...Leading Intergenerational Teams Workspace demographics now span four generations. A twenty-something hired this year can expect to find that they working with colleagues who are older than they are by fifty or more years. The reason for this is primarily due to labor shortages for trained personnel in many industries. In addition, many older workers are now delaying retirement due for economic or other reasons. Many of the baby boomer generation can now be expected to delay retirement into their seventies. (Randstad USA) As you will learn, an inter-generational workforce provides many opportunities and challenges. While generational differences can and do lead to frustration, conflicts and poor morale, they do not have to. This section of the handbook will help you to better understand effective methods for leading and working with intergenerational teams. You will see that the differences brought to the mix by different generations can lead to increased productivity, creativity and success. In addition, you will understand the programs and benefits offered to enhance and optimize the benefits of maintaining an inter-generational workforce. Defining the Generations In an article published in the Journal for Quality and Participation, Gesell provides the following definitions of the generations. The Silent Generation. Born between 1925 and 1945, this group values hard work, conformity, dedication, sacrifice and patience. They are comfortable with delayed recognition...
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...globe. With ever changing technology and improving quality of life, people generally have the luxury of a longer life. That said, there things that need to be considered such as financial support for the elderly, retirement age, assisted living and self-sufficiency. At some point, living long changes from a luxury to a burden. There are social issues regarding the way that elderly are viewed in society. In many cases, this may lead to people trying to fight aging or to take better care of themselves so that they age gracefully. There are differences in the life expectancies of different countries as well as differences in how the elderly are viewed and respected in different cultures. In 1950, the life expectancy for girls born in India was 36 years while girls born in the US had a life expectancy of 72 years (Lubben, J. & Rodriguez, J.,2011). Another interesting statistic is that in 1900, only 21 percent of people had a living grandparent and in the year 2000, that number grew to 76 percent (Lubben, J. & Rodriguez, J.,2011). As life expectancy grows, the effected generations need to consider how they will support themselves. They need to consider how much money they need to have saved in order to live after retirement. Additionally, the retirement age has gone up as life expectancy has gone up. Fortunately there is evidence to support that healthy workers are far less likely to retire than un-healthy ones (Suhrcke, M., Fumagalli, E., & Hancock, R., 2010)...
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...Retirement Abstract Retirement is a great is one of the biggest developmental changes that life has to offer. It can affect you in many ways if you are not prepared. Although, it may have negative effects on a physical and psychological level, it also can have its benefits. It depends on how prepared you are, going in to this stage of life. In most cases, the economical status of an individual can be a major factor in being prepared for this event. As human beings, we are not able to depend on our own selves and that is where psychological stress may impair our vision of retirement should be. Now, I ask, why do we retire? Obviously, to enjoy what we have achieved from all the hard work that have had to endure. For some it may come easy; for others it becomes a difficult stage where independence becomes dependence and that is where anxiety and depression come in to play. In this paper, I will discuss the findings psychologists that have studied the effects of this life stage. First, let’s review the psychological perspective of retirement. As stated by Kenneth S. Shultz and Mo Wang, “Retirement is an interdisciplinary topic studied by researchers in psychology, sociology, social work, demography, economics, and organizational sciences…” Because of this, literature on retirement has grown a great deal and has research has taken many different forms. The basic...
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...Unit 6 CASH BENEFITS 6.1. Efficiency and equity in retirement pensions 6.2. Efficiency and equity in unemployment benefits 6.3. Efficiency and equity in poverty relief INTRODUCTION New unit → 1st Economic fundamentals of the Welfare State 2nd Welfare State programs cash benefits in-kind benefits - There is a complex set of cash programs - Quantitative and qualitative differences Some of the most important goals of the WS are channeled through cash benefits - income and consumption smoothing - insurance - poverty reduction - redistribution - social solidarity Main questions - What justifies public pensions? - What are the main schemes? - Is capitalization (funded pensions) a viable alternative? 1. INSURANCE, EFFICIENCY AND EQUITY IN PUBLIC PENSIONS a) Efficiency - Any individual should achieve an efficient level of retirement income → rational insurance ⇒ a risk averse individual will buy future pensions if the net price of insurance is lower than the value given to certainty Public o private pensions? Private markets are efficient if there is perfect competition, perfect information and no other market failures. Conditions (a follow-up): 1.- independent probabilities 2.- known probabilities (less than one) 3.- no adverse selection 4.- no moral hazard Inflation → private markets cannot supply insurance against unanticipated inflation (to guarantee the real value of pensions) : 1.- the probability of future levels of inflation is unknown 2.- inflation is...
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...In early August 2015, I relocated to Jacksonville to embark on my Masters in Clinical Mental Health Counseling (CMHC) at the University of North Florida (UNF). This marked a definitive step in my career transition process. Approximately three years ago, several life and work related events converged which caused me to re-evaluate my life. Personal triggers included - turning 50, my husband’s health issues and his post-retirement life-style change and my mother’s retirement and her subsequent move to Jacksonville. At work, I was charged with the assessment of Obamacare and the implementation of the Health Exchange for Medicaid products; areas which I oversaw. I was also selected by senior executives at the corporation where I was employed to participate in the Executive Leadership Program for America’s Health Insurance Plans (AHIP). Despite having been certified from the prestigious program and recognized by internal and external entities as a leader and subject matter expert in my field, I was becoming increasing disenchanted at work. I was not able to break the “glass ceiling”. Those at the executive levels were (and are) mostly white males. Minorities (non-whites, non-hetero males and females) were already in place. There appeared to be no need to admit additional “tokens” to fulfill an appearance of diversity at the upper echelons. When I evaluated the impact of Obamacare, I predicted the need for substantial downsizing due to automation and projected revenue...
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...very large manufacturing corporations that operate worldwide. Over the years, each corporation has had a very longevity of business success. The expansion of business and brands through subsidiaries, partnerships and franchises in beverage and food products has been a consistent growth in retail sales for both corporations. With such growth, they employ thousands of employees worldwide and offer competitive benefits to include medical, life, and retirement. In 2006, both corporations adopted SFAS 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans — an amendment of FASB Statements No. 87, 88, 106, and 132(R) (SFAS 158). For this particular paper, the goal will be to complete a comparative analysis of the pension plans that each corporation make available to their employees and retirees. Analysis A pension plan is an employer contributory or noncontributory saving plan which can also be qualified and nonqualified that businesses offer to their employees to assist with their retirement. With contributory plans, the employer and the employee make contributions into the savings. Whereas, with noncontributory plans, only the employer is required to make the contributions while the employee’s participation is optional. Under a qualified plan, tax deduction benefits and other incentives are offered to the employer and meet certain governmental set guidelines. With the nonqualified plan, there are no tax benefits or any other incentive...
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...perfect society people would know that equal does not mean the same, however fairness would granted to all according to individual potential and limits. Unfortunately, since we are not living in such a utopist society and people and organization actually do discriminate, many people in society over the decades have thought that antidiscriminatory laws are necessary. In the US, age discrimination occurs when a perspective employee is excluded from employment because his or her age is above 40. Anti-discrimination laws enforce that a qualified person over 40 years of age is employed instead of a younger one (Lau & Johnson, 2011, p. 158). The paradox is that an anti-discrimination law with the purpose of protecting one class consequently causes discrimination against another person or class because of his or her age. Anti-discrimination age based laws in the US also indicate that mandatory retirement is illegal, even though a general retirement plan extended equally to all employees can be proposed. In some other countries however, like Italy or the UK, age for mandatory retirement can be legally enforced by a company. The spot light on age discrimination has become so extreme that asking the age of a person during a job interview can also be considered illegal (Lau & Johnson, 2011, p. 158). This is an example of when the fear of discriminating generates fear at work. There are some instances however when age discrimination is acceptable. Some examples are jobs that require a high level...
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...1. Define investing and speculating. The main difference between speculating and investing is the amount of risk undertaken in the trade. Typically, high-risk trades that are almost akin to gambling fall under the umbrella of speculation, whereas lower-risk investments based on fundamentals and analysis fall into the category of investing. Investors seek to generate a satisfactory return on their capital by taking on an average or below-average amount of risk. On the other hand, speculators are seeking to make abnormally high returns from bets that can go one way or the other. It should be noted that speculation is not exactly like gambling because speculators do try to make an educated decision on the direction of the trade, but the risk inherent in the trade tends to be significantly above average. As an example of a speculative trade, consider a volatile junior gold mining company that has an equal chance over the near term of skyrocketing from a new gold mine discovery or going bankrupt. With no news from the company, investors would tend to shy away from such a risky trade, but some speculators may believe that the junior gold mining company is going to strike gold and may buy its stock on a hunch. This would be speculation. As an example of investing, consider a large stable multinational company. The company may pay a consistent dividend that increases annually, and its business risk is low. An investor may choose to invest in this company over the long-term to make a...
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...solidarity You are on your own(Low individual responsibility): - Prolonged recession - Employers reduce benefits and shift cost/risk to employees - Acceleration of DB to DC - Minimal social security provision the value of hiring mature workers includes lower turnover rates, higher levels of employee engagement and higher skill levels particularly basic skills like math, reading and writing. Three key requirements to maximize the opportunities presented by ageing: - Effective collaboration among key stakeholders -Transformational change in thinking is required. Thinking towards incentive structures that reward long-term planning and societies that value and honour old age as a productive life phase - Integrated retirement and healthcare solutions are needed 2. What is an ‘opportunity mindset’ as opposed to a ‘challenge mindset’ as discussed in the paper summarising the World Economic Forum report? Explain with examples. Answer: |Domain |Conventional Mindset...
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...state of the military retirement system was developed during a time when the United States had a small military and the life expediency of a retiree was around a decade after retirement. Unfortunately following the end of World War II the United States has inquired and maintained a large productive military with numbers so large that many of the service members qualify for retirement benefits. Military retirement pay is unlike civilian retirement pay systems. First of all there is no vesting in the military retirement system or no special retirement accounts, with a matching funds provision and no interest. One must either qualify for retirement by honorably serving their country for 20 years or more in the military. If a soldier is discharged from the military with 19 years, 11 months, and 27 days of service, for example, the soldier do not qualify for retirement pay but instead the soldier may be entitled to an early retirement program, these programs are designed to reduce the size of the armed forces. To say the least in many cases our soldiers are living well past the twenty years or span after their retirement from the military and there medical disability discharge. This has resulted in a massive growth in retirement pay and the cost associated with that pay. For the current service member today the personnel costs are approximately forty percent of their annual budget, retiree costs are a large part of those personnel costs. The retirement system for our service...
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........ 2 Personal Responsibility Essay……...................……..…............................................................... 3 References….................................................................................................................................. 6 . Personal Responsibility Essay My arrival at the University of Phoenix came a few years after my retirement plans ran into a pothole. When I say pothole, I should really say canyon. Though, all things considered, my retirement goals were nothing to write home about. I was a migrant nuclear worker, which means I worked infrequently with no substantial retirement benefits. This 30 year continuum had me exhausting my savings during the dry times, thus my earnings never amounted to much towards retirement. I lived an unbalanced middle class existence. My plan for retirement was to simply survive until I was able to collect social security, sell my home, move to a country where I could live comfortably off the SSI, die, and go onto heaven for a real retirement. So what was the pothole that in my perspective became a canyon? Let’s just summarize things by saying I am disabled, unemployed for 4 years, and am approximately in $100,000.00 in debt with a family of four to support, with no employment outlooks in the future. Surviving these obstacles...
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...Differences between defined-benefit and defined-contribution pension schemes and the trend in these two pension schemes This essay focuses on the differences between defined-benefit and defined-contribution pension schemes as well as alternative reasons why defined-contribution pension schemes are becoming more and more important. Defined-benefit and defined-contribution pension schemes are two basic types of pension schemes. (Clark & Melinda, 1999) Defined-benefit schemes promise a particular benefit at retirement whereas defined contribution schemes only prescribe rules of contribution saving into individual accounts. In general, the size of defined benefit pension is determined by the final salary and the length of service while the income of defined contribution pension scheme is based on the value of the fund at retirement. In the UK, Both employer and employee contributions to the pension schemes are tax-deductible, even though the pension itself is taxable. (Redhead, 2008) Defined-benefit schemes, also known as final-salary schemes, are typically provided by employers for their employees. The schemes promise to pay a specified level of income at retirement. The income is worked out according to the number of years in the scheme and the final salary at retirement. The schemes would provide the accrual rate, typically 1/60th or 1/80th. (Callaghan, et al., 2012) For example, a person’s salary at retirement was £24,000 and he has worked for 40 years until retiring...
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...are old and brittle. I have always assumed that the elderly have reduced physical and mental capacities and then have to live in nursing homes. Although this is true for some, it is definitely not true for all elderly persons. I have also viewed them as being strong in their faith since they really don’t have anything else to do with their lives since they are most likely retired. Throughout this course in my nursing degree and also after reading Nearing Home by Billy Graham, my attitude about the elderly generation has changed dramatically. I would define the word old as being something that has been around for a long time; worn in. I think of someone who is old and imagine how he or she are most likely enjoying a luxurious life of retirement as best they can, after having worked so many long years. All the while, dealing with the chronic illnesses that they have acquired and wonder how they have gotten to this point in their life. While this was my opinion, Billy Graham gave a new light to my thought. He...
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...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.4, 2012 www.iiste.org Analysis of the Factors that Affect Job Satisfaction: A Case Study on Private Companies Employees of Bangladesh Md. Rifayat Islam1* Md. Tauhid Rasul2 G. M. Wali Ullah3 1. 2. 3. Product Management Specialist, Grameenphone Ltd., GP HOUSE, Bashundhara, Baridhara, Dhaka-1229, Bangladesh. HR Professional, DIRD Group. MBA, University of Dhaka. PGDHRM, Bangladesh Institute of Management, Bangladesh. BBA, Department of Business Administration, East West University, Dhaka, Bangladesh. * E-mail of the corresponding author: rifayat@msn.com Abstract Job satisfaction is an important aspect for an organization’s success. A successful organization is the one with satisfied workers. This research report tried to find out the main factors of job satisfaction and whether they have any impact on the job satisfaction of the employee of private companies. Firstly the factors responsible for job satisfaction were identified through a literature review of various articles related to job satisfaction. A focus group discussion among employees and an exploratory research were also conducted. Nine Factors were found. Then to analyze the effect of these nine factors, a quantitative research was done. The employees were selected through convenience sampling. After conducting pretest the main survey was done. The result indicated that four out of nine factors (Coordination...
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...opportunity of growth. As they have realized, “It is predicted that by the year 2025, Chinas economy will be by far the largest in the world.” The company has chosen Motosuzhou, a large Chinese enterprise of the Beijing municipal government. The American company formed a team composed of three members who went to the local establishments of the company in order to meet the Chinese managers with the goal of reaching an agreement for their company. The differences in doing business between both companies were rapidly obvious. For example, Electrowide’s team members were fascinated that the Chinese team members were more interested in their own lives and families than in discussing the projected joint venture. Negotiations continued for eight weeks. The American team had a contract made up. And when meeting with the Chinese team they made a mistake by presenting the contract almost immediately. The Chinese managers took that action as a fault and that it would destroy their future business relationship. Unfortunately, due to the differences in the way of doing business between the American company and the Chinese corporation, the joint venture failed. The main problem was that Electrowide’s team failed to respect the Chinese culture and understand Gaunxi. Instead of respecting the Chinese...
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