Jennifer Meacham
RedwoodAge.com
After working as an executive for California's largest electric company since 1992, Beverly Ryder dipped her toe into an encore career three years ago as a "loaned" executive to the Los Angeles public schools.
In doing so, she joined 8.4 million boomers and seniors already in second careers. And a new study claims half the people between the ages of 50 and 70 plan to join them.
That’s the finding of a ground-breaking Encore Career survey, which was conducted by Civic Ventures. It’s the first survey to estimate the number of people engaged in encore careers.
The results complement a prediction last December by the Bureau of Labor Statistic that “the number of workers 55 and older to grow by 46.7 percent in the next eight years." That means the number of workers over 55 is growing at five times the rate of the overall labor force.
“There’s an opportunity that lies ahead as millions of boomers approach retirement, and look for work to do in the second half of their life,” says Sibyl Jacobson, president and CEO of MetLife Foundation, which funded the study. “This research today is breaking new ground. It shows that, for many, it’s already a reality.”
For Ryder, who now serves as interim executive director of the school district’s Office of Parent and Civic Engagement, “retiring from one career and beginning a new adventure has been an insightful and thoughtful learning experience for me.
“It has validated my need to give back, and the work and all the learning have energized me,” she said.
That’s true for most encore workers, according to the survey. Of those not already in encore careers, half said they are interested in moving into jobs in such fields as education, healthcare, government and the nonprofit sector.
Nearly all of those in encore careers say it is “definitely true” (54 percent) or “somewhat true” (40 percent) that they have seen the positive results of their work and know they are making a difference. Many also noted a desire to work as advocates for issues they care about (36 percent), work with children and youth (32 percent), teach at any level (31 percent), and work to preserve the environment (31 percent).
“This move from what was shorter work spans [into a second career with meaning] is significant,” says Marc Freedman, CEO of Civic Ventures and author of Encore: Finding Work That Matters in the Second Half of Life. When boomers first started returning to work “retail swooped in and snapped up large sectors of them,” Freedman said.
“This survey shows that the group that is interested in another direction is sizable,” he said. “Ten times as many people than are already in encore careers want to be there, and that’s a challenge for this country.”
The study, conducted from Feb. 23 to March 5 by Peter D. Hart Research Associates, culls results from a telephone poll of 1,063 adults ages 43 to 70, plus an Internet poll of 1,008 people currently in encore careers and 1,014 people interested in encore careers.
Filling Gaps
The good news is that, indeed, the majority of those surveyed are interested in
career areas where profound labor shortages already exist. Though 60 percent of
those interested in encore careers cite ageism as a serious concern, most
already in encore careers say they had little trouble finding their current
jobs.
And don’t expect them to slow down anytime soon. The survey found that 59 percent of respondents are working 40 hours a week or more in their encore careers.
“Despite the hours, most say that their work gives them the flexibility they need to attend to the other things that are important to them,” the study said. “…The people who tend to seek out meaningful work in the second half of life aren’t looking to slow down but to accelerate, to rededicate themselves to something they believe in, so long as they receive some additional flexibility.”
Indeed, the key factors for boomer job seekers are the same factors much of the younger workforce looks for: job flexibility, health benefits, steady income and on-the-job education.
While 80 percent of those interested in encore careers are concerned about being able to take time off when needed, only 27 percent of those in encore careers say this as a problem. While 71 percent of those interested in encore careers are concerned they might not have time to do things like take care of family members, only 15 percent of those in encore careers cite this as a problem.
Fifty-six percent of those interested in encore careers worry that they will not earn enough income or maintain needed benefits, but 76 percent of those already in encore careers say they’re getting both the pay and benefits that make them happy.
“The vast majority indicate they have the income, benefits, and flexibility they say they need,” said Freedman. “That’s encouraging news for those who are considering making the jump.”
Proposed Changes
Meanwhile, two pieces of legislation now in the works could
alleviate some concerns. The Lifelong Learning Accounts Act of 2008, introduced
in the House by Rahm Emanuel (D-Illinois) and Jim Ramstad
(R-Minnesota), would give tax credits and other incentives to workers and
employers who save for encore-career training and education.
The Incentives for Older Workers Act, introduced in the Senate by Herbert Kohl (D-Wisconsin) and Gordon Smith (R-Oregon), would extend the Social Security bonus for recipients who postpone claiming their benefits beyond the normal retirement age. The change could mean bigger monthly checks later in life for those who choose to keep working longer.
In all, it’s the contribution back to society that defines this crop of return-to-workers. Eighty-four percent of those in encore careers get a “tremendous” or “quite a bit of” satisfaction from their new careers, and a whopping 94 percent say they’re not only seeing the positive results of their work but know they’re making a difference.
“Education is the civil-rights movement of the 21st century,” said Ryder. “We simply cannot afford to leave as many kids behind as we have. And our hospitals, food banks, shelters, and nonprofits are equally in need of experienced boomers eager to help improve kids’ lives…
“I want to be part of this new movement of new school leaders,” Ryder said. “It’s an honor, a privilege and a responsibility. And it’s most certainly a worthy encore.”
