Effects of an Aging Workforce

Topics: Generation Y, Generation X, Employment Pages: 6 (1819 words) Published: October 12, 2012
The Effects of an Aging Workforce in Corporate America

Recommendations and Possible Solutions for these Growing Issues

Prepared For
Professor Melanie Brooks

Prepared by
Boston, MA 02118

June 18, 2012

Executive Summary:
Our company is facing many challenges in today’s market. The economy is remains slow resulting in unplanned stagnation within the workforce. The current middle and executive management body is aging while the lack of succession planning is non-existant. The inability of younger generations of employees to move up the corporate ladder has huge implications for business, society and long term earning potentials for many generations of workers. The attitude of baby boomers of “working forever” and not allowing the next generation to move up has resulted in a stagnant career ladder. Many high potential employees have expressed frustration with the lack of opportunity, growth, and preparation. Our research has demonstrated the causes of this problem and it provides recommendations to resolve the issues. Our information is based on intensive research of various sources and each topic has been carefully analyzed for relevancy and usefulness. The results obtained from the sources have been used to create a list of suggestions or recommendations that will be used to implement programs to attract and retain key talent. Our team has been able to identify that each generation has attributes to offer and an age diversified workforce is appropriate for the growth and success of the company. We found in our research that employer sponsored benefits can heavily influence employee retention and productivity. The right programs can be used to attract new talent into our company. Our research explains the differences in generations (Baby Boomers, Generation X, and Generation Y) in eight key areas. How does each generation define Ethic? What is each generation’s definition of work? What each generation considers leadership to be? What are the key motivators and rewards that are important for each generation? What is each generation’s idea of work life balance? How does each generation view technology? By exploring these key areas we were able to design a program that will work for our company to retain, prepare, and attract talent Building a succession plan that allows our company to retain and prepare young talent or hi-po employees is critical for our long term success. Hi-po employees are high potential; high performing employees based on annual management reviews. Below we have submitted a brief summary of our recommendations to this problem: Identify a group of highly qualified employees that meet the criteria of high potential, high performance. Build a program titled MaSuP (Managerial Succession Plan) which allows the employees to build a portfolio of experience that allows the employee to progress to a senior management role. The employee will spend 3 years in the MaSuP program rotating through the key functional areas of the company. To assist with the MaSuP candidate’s career an executive mentor will be assigned. The employee and mentor will be required to meet face to face once a month for an hour. Weekly ½ hour conversations will be required to ensure the mentor is in tune with the challenges the employee faces. Ultimately, the executive mentor works closely with the MaSuP administrators to ensure the growth, and success of the MaSuP candidate. The second part of our recommendation addresses the communication within our company. We offer a solution to involve all employees in the company culture by providing them with tools to show possibilities and opportunities that exist in our company. The third part of our solution engages the employees in experiences that are similar to their own. Our research shows that employees want to be part of something special and involved them in realistic challenges were they could make a difference. We will provide the employee a...
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