Silver Tsunami: How Aging Workforce May Impact Relocation
Many companies in the United States are facing the effects of a silver tsunami in their workforce. In essence, this term refers to a company’s workforce increasing in age. As a result, older workers are becoming a larger and growing segment of employees. Companies often their leverage relocation program to meet corporate objectives. Therefore, they should examine the possible impact of a silver tsunami as it relates to their workforce.
How the Silver Tsunami may Impact Relocation
Transferees may utilize several elements of a company’s relocation program. Companies experiencing an increase in the age of their workforce could find many of their relocating employees need more or less benefits, depending on their specific circumstances. As the silver tsunami begins to change its workforce, companies should initiate a review of their relocation program to ensure it addresses those elements important to older workers. Many workers want to work after they retire from their main career.
There are three major areas that companies should consider as they review their relocation program:
1. Bridge Employment Opportunities Help Mitigate Silver Tsunami
“Bridge employment” refers to paid employment opportunities for older workers. These workers may be transitioning out of their current career, but are not yet leaving the labor force. As a result, bridge employment may help companies leverage the silver tsunami. Companies should consider designing relocation opportunities for older workers so they can share skills and knowledge in other locations as part of the company’s overall bridge employment strategy. The healthcare industry has seen success through leveraging relocation benefits to attract and retain talented and highly skilled employees.
Opportunities in bridge employment should nurture meaningful work so older workers feel their contributions are making a difference. Older workers report satisfaction in their job and meaning in their activities as the main reasons they remain in the workforce.
2. Flexible Work Arrangements
Companies that offer older workers some flexibility with their work schedules and setup are more successful with talent acquisition and employee retention. Companies examining the structure of work to respond to changes brought by the silver tsunami should be sure to insert flexibility. Many workers identify specific aspects of flexible work as integral to their most desired job, including:
- Home-based work initiatives
- Part-time positions
- Scheduling flexibility
- Travel opportunities
3. Constructive Relationships
Many employment opportunities provide workers with a chance to interact, support, and engage with their co-workers. Older workers identify constructive work relationships as their top preference for a good quality job.
Companies should examine their workplaces to ensure they meet the conditions necessary to foster constructive work relationships. These conditions include:
- Creating manager and employee relationships that are strong and built on achieving goals
- Defining clear and understandable roles and relationships
- Designing the company’s structure for clear accountability and authority
- Focusing on social skills to enhance interpersonal relationships
- Offering work systems and procedures that are effective and productive
- Setting employee expectations and accountability
What Should Employers do About the Silver Tsunami?
Employers should review hiring plans and work structures to leverage the positive effects of the silver tsunami on their workforce. They should also benchmark their relocation policy to ensure it reflects industry-leading best practices. Companies should understand their industry’s competitive relocation landscape so they can design a policy that will attract highly skilled talent. Transferees that are willing to relocate for a bridge employment opportunity should have a range of relocation benefits. Also, these benefits should be designed to meet their expectations.
Industry Benchmarking Studies Help Employers Compare Their Relocation Program
GMS has recently published several Industry Benchmarking Studies to help employers learn whether their company’s relocation program is designed following industry-specific best practices. There are many benefits to a corporate relocation policy benchmarking. For example, employers can learn how benefits provided for older workers in their relocation program will help them leverage the silver tsunami as it leads to workplace changes.
Industry best practice is to schedule a relocation program and policy review every 12 to 18 months to ensure your company maintains its competitive position. This review will also help your company learn about how the relocation industry is evolving to meet changing employee demands due to the silver tsunami.
GMS’ team of corporate relocation experts has helped thousands of our clients understand how to leverage changing workplace dynamics to meet corporate objectives. Our team can help your company design a relocation policy with industry-leading best practices. As a result, your company will attract and retain talented and highly skilled employees that are part of the silver tsunami.
GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.
Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.
Contact our experts online to discuss how the silver tsunami may impact your company’s corporate objectives, or give us a call at 800.617.1904 or 480.922.0700 today.