Life
expectancy is increasing and we can now expect to live a healthy
active life well into our 80s – so, at 50 that’s another 30 years
to go. That’s a whole new stage in life. It’s Mid life. Quite
different to the past when we retired at 60 to 65, hung up our boots
and retired to a life of leisure for the remaining few years.
This big change ripples out into all sorts of implications for the individual and the organisation, significantly affecting the wellbeing of both. Much effort is being put into wellness and wellbeing initiatives to promote employee physical and mental wellbeing, creating a happier work environment and encouraging greater engagement. However, if our 50 year olds are facing into the unchartered waters of a whole new stage, these initiatives are secondary to them and sometimes miss the mark.
To really meet their wellbeing needs we need have a more holistic approach. We need to primarily support them, in understanding the new reality and its implications and facilitate them in creating a meaningful, fulfilling future.
So what is the new reality?
People in mid life want to stay relevant and actively engaged, using their skills in a different way and learning new ones. They continue to need stimulation, growth, meaning and purpose. It’s a new stage with lots of opportunities and possibilities both within and beyond their current organisation. Being in a whole new transition period also has its challenges – fear of the unknown – trepidation re questions such as “what am I going to do next?”, “who will I be when I leave?”, will my pension/finances sustain me? Many have outgrown their role, are getting little satisfaction and are tolerating a job and work life that is out of step with the stage they are in. We can see how with all this going on it makes it very difficult to feel fully engaged.
So to be seriously committed to the current and future wellbeing of these workers we need to take a fresh look at how we are approaching it.
Therefore
rather than forcing the sacrosanct 60/65 retirement age (regardless
of whether it suits the individual or the organisation), offering
early retirement packages or all too often leaving people stagnating
in roles they have outgrown, we need to collectively take this new
stage and its implications on board.
So, what can be done?
Rather than consciously moving people in mid life out of the workforce, organisations could encourage and facilitate their continued meaningful, participation through offering flexible working hours and conditions e.g. part time work, reduced responsibility, mentoring, project or contract work, along with training and opportunity for development and role change. Reduced hours or responsibility or both implies reduced pay and so, are cost effective.
Individuals also need support in working out what it is they want to pursue, and in creating and planning their future 20 to 30 years. A key point is that this requires specialist mid life transition support as opposed to one size fits all out placement support.
The
benefits to the employer include retention of and effective knowledge
transfer, greater engagement and productivity and broader talent
management opportunities. It also addresses the demographic changes
that are at play. According to the CSO, by 2026 40% of the Irish
workforce will be over the age of 45. Up from 30% in 2011.
Importantly, this approach demonstrates a real and innovative
commitment to employee wellbeing.
Yes
this is a big change in thinking for both employers and employees.
There is nothing streamlined or automated about it. It involves
looking creatively at tailored working arrangements and options that
are a win win for both the individual and the organisation. But it
is doable, it costs nothing and the prize could be so big for so many
Newstage are specialists in the field of Mid life Transition and provide a specialised rich and engaging transition programme and coaching which supports people in mid life to attend to the big decisions of the next 20 – 30 years. www.newstage.ie