EARLY RETIREMENT PREFERENCES: THE ROLE OF WORK RELATED FACTORS TONI - PowerPoint PPT Presentation

EARLY RETIREMENT PREFERENCES: THE ROLE OF WORK RELATED FACTORS TONI FOWLIE, MIKE O’DRISCOLL, MAREE ROCHE SCHOOL OF PSYCHOLOGY UNIVERSITY OF WAIKATO

AGENDA Personal Interest and Introduction Overview of literature Early Retirement Preferences measure Method and Analysis Results Discussion and Implications Conclusion Questions

WHY DOES THIS TOPIC MATTER NZ has an ageing population - Since 1980, the number of people aged 65+ has doubled (Statistics New Zealand, 2012). Costs of retirement income and health for the growing older population are expected to rise significantly (St John, 2015). Benefits to retaining the older worker in employment – reliable, loyal, experienced, knowledgeable.

WHAT AFFECTS RETIREMENT DECISIONS? PERSONAL WORK Finances Changes in workplace technology Health Age Discrimination Age Work and Job Characteristics Retirement Goals PULL PUSH Negative Connotation Positive Connotation Health Concerns Leisure Activities Dislike of Job Family Time Heavy Work Demands

AGE STEREOTYPES POOR OUTDATED Stereotypes and myths surrounding ageing and HEALTH SKILLS the abilities of older workers create difficulties TECHNOLOGY when trying to get organisations and businesses to SLOW RESISTANT TO ILLITERATE see the need for retaining and hiring older workers CHANGE INFLEXIBLE DIFFICULT TO ATTITUDES TRAIN

FACTORS LEADING TO RETIREMENT Perceived Age Discrimination Job Flexibility Satisfaction Negative Attitudes Towards ICTs Perceptions of Techno-complexity Perceived Threat from Organisational Downsizing Job Satisfaction Job Security Early Retirement Intentions

OVERALL AIMS The purpose of this research was to determine whether work related factors have an impact on the retirement intentions of older employees Identifying the work related factors that may be effecting the early retirement intentions of older workers, may lead to a better understanding of ways to maintain these workers in employment.

EARLY RETIREMENT PREFERENCES MEASURE • Zappalà, Depolo, Fraccaroli, Guglielmi, and Sarchielli's (2008) • Often preferences for retirement are “… powerful indicator[s] of the actual event of retirement” (von Bonsdorff et al., 2009, p. 1) • ‘What is your expected age of retirement?’, and ‘What is your preferred age of retirement? • CALCULATION: expected age of retirement – preferred age of retirement. i.e: 69 – 65 = 4 Positive value = early retirement preferences Negative value = late retirement preferences. • EXERCISE

METHOD Participants - 132 older workers, 55+, full time workers in NZ organisations completed the online survey Procedure • Participants recruited through their organisations • Information sheets were sent to HR managers at participating organisations, which were then forwarded on to participants. Measures • Validated measures used to assess predictor/mediator variables. 7-point Likert Scale • Early Retirement Preferences: if preferred retirement age was earlier than their expected retirement age Data Analysis • Correlations and mediation analyses to test hypotheses

RESULTS Perceived Age .19* Discrimination -.44** .39** Job Flexibility Satisfaction -.18* Job Satisfaction Negative Attitudes Preference for Early towards ICTs Retirement Job Security -.21* Perceptions of Techno-complexity Perceived Threat from Organisational -.60** Downsizing

DISCUSSION AND IMPLICATIONS • Supported hypotheses • Practical and theoretical implications • Future research directions

CONCLUDING COMMENTS Due to the ageing population this research had value in • exploring the factors affecting early retirement intentions Results indicated that the retirement intentions of participants • in this study were potentially influenced job satisfaction and job security. Further research in this area could explore to what extent • personal circumstances such as finances plays in influencing retirement intentions, when compared with work related factors

QUESTIONS