HR Professional - December/January 2008 - (Page 31)

PREVENTING THE BRAIN DRAIN 50-PLUS EMPLOYEES EES S Survey your 50 l employees. What would it take for them to 50-plus l stay? What are the barriers to returning? If HSBC Canada didn’t ask its older workers if they would consider postponing retirement, they would have lost 50 per cent of its managers over the next seven years. g Understand the unique position of 50-plus females. “Women still live longer and marry men who are older and many will spend years and years on their own and are not prepared for it,” says Erickson. She also says women don’t save as much, don’t invest as aggressively, and will need to work longer and save more if their partner passes away. Consider retirement alternatives. Some can’t afford to retire. l i Others don’t want to. Continue to benefit from their experience by creating more adaptable work arrangements, phasing them into 50% 50-PLUS FEMALES E Besides, adds Erickson, a lot of women have no interest in stepping down from their professional positions, having advanced late in their careers after raising a family. “They want to take on a bigger role, not a smaller one. I caution companies to be sensitive to that as well,” she says. retirement, inviting them to return to work after a sabbatical or hiring them back as mentors or consultants on a project basis. Adjust your pension plan. Organizations should take a good look at their pension plans with an eye to flexibility, which could include giving employees control over how assets accumulate in their plans or allowing employees who have phased into part time or contract work to partially ave part-time draw from their pension to supplement their income. ension supplement their inc pplement their income. Author Tamara Erickson advises employers to base their plans on peak rickson advises employers to base their p o advise employers dvi ployer i plans pk peak mployee’s ys income, not the employee’s latest income. Create an “age-free” workplace. Agism is a common but little-acknowledged form of discrimination. Studies show older workers are well worth hiring, promoting and training. They are experienced, have a strong work ethic and tend to be loyal and dedicated. Don’t overlook this goldmine of talent in your recruitment and retention efforts. Leading Service Sector Lost-Time Injuries Injury # 2 Struck by Object Getting struck by an object accounted for more than 4,441 Lost-Time Injuries in the Ontario Service sector in 2006… The total cost to industry was more than $6,493,634. The potential direct cost to your business from a single injury was $1,462. That’s money out of your pocket. We can help. Visit www.ossa.com/safetytips.cfm for a wide range of FREE downloadable yp safety check sheets for your business and other resources that can help you n build prevention and learn how to safeguard your employees against this type of workplace hazard. Ontario Service Safety Alliance 1-888-478-6772 www.ossa.com w w w.H RThought L ea der. c om 365720_OntService.indd 1 D e c e m b e r 2 0 0 8 / J a n u a r y 2 0 0 9 31 1/15/08 11:43:19 AM http://www.ossa.com http://www.HRThoughtLeader.com

Table of Contents Feed for the Digital Edition of HR Professional - December/January 2008

HR Professional - December/January 2008 Contents Editor's Letter Contributors Leadership Matters Upfront Legal Compensation Human Capital Talent Management The R-Word Speak No Evil On Message Strategy HR 101 Interview with Donna Wilson Off the Shelf The Last Word

HR Professional - December/January 2008

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