Deloitte: Study Shows Global Talent Squeeze Continues to Affect Employers
Originally posted April 29, 2014 on www.ifebp.org
Even as the economy slowly improves, human resources (HR) professionals around the globe struggle to find the right people for technical and skilled jobs. This talent shortage makes employee retention and engagement strategies even more critical.
The 2014 "Global Top Five Total Rewards Priorities Survey" from Deloitte, the International Society of Certified Employee Benefit Specialists (ISCEBS), and the International Foundation of Employee Benefit Plans shows that HR leaders globally are acutely focused on talent as the top challenge and priority over the next three years. With the added challenge of managing the dynamics of four distinct generations in the global workforce, the survey results point to the need for more effective and adaptable talent strategies and rewards programs.
"With global economies continuing their slow rebound amid persistent skills gap issues, it comes as no surprise among over a third (35 percent) of those surveyed that attracting, motivating and retaining talent is the primary concern of employers around the world," said Jason Flynn, principal, Deloitte Consulting LLP and co-author of the report. "While the alignment of rewards with overall talent management was the top challenge across all geographies, the approaches to achieve this goal truly reflected the economic, cultural and political nuances of the local regions."
Top five priorities
The "Global Top Five Total Rewards Priorities Survey" series serves as an annual barometer of talent and rewards management challenges. Conducted globally for the second time this year, 22 different countries ranked these the top five priorities for 2014: Aligning total rewards with business strategy by attracting, motivating, and retaining employees Reducing the costs of providing healthcare and other non-cash benefits to employees Motivating staff when pay increases are flat or non-existent Demonstrating appropriate return on investment for reward expenditures Creating a rewards program that reflects the culture and goals of the organization
Evolving rewards programs and strategies
The study indicates that employers should continue to modify and adjust their total rewards programs in today's dynamic economic environment. Forty-three percent of those surveyed identified an increase in health and well-being initiatives as an action that their organization has undertaken within their overall total rewards strategy. There has been more focus on these initiatives in the Americas (50 percent) than in EMEA (26 percent) and Asia Pacific (33 percent).
Forty percent of employers also responded that they have or plan to change the definition or mix of components within their overall rewards strategy. This remixing was more prevalent in responses from EMEA (45 percent), but still high in the Americas (38 percent) and Asia Pacific (33 percent).
"Employers recognize the critical nature of total rewards as a primary way to recruit and engage employees. Equally important is for employees to understand the value of their total rewards," said Michael Wilson, CEO of the International Foundation and ISCEBS. "Employer-provided education and communication is imperative for employees to better understand and make use of their rewards. Additionally, employers are educating beyond basic benefits literacy to include topics such as personal finance, health and wellness."
Skills gap paradox and employee consumerism
In an era of limited economic growth compressing job opportunities, it would seem that there should be enough talent to go around, but the reality is quite different.
"There is a talent paradox that we are seeing around the world. Employers are having difficulty finding the right skills and talent to fit their workforce, despite persistent unemployment numbers," said Yon-Loon Chen, senior manager, Deloitte Consulting, LLP and co-author of the report. "This leads to increased competition for the fewer highly-skilled employees; so it's no wonder that the focus comes down to enticing talent away from the competition and keeping the talent you have. And you accomplish all this through your Total Rewards program."
Global generational considerations: Varied rewards focus
While the workforce populations in the U.S. and most of Europe are aging, India and Brazil are experiencing a high influx of young employees. The report indicates that 60 percent of employers somewhat agree or strongly agree that their organization's leadership team understands the total rewards perspectives and values of the different generations in their workforce, but only 37 percent of employers globally would consider a menu-driven reward mix that allows employees from different generations to build a total rewards package to fit their particular needs.
"Organizations have come to face the reality that their workforces are intergenerational and what may work for one generation in the Total Rewards program doesn't necessarily work for the others," added Chen. "It will be imperative for organizations to have a flexible Total Rewards program that will support all its employees as they progress through their careers."
2015 is just around the corner. Are you ready?
Originally posted April 30, 2014 by Dorothy Summers on https://ebn.benefitnews.com
Most of the political discussion surrounding the Affordable Care Act involves whether the law will be further delayed and/or repealed. While the government continues its in-fighting, the Obama Administration has pushed forward. In fact, in the first quarter of 2014, the government issued two significant pieces of final guidance related to implementing the major requirements of the law.
Employer mandate final regulations
The first piece of guidance was the employer mandate final regulations. These “play or pay” rules provide some clarity as well as a deadline for compliance. For large employers—businesses with 100 or more full-time and full-time equivalent employees—the deadline is January 1, 2015, or the month in which your health plans renews in 2015. While 2015 seems far off, the reality is that it is only eight short months from now.
Employers with between 50 and 99 full-time and FTE employees have a bit more breathing room—they have until 2016 to comply. Businesses with fewer than 50 full-time and FTE employees do not need to meet the play or pay requirements.
Information reporting
The second set of final regulations from the government addressed information reporting. These regulations include two separate types of reporting: to employees and to the government. The first reports must be completed using information collected in 2015 and then distributed to employees and the government in 2016. The government will issue a Form 1095 for this reporting.
While 2016 seems well into the future, the collection of required data must begin in January 2015. The reporting will be done on a calendar year basis regardless of whether your health plan operates on the calendar year.
So, are you ready to act on the government’s final guidance? Are you certain? To determine the answer, review your current plan against this checklist:
First, count your employees to determine if you are a large employer and subject to the employer mandate in 2015. If you qualify as a large employer in 2015, take the following steps:
▪ Determine whether health coverage is offered to at least 70% of your full-time employees and their dependents.
▪ Review whether the plan being offered to at least 70% of your full-time employees and their dependents provides minimum value by using one of the three available methods: the minimum value calculator; safe harbor checklists; or actuarial certification.
▪ Confirm the information provided from the fully insured carrier on the Summary of Benefits and Coverage.
▪ Assess the affordability of your lowest-cost single health coverage under one of the IRS’ affordability safe harbors using the W-2, rate of pay, or the federal poverty line.
▪ Provide required information regarding plan coverage and participation in accordance with information return requirements, and file the report in 2016 using 2015 data.
When the government announced last summer that it was delaying the employer mandate, many employers let out a sigh of relief. They relaxed. However, now it’s time to pick up the pace again. Before you know it, 2015 and 2016 will be here and the ACA will be an everyday reality for employers.
IRS Releases 2015 Amounts for HSAs, HDHPs, and Out-Of-Pocket Limits
Source: https://www.shrm.org
The Internal Revenue Service announced higher limits for 2015 on contributions to health savings accounts (HSAs) and for out-of-pocket spending under high-deductible health plans (HDHPs) linked to them.
In Revenue Procedure 2014-30, issued April 24, 2014, the IRS provided the inflation-adjusted HSA contribution and HDHP minimum deductible and out-of-pocket limits, effective for calendar year 2015. The higher rates reflect a cost-of-living adjustment and rounding rules under Internal Revenue Code Section 223.
A comparison of the 2015 and 2014 limits is shown below:
|
2015 HSA
|
2014 HSA
|
2015 PPACA (non-grandfathered plans)
|
2014 PPACA (non-grandfathered plans)
|
|
|---|---|---|---|---|
| Out-of-pocket maximum | $6,450 single $12,900 family |
$6,350 single $12,700 family |
$6,600 single $13,200 family |
$6,350 single $12,700 family |
| Minimum deductible | $1,300 single $2.600 family |
$1,250 single $2,500 family |
None | None |
| Maximum deductible | None | None | None (this requirement has been repealed) | None (this requirement has been repealed) |
| Maximum contribution | $3,350 single $6,650 family |
$3,300 single $6,550 family |
None | None |
| Catch-up limit (age 55 or older) | $1,000 (unchanged) | $1,000 | Not applicable | Not applicable |
3 goals for work-life balance
Originally posted April 29, 2014 by Brian Tracy on https://www.lifehealthpro.com
Just as a wheel must be perfectly balanced to rotate smoothly, your life must be in balance for you to feel happy and effective. To achieve a good work-life balance, you must tend to these three types of goals:
1. Goal setting for your business and career (What do you really want?) The first category of goal includes business, career and financial goals. These are the tangible, measurable things that you want to achieve as the result of your efforts at work. These are the ‘‘whats’’ that you want to accomplish in life.
When you go about setting goals for your business and career, you must ensure that they’re tangible. You must be absolutely clear about how much you want to earn, and in what time period you want to earn it. You must be clear about how much you want to save, invest and accumulate, and when you want to acquire these assets. Remember, you can’t hit a target that you can’t see.
2. Your purpose in achieving your goals. (Why do you want to achieve your goals?) The second goal category consists of personal, family and health goals. In reality, these are the most important goals of all in determining your happiness and well-being. These are called the ‘‘why’’ goals because they are the reasons you want to achieve your business, career and financial goals. They are your true aim and purpose in life.
Many people become so involved with their careers and financial goals that they lose sight of the reasons why they wanted financial success in the first place. They get their priorities mixed up. As a result, their lives get out of balance. They start to feel stressed and become angry or frustrated. No matter how hard they work to achieve their business and financial goals, they don’t seem to enjoy any more peace, happiness or satisfaction.
What they need is to bring their goals back into the right order and realize that work and financial goals are a means to an end—which is enjoying family and relationships. They are not the ends in themselves.
3. Personal development goals. (How do you achieve your goals?) The third type of goal centers on professional growth and personal development. These are the ‘‘how’’ goals. Goal setting, learning and practicing new skills and behaviors are how you achieve the ‘‘what’’ in order to enjoy the ‘‘why.’’
By working to improve yourself, you can become the kind of person who is capable of achieving your business, career and financial goals. Your personal, family and health goals will come faster and more easily.
By working on these three types of goals simultaneously, you can maintain a healthy work-life balance while continuing to move onward and upward.
American Workers More Physically than Financially Fit
Originally posted April 22, 2014 by Lisa Barron on https://www.benefitspro.com
American employees see themselves as more physically fit (57 percent) than financially fit (28 percent), according to new research from the Principal Financial Well-Being Index: American workers.
The vast majority (84 percent), however, also believe that maintaining physical fitness is an investment in their financial future.
Still, nearly half of workers (46 percent) are stressed about their current financial situation. Fifty-one percent of Gen Y workers are stressed about finances compared to 35 percent of baby boomers. And those working with a financial advisor were less likely (33 percent) to be stressed about their financial future.
"American workers recognize the long-term financial benefits of staying healthy, but financial stress is often a constant pressure that can have a significant impact on their physical health," said Luke Vandermillen, vice president at the Principal Financial Group.
"With spring in full swing, now is a good time for Americans to apply their good fitness habits to their financial lives as well. Mark some time on the calendar for financial spring cleaning."
More than half (52 percent) say they have monitored their spending levels in the past year. Thirty-nine percent created a budget to keep finances in check, up from 28 percent two years ago.
Fifty-seven percent have an emergency fund in place, with those working with a financial profession about 1.5 times more likely to have one.
"It's encouraging to see American workers planning for unforeseen hurdles by giving themselves a financial checkup and setting aside money in an emergency fund," said Vandermillen.
"Despite a few missteps, like using the fund on monthly bills, these positive behaviors show individuals are making strides and taking personal responsibility to improve their short and long-term financial well-being."
The Principal Financial Well-Being Index: American Workers was conducted online among 1,123 employees at small and mid-sized businesses from Feb. 4-12.
Know the Secrets of Successful Employee Engagement
Originally posted April 16, 2014 by William Taylor on https://hrdailyadvisor.blr.com
The emotional commitment an employee has toward a company and its main goals is called employee engagement—employees being more focused on helping the company thrive. This emotional binder has nothing to do with financial compensation but with the personal feelings of that employee for the workplace.
Let’s not confuse engagement with happiness. Being happy at work doesn’t necessarily mean that you’re working hard to help that organization succeed.
Engaged employees initiate better business results. Research shows that organizations with engaged workers can easily reach higher profit margins of up to 6%.
Motivated employees often lead to:
- Better customer satisfaction
- Better quality of services
- Enhanced productivity
- Higher profit levels
- Increased shareholder returns
Switching from THE Company to THEIR Company
Ownership is the heart and soul of employee engagement. Your people must feel that they own the company for which they’re working. It’s paramount to treat them like partners and make them feel like CEOs (even if deep down they are employees and nothing more). Once you’ve accomplished that, allow them to make important decisions, share vital information with them, let them take part in important meetings to keep them motivated. Engagement soars when employees feel like leaders.
How do you maintain employee engagement long-term?
Engaged employees are both happy and motivated people. They feel appreciated by their bosses, they feel valued, and they’re willing to go to extreme lengths to help THEIR Company flourish. However, it’s vital for organizations to make sure the engagement is permanent. Here are some important aspects you might want to look at to make sure your people stay engaged for as long as necessary.
- Consistent expectations—whatever you do make sure your expectations are clear and consistent. Tell your employees exactly what you want from them, but make them feel comfortable and safe in your presence.
- Value their work—employees want to feel that their work is being appreciated; if you must criticize, do it, and do it constructively.
- Leave room for advancement in their career—the goal of every engaged employee is to climb up the ladder; the more some advance in their career, the harder they will work to please their superiors.
Constructive Criticism Keeps Engaged Employees Alert
Feedback is important for engaged employees who want to be sure that their actions are good enough. These people are willing to accept criticism and do everything in their power to turn an observation into a goal. Communication is equally important between managers and motivated workers. As boss, CEO, or supervisor, it’s your job to foster that motivation by asking questions and challenging their potential.
Criticism should be constructive; it should be meant to add value to a company. Engaged people are not afraid to be criticized. On the contrary, they strongly believe that the only way to nurture their potential is to give them challenges that are difficult to achieve.
A Different Type of Reward
We mentioned that employee engagement is not based on financial compensation. While that might be true, motivated employees should be given constant rewards for their hard work. Promotions, free training sessions, better working hours, and paid vacations, are just some incentives companies can offer to their committed people to make them feel esteemed. There are so many things you can offer to satisfy their needs without breaking the bank.
After working hard on a project for over a month you can take them out for a festive dinner. People love to socialize and the best way of making them feel good about themselves is to integrate them in your executive group. Appeal to their social side, have a good time, and interact with them on a human level.
The key word for successful employee engagement is RELATIONSHIP. Nothing matters more for employees than a good working relationship with their superiors and teammates. Satisfaction and engagement are deeply connected in a company. Let’s call it a marriage where two parties enter this “relationship” with extremely high hopes, best intentions, and great aspirations. In time, the relationship can become unbreakable; however, for that to happen—employees and company workers must value each other equally.
Follow this Record Retention Checklist
Originally posted April 23, 2014 by Paula Aven Gladych on https://www.benefitspro.com
Qualified retirement plans are required to report and disclose certain obligations as part of the Employee Retirement Income Security Act of 1974, but what isn’t well known is that ERISA also spells out how long a plan sponsor must retain plan documents and records that support those obligations, according to Kravitz.
Kravitz, which represents Kravitz, Inc. and Kravitz Investment Services, Inc., points out that all records that support the plan’s annual reporting and disclosure requirements should be retained. All plan-related materials and records must be kept for at least six years after the date of filing an ERISA-related return or report. Records should be preserved in a manner and format that permits ready retrieval, the company said.
It is the plan administrator’s responsibility to retain these records, even if they’ve contracted with an outside service provider to produce their Form 5500 filing, Kravitz said.
The Department of Labor also requires employers to retain records that show how much benefits have been accrued by each plan participant. Here’s it’s list:
1. Plan documents: ERISA requires that plan administrators retain the original signed and dated plan document and all original signed and dated plan amendments; a copy of the plan’s most recent IRS approval letter; and copies of Form 5500. Plan documents should be retained until the plan is terminated, Kravitz said.
2. Supporting documents: Reports that support the plan documents also should be kept, according to Kravitz, including financial reports, Trustees’ reports, journals, ledgers, certified audits, investment analyses, balance sheets, income and expense statements, corporate/partnership income-tax returns, documentation supporting the trust’s ownership of the plan’s assets, evidence of the plan’s fidelity bond, and copies of nondiscrimination and coverage test results.
3. Census and other data: Payroll records that determine participant eligibility and contributions should be retained, according to Kravitz. Records that establish hours of service data also must be kept to demonstrate the determination of allocations and vesting.
4. Communications: Employers should keep copies of all communications that are provided to participants and beneficiaries
5. Participation forms and tax reporting: Companies need to keep documents that show they have followed plan documents with participant transactions, for plan audit purposes.
6. Duration of storage: Records should be kept for at least six years after a government filing. Kravitz recommends that employers keep these records for the life of their retirement plan. The DOL does allow electronic copies of these documents as long as they meet certain specifications.
76 Percent of Workforce is Tired Most Weekdays
Originally posted April 15, 2014 on www.ifebp.org.
The Virgin Pulse Institute, an evidence-based organization that puts research to work to help employees and companies thrive, today announced the results of a study designed to better understand employees' sleep disturbances and offer actionable insight to both employers and their workforce. The research outlines why employers supporting sleep programs increase employee productivity, and how these programs help employees feel more appreciated and supported.
Leveraging an online sleep program from vielife, the Virgin Pulse Institute conducted a sleep study in November 2013 with approximately 1,140 employees, all Virgin Pulse members, from three U.S.-based companies. Researchers found that:76 percent of employees felt tired most days of the week40 percent of employees doze off during the day once per month30 percent of employees were unhappy or very unhappy with the quality or quantity of their sleep15 percent doze off during the day at least once per week to once per day.
Dr. Jennifer Turgiss, a co-author of the study and director of the Virgin Pulse Institute, said, "Showing up to work sleep deprived can be the equivalent of showing up to work intoxicated. Employees who don't sleep well have poorer concentration, poorer decision-making abilities, are significantly less able to cope with stressful situations, and are more likely to make unhealthy choices. The effects of poor sleep impair people's focus and motivation, preventing them from reaching their full potential. In attempts to encourage employees to live healthier, often employers - with the help of their health insurers or wellness vendors -focus on simply improving diet and exercise, but this approach ignores one critically important habit: sleep. With its direct link to dangerous health conditions and steep productivity losses, a well-rested workforce is critical to a company's success."
The Effect of Sleep Problems
The Centers for Disease Control and Prevention has called lack of sleep "an epidemic," linking it to motor vehicle crashes, industrial disasters and other occupational errors. Many other studies have found employees who sleep fewer than six hours per day are nearly 30 percent more likely to be overweight and have a whole host of health problems like hypertension, diabetes, depression and cancer. These people also take a tremendous cognitive hit on a daily basis - finding it difficult to concentrate at work or complete tasks, resulting in significantly lower productivity. Sleep disturbances cause fatigue-related productivity losses estimated at $1,967 per employee annually, according to a study published in the journal Sleep.
What Causes Sleep Problems?
The Virgin Pulse Institute study found four key themes keeping employees awake at night: worry/stress, mental activity, physical discomfort and environmental disruptors. Many factors within these categories kept participants awake, including:Temperature too high or too low (85.2%)Their partner (71.9%)Unwanted noise (68.6%)Light - too bright (52.8%)Mattress (40%)Young children (35.9%)Medical condition that disturbs sleep (10.2%)
Sleep deprivation was found to have impacts across four key areas: physical well-being; cognitive abilities and productivity; mood; and stress management. Lack of sleep leaves employees less focused on the job and unable to perform at their peak, and leaves them experiencing a decreased feeling of overall well-being, according to the Institute study.
Participants noted that lack of sleep impacted their energy and motivation to participate in physical activities and eat healthy foods. They experienced difficulty concentrating at work or remembering tasks, and felt more irritable at work and home. Sleeplessness also made it harder to manage stress, further impacting their difficulties sleeping. “I come in here in the morning and it's kind of hard to get motivated. I'll be yawning and carrying on and kind of drag for an hour or so before I'm really probably engaged and back doing real performance type of work I would say. So it will be easy for me to just kind of lag around, drink some coffee, walk around, talk to people, or sit at my desk and read Internet news rather than actually work," said one participant."[I would] blow up at the wrong thing or you blow up at the wrong kid or something. And you just go, oh, man. I should have been able to handle that one," said another participant. “And the other thing that I noticed when I go through the period where I have more lack of sleep, I feel more scatterbrained, like I have all of these things to do. And normally, I'm very organized and prioritize and will at least write a list, and everything goes out the window and I start forgetting to do things or bring this in the morning or things like that. And that really bothers me. I hate it when I drop a ball because I forgot something," said another participant. “I think there is a slow-down, in terms of getting tasks done, just because, again, your attention span isn't fully there. You might not be as with it," said another participant. “I probably have got a shorter fuse, a little grumpier," said a participant.
"Our study made one thing clear: lack of sleep is crippling America's workforce. Employers can't turn a blind eye. Whether they offer an online sleep program, encourage employees to use vacation days, or provide other tools, employers must address sleep issues in order to create a thriving workforce and business," said Turgiss. "Not only will employees be more rested, but they'll feel more supported by their employers, helping them perform better and become better able to engage in work and in life."
Most newly insured Americans covered by employers, study finds
Originally posted April 8, 2014 on www.modernhealthcare.com by Virgil Dickson.
More than 9 million Americans obtained health insurance between September and mid-March, but most did so through employer-sponsored plans rather than through HealthCare.gov or the state exchanges, a survey by the RAND American Life Panel found.
Only 1.4 million of the 3.9 million individuals who enrolled in Patient Protection and Affordable Care Act-related exchange plans through mid-March were previously uninsured, researchers found. The survey concluded before the final enrollment surge that pushed overall marketplace enrollment past 7 million, RAND noted.
Of the 40.7 million estimated uninsured Americans in 2013, 14.5 million gained coverage, but 5.2 million of the insured lost coverage, for a net coverage gain of approximately 9.3 million. That means the share of the population that was uninsured fell from 20.5% to 15.8%, according to RAND.
Less than 1 million citizens who previously had individual market coverage became uninsured, researchers found. RAND was unable to deduce if those people lost their insurance due to cancellation, or because coverage costs were too high. People in this category represented less than 1% of those between the ages of 18 and 64.
Overall, the ACA did not change health coverage choices for most insured Americans, as 80% of those surveyed still had the same type of coverage in March 2014 as in September 2013, according to RAND.
The RAND figures comprised not only signups under the new ACA-established marketplaces, but also new enrollments in employer coverage and Medicaid. Results were extrapolated from a survey of 2,425 adults between the ages of 18 and 64, who responded to the RAND survey in both March 2014 and September 2013.
Workforce aging as boomers stay on the job
Originally posted April 16, 2014 on www.benefitspro.com by Dan Cook.
There's certainly no shortage of advice on managing millennials in the workforce. But when it comes to sheer numbers, baby boomers remain the dominant generation, thanks in large part to that generation's working women.
The Employee Benefit Research Institute has further quantified boomers’ role in the workforce by crunching data found in the U.S. Census Bureau’s Current Population Survey. EBRI's report, “Labor-force Participation Rates of the Population Ages 55 and Older, 2013,” reveals that more than 40 percent of today’s workers are age 55 or older. Additionally, participation has been increasing among the oldest age groups — those 60-64 and 65 and older.
The study found that the participation by those 55 and older steadily fell from 1975 to 1993, bottoming out at 29.4 percent. Then, the trend reversed. The current peak participation by this age group occurred in 2012, when 40.5 percent of all workers were 55 or older. That percent dropped to 40.3 percent last year.
Working older women account for much of the trend.
”The increase in labor-force participation for the age groups below age 65 was primarily driven by the increases in female labor-force participation rates, as the male labor-force participation rates of those ages 55–59 and 60–64 were lower in 2013 than they were in 1975,” the study said. “In contrast, female labor-force participation rates for those ages 55–59 and 60–64 increased sharply from 1975–2013, despite some leveling off in 2010–2013.”
EBRI said women ages 55 to 64 comprised 47.9 percent of that age group in 1975. By 2013, they made up 67.2 percent of workers in the category. Other older worker subgroups showed the same trend, with the number of women increasing vs. men.
When viewed strictly by age rather than gender, the participation of younger workers declined between 1997 and 2012 as that of their elders increased.
“In 1997, workers ages 25–54 accounted for 83.9 percent of all workers ages 25 or older, while those ages 55-64 accounted for 12 percent, and those ages 65 or older, 4.1 percent. By 2012, those ages 55-64 represented 19.2 percent, and those 65 or older 7 percent, while the percentage of workers 25 or older represented by those ages 25-54 had fallen to 73.8 percent,” EBRI reported.
“The upward trend in labor-force participation by older workers is likely related to workers’ current need for continued access to employment-based health insurance and for more years of earnings to accumulate savings in defined contribution (401(k)-type) plans and/or to pay down debt,” said Craig Copeland, senior research associate at EBRI and author of the report. “Many Americans also want to work longer, especially those with more education for whom more meaningful jobs are available that can be performed into older ages.”
There may be a downside to this trend, Copeland noted.
“The data raise a basic question: Are older workers filling the void or displacing opportunities for younger workers?” Copeland said. “The fact is, older workers are more plentiful in the labor force today, whether a result of financial circumstances related to the lack of sufficient or adequate accumulation of resources for retirement or because of the desire to continue to remain actively engaged and productive.”