Stay Ahead of the Boom! Create Your Best Life.” A few weeks ago I participated in a conference with that title. The sponsors were the University of Wisconsin-Milwaukee and Interfaith, an organization with focus on older adult programs.
That Saturday morning, I had no idea what to expect. Would 20 or so people straggle in? Would they all be retired? Those questions were answered as soon as the doors opened and a couple hundred people streamed in. The majority of people attending were in their 50s. They were all intent on taking from the conference some knowledge, some resources, some help as they looked ahead to the next chapter of their lives.
When I began training for certification as a retirement coach, I learned a great deal about the swarm of baby boomers – 78 million of them – who would soon be approaching retirement age. During those months I talked a lot about the impact of an aging society, but felt like a lone voice and got a lot of blank stares. That was a little over a year ago.
Now, as you know, awareness has exploded. You can’t escape hearing about the soon to be shrinking workforce – concerns are expressed all over the media. Financial advisors are marketing to the boomers big time. In the United States alone there are a few thousand coaches like me who have developed a practice by helping people plan for the lifestyle they want during the third act of their lives. Childhood is the first act, then work, then what? It certainly isn’t sitting in a rocker on the porch.
With life expectancy increasing three months a year, boomers anticipate a probable life span of 95 to 100 years. Insurance companies have changed their tables to reach age 120. I haven’t coached anyone who wants to sit idly for the next 30 or 40 years and watch the world pass by.
In fact, more than 75 percent want to continue to work in some fashion. Many report that they expect to pull dreams off the shelf, dreams that were nearly forgotten during the years they were raising kids and meeting steep mortgage payments. In one of the many new books on retirement, “Leap!” by Sara Davidson, boomers tell stories of creating interesting new business or philanthropic endeavors. Most of their stories involve taking that “leap” or a big stretch to jump into the life they always wanted. Inspiring indeed.
Business owners are beginning to pay attention. There will be over a 50 percent growth in American’s workforce in the 55 to 64 age group during this decade. In the next younger group, age 45 to 54, there is only a 20 percent growth rate expected. Then it gets worse, with a negative growth rate expected during this decade for workers ages 35 to 44.
Soon half of the adult population will be made up of boomers. By 2015, the number of people under the age of 55 in Wisconsin, will fall to 3 million. These statistics are part of the data compiled by the Spherion Emerging Workforce Study. Spherion is an international staffing company with a mission to meet the evolving needs of business organizations and employment candidates. You might want to seek out the study online; it’s packed with helpful—and sometimes astounding information.
Most studies describe employees as “older” if they’re over 50. There can be some good arguments made about that term. To me, the fifty-year-olds look more young and vital every year. Nevertheless, if companies want to meet the challenges imbedded in the demographics – and they better – there are constructive steps to take.
Listening to the boomers is the first one. The attendance and demeanor of those attending the conference was impressive. I’ve interviewed quite a few people myself, who in the prime of their work life have the good sense to look ahead. Many would like to continue working right where they are, if a few conditions were met. Retirement age is declining, and many people want phased retirement starting before Medicare age, with continued health care coverage. They want flexibility in when and where they work. Often they tell me they want to stay in the same organization, but in a new capacity – a change from what they’ve been doing and one that may entail re-training. They want to feel connected and relevant and want to contribute in a meaningful way.
So what can you do as a business owner? For a start, demonstrate your awareness of their concerns by offering retirement education. Bring career assistance up to date. Work with individuals to explore possibilities within your organization. Keep the conversations open and ongoing. Think about re-structuring your present retirement policies to fit the new definitions of retirement. Look in the mirror. Do you look like someone who is or will be a role model for redefining retirement?
You can avert a crisis in your organization if you take action now. You can strengthen loyalty to your company. You can improve profitability by retaining key talent. Knowledge can be transferred between generations. By meeting the needs of a maturing workforce you will help everyone in the organization.
Carleen MacKay was the luncheon speaker at the Stay Ahead of the Boom conference. She claimed to be the oldest person in the room and probably was. The rest of us sat rapt, admiring her vitality, sparkle, humor and guts. Carleen grew a new business after her “first retirement” and with Brad Taft has published a book. The title is “Boom or Bust! New Career Strategies in a New America.” Recommended reading for our time.
