percent year over year, customer satisfaction is higher than ever before, and turnover has plummeted.

The Case for the Enlightened Schedule :  In the war for talent, flexibility is no longer just a perk.
29%
of college students think being able to work remotely with a flexible schedule is a right, not a privilege.
66 percent
of Millennials say having a boss who doesn’t support flexible schedules has factored into their decision to leave a job.
72%
of working parents say that people who work flex hours have fewer pay/promotional opportunities.

Is the headache of uprooting an orderly 40-hour, anchored-to-the-desk schedule worth it? All the indicators point to yes. “Millennials may have sent flexibility to the top of HR agendas, but now it’s increasingly the norm across all generations,” says Lisa Horn, a director at the Society for Human Resource Management. Technology has made working from anywhere possible, and the uptick in dual-earner families makes rigid hours less attractive to talent.

“The idea that employees are like machines–if they put eight hours in you’ll get x dollars out–is absurd,” says Ryan Carson, founder and CEO of Portland, Oregon-based startup Treehouse, an education technology company, which lets its employees set their own schedules. “Why not give people flexibility so they don’t have to choose?” You can reinvent your company’s workweek using this advice as a guide.

1. Debunk the 40-Hour Myth

The eight-hour workday was introduced by Henry Ford in the early 1900s as a way to attract autoworkers, many of whom were accustomed to 12-hour shifts. More recently, Basecamp’s Jason Fried thought it was time to modernize the workday to fit the needs of employees at his Chicago-based software company. “There’s nothing magical about 40 hours,” says Fried, whose staffers work just 32 hours a week from May through August. The co-founder (and Inc. columnist) says having fewer hours to complete a task sharpens employee focus.

 

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2. Adapt to Peak-Performance Styles

When Nate Reusser revamped the schedule at Roanoke, Indiana-based web developer Reusser Design to four 10-hour days, he realized he’d traded in one type of rigidity for another. “Some people loved it, but others were so wiped by Thursday that they couldn’t keep up,” he says. Now he lets employees pick whichever schedule best suits their working style. “The real goal is to remove interruptions so that people can be productive,” says Reusser.

3. Synchronize Schedules

When Ryan first began unshackling teams from the clock, “our biggest mistake was not training our managers,” says Emerson. Now managers have a blueprint to help with their team’s unorthodox schedule: Are there any days when the whole team comes into the office? Are there certain hours that are off limits for meetings? Emerson says, “You have to do the work to set those ground rules so people can really work together”–even when they’re in different places or putting in different hours.

FROM THE DECEMBER 2016/JANUARY 2017 ISSUE OF INC. MAGAZINE
By Kate Rockwood

Freelance writer

#Leadership : 5 Keys To Managing A Mobile Workforce…Despite Worldwide Turmoil, Growth is still Very Much Happening on the Global Front. Companies are Expanding into New Regions & Deepening their Presence in Existing Ones. The Challenge is Building a Workforce Rapidly & Effectively.

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 The challenge is building a workforce rapidly and effectively. It’s never been that simple, but moving your talent where it’s needed the most adds far more complexity — and we’re in an era when competition for talent and skills is at its peak.

business man draw success line chart isolated on white background in studio

Add that all up and you’ve got a renewed mandate to focus on mobility as part of your talent strategy. Whether overseas or intra-national, the companies that mandate that mobility is part of their HR strategy are going to see the results . They’ll see the most growth, performance, succession and leadership development and — critically — retention. You might call it putting your money where the mobility is.

Five Keys To Consider:

Make it future-focused: An organization’s talent strategy should focus well into the future. Depending on what it does, are there plans to expand? Are there international markets to expand into? The failsafe should be to assume yes: You will need to move a workforce. It will likely involve an international assignment. Among those on the rise: the BRIC countries (Brazil, Russia, India and China) as well as the UAE and Qatar. All are clearly hot spots for talent, and the trend is projected to not only continue but increase by another 50% by 2020.

Develop a local successor chain. What enables an organization to succeed in new locations isn’t just a matter of shipping a select group to the new office and putting them to work. According to a survey report from EY/ Harvard Business Review Analytic Services, the top benefit of having a global mobility strategy in place was being able to develop local successors — 55% of top performing companies who responded noted that. Also note that global mobility strategies had a clear positive impact on retaining talent, growing new business, and also financial performance for 65% of the companies surveyed.

 

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Cover the bases. Retention is a sharper issue still when factors include relocation. The challenge is not just to reallocate the workforce where you need it, but keep them happy as well. A drain of talent, particularly before contracts are up, could be devastating. Cover logistics and legalities (there may be different labor laws and regulations). Provide dedicated support: with visas; with finding safe, secure and comfortable housing and family support; with the host country’s customs, cultural differences and etiquette. There’s also the issue of the organizational culture, which may be different overseas, given the workforce. Enable everyone to embrace it, and (here’s a concept) make mobility and globalism part of its fabric.

Concentrate on the willing, ready and able. Not all are going to be willing or able to move overseas or travel frequently as they spearhead international efforts. PriceWaterhouseCoopers research of millennials found that 38% were interested in pursuing career opportunities with the firm overseas. But another PWC study found that 70% of millennials wanted or expected that they would take an overseas assignment at some point in their careers.

Make sure the door is open when they come back. Re-entry after an overseas assignment can be rocky to say the least. According to a survey byBrookfield Global Relocation, 38% of returnees quit within 12 months — and that figure hadn’t changed for three decades as of 2010. Your employee now has international experience and may well have outgrown their previous title, and the organization’s own expectations may not align with this increase in experience. Well before they are due back, start working towards facilitating not only their return, but retention. Capitalize on their professional growth with an appropriate position, or you may lose them to a firm who better recognizes their value.

The 24/7, hyper-connected and endlessly networked culture of the new workplace dovetails with the profound expansion into a global economy, which means that streams of talent are going to be moving back and forth as needed. In this situation, there’s one irrefutable bottom line: Yes, this is about mobilizing talent. But it’s also about altering the course and root of people’s lives. We’re all working to increase employee engagement and retention. It’s likely best to remember that.

Forbes.com | May 21, 2016 | Meghan M. Biro