Scott laid out the economic case for a new model of work for a longer life.  He shared that along with extended life and health comes more productive hours for everyone – hours that could be deployed in the world of work.  And he shows how we are already seeing shifts in the labor force across the globe with older people working longer. 

He points to the three-stage model of life, which entails getting an education, having a career, and then retiring, as becoming outdated.  The new multi-stage life is emerging where lifelong learning becomes mainstream and employment might include working for multiple companies interspersed with stints of self-employment and sabbaticals at different turning points in life.  The linear path of the past will become a jungle gym with lateral shifts.

Both concurred with the changes occurring in the labor force pointing to fewer younger people due to declining birth rates and increasing interest in longer work lives for older adults.   With the support of top management, Unilever rolled out three new programs with an emphasis on the mature worker – U-Work, U-Renew and U-Train.  Each program had a unique focus allowing more flexibility in work arrangements and assignments along with opportunities to update skills.  Unilever’s vision entails creating broadening access to talent rather than the current model of predominately owning talent.  This shift would likely create a smaller core employee base with a larger group of workers who are more project oriented.

Sonsino and Belelieu showcased the global picture for financial needs in retirement vs retirement savings – that is defining the retirement savings gap.  There is a frightening difference with the US projections showing the average retiree will deplete his savings with 9.6 years of life left.  Even more stunning is Japan which shows that the average retiree will have 17.5 years of life left after depleting his savings.

Mercer and the WEF point to the findings which yield a call to action for four stakeholder groups including government and policymakers, employers, employer’s providers of goods and services, and individuals.  Flexible retirement programs were highlighted as an opportunity for each stakeholder group with an exploration of how that might impact working practices, rewards and benefits.  Technology is also seen playing a role in helping to scale potential changes.