M.I.T. and Mass. General Tops for 50+ Workers
2006 AARP Best Employers for Workers Over 50
Source: AARP.org | August 31, 2006
The Massachusetts General Hospital and The Massachusetts Institute of Technology make top grades for workers age 50 and above, according to AARP.
On August 30, AARP named Mass. General and MIT as 2006 AARP Best Employers for Workers Over 50.
The two Bay State employers join a list of 50 companies and organizations from across the country that demonstrate significant commitment to the aging workforce.
“Mass. General and MIT are ahead of the curve when it comes to preparing for a seismic shift in the workforce,” says AARP Massachusetts State Director Deborah Banda. “In developing and executing policies and practices targeted to recruit, retrain and retain 50+ workers, Mass. General and MIT are charting a course for other employers to follow.”
Aging Revolution
It is a demographic certainty: the workforce is aging, and the leading edge of the 76 million Baby Boom generation is nearing traditional retirement age. At the same time, the pool of younger, replacement workers is smaller than previous generations, and may not be sufficient to meet employer needs.
“In Massachusetts,” Banda emphasizes, “this double-edged sword becomes sharper when we consider population declines and sluggish economic growth. Employers who prepare today have the potential to better compete tomorrow.”
Mass. Employers Not Prepared
Massachusetts employers should take heed. A new AARP survey, Preparing for an Aging Workforce: A Focus on Massachusetts Employers, finds that only half of employers in the Greater Boston area believe workforce shortages loom on the horizon, and less than 20%have taken real steps to prepare for the impact of a Boomer exodus.
While many Boomers may stay in the workforce because of lack of funds for a secure retirement, whether they remain with a particular employer may depend on how well that employer adapts to meet their needs.
“Boomers want good health and pension benefits. They want flexible work options,” says Banda. “They want the opportunity to phase out of work and into retirement.”
Yet, only 13 percent of Massachusetts employers surveyed by AARP are offering such incentives for their workers to delay retirement. Further, one-third of these employers offer no retirement benefits. And, of those that offer benefits, the majority does not provide long-term care insurance, retiree health benefits, or defined benefit pensions.
“It seems Massachusetts employers, for the most part, are in denial about the aging workforce,” Banda observes. “And, they are certainly in denial about what it will take to keep 50+ workers on the job.”
Ahead of the Curve
AARP’s selection of Mass. General and MIT as 2006 Best Employers for Workers Over 50, now in its sixth year, highlights two industries likely to be first and hardest hit by the aging workforce: health care and education. These industries, as well as government and utilities, represent employment sectors that encourage long service, have had relatively little hiring in recent years, and/or major downsizing in the 1980s and 1990s.
The Massachusetts General Hospital
“Because of the broad range of job roles in a major teaching hospital like Mass. General – from groundskeepers to secretaries, from nurses to physicians, from cafeteria workers to researchers – it is crucial for the hospital to draw upon the wide range of experiences, knowledge and expertise of our employees over the age of 50,” says Jeff Davis, senior vice president for human resources at the Massachusetts General Hospital. “They are an integral part of our mission to provide the best care possible to the thousands of patients who come to Mass. General each year. We are proud to be honored by this distinction from AARP and are committed to continuing our pledge to provide a supportive work environment for these essential employees.”
At Mass. General, workers age 50 and over make up just less than 30% of the workforce.
To retain these workers, the hospital offers:
- competitive benefits package for full and part-time employees including health, prescription drug, vision, dental, and long-term care insurance;
- retirement savings plans;
- ongoing learning and development programs such as tuition reimbursement, on-line training, in-house classroom training and certification classes;
- flexible work options such as part-time, off-shifts, weekend and rotating schedules, job sharing, flex time, compressed work schedules, telecommuting;
- a formal phased retirement program;
- work options for retirees such as temporary assignments as well as consulting or contract work;
- program courses such as “Caring for Your Aging Parent” and “Ages and Stages”; and
- childcare to employees with grandchildren, as well as elder care.
M.I.T.
For the third time, MIT ranks in the top ten of AARP Best Employers, this year earning number seven. With one-third of its workforce over age 50, the university leads its industry in embracing the labor shift, excelling in numerous categories evaluated by AARP including recruitment practices, flexible work schedules and benefits for current and retired employees.
“We are thrilled to have our standard of excellence recognized again here at MIT,” remarks Sherwin Greenblatt, MIT’s executive vice president and treasurer. “MIT works hard to foster a positive work environment where people can excel regardless of age. From educational opportunities to health benefits to comprehensive retirement options, I believe MIT is simply a great place to work."
MIT receives additional accolades from AARP for its phased retirement program, generous 401(k) company contributions, opportunities for job sharing and flex time, and its MITemps program that helps retirees come back to the workforce on a temporary basis.
Recruitment
Both Mass. General and MIT use senior placement agencies such as Operation A.B.L.E. of Greater Boston to target 50+ workers and retirees for employment.
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AARP Best Employers for Workers Over 50 is an annual recognition program that acknowledges companies and organizations whose best practices and policies for addressing aging workforce issues are roadmaps for the workplaces of tomorrow. - Experience Has Its Rewards
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