Cecily O'Connor
RedwoodAge.com
Baby boomer executives are proving it’s never too late to
chart a new professional course.
Nearly six in 10 recruiters said they have seen a jump in
the number of executives who are “re-careering” when faced with the prospect
of impending retirement, according to a quarterly survey of more than 270 Korn/Ferry
International recruiters.
Many older professionals are “re-careering” to stave
off boredom in retirement, feel productive, find a new intellectual challenge,
pad insufficient retirement savings or satisfy a need for personal interaction
with others, Korn/Ferry recruiters said. About 80 percent of recruiters said
executives are pursuing consulting projects; 66 percent are starting a business;
56 percent are working as freelance employees; and 49 percent are filling
temporary assignments, according to Korn/Ferry.
“A lot of these folks are looking at (changing careers)
from the standpoint of ‘I’ve done it long enough, and it’s time to move
on,’” said Dean Tracy, a career coach and co-founder
the Job Connections Outreach Program,
a professional networking group in Danville, Calif.
Demand for re-careering individuals is broad based, said
Michael Distefano, vice president of marketing and communications at Korn/Ferry.
However, with more baby boomers nearing retirement, and fewer qualified
candidates to fill their positions, concerns
about talent shortages are rampant.
One industry that could benefit significantly from the
trend toward “re-careering” is healthcare, Mr. Distefano said. For example,
the Department of Labor expects more than 3 million new healthcare jobs will be
created by 2014, due in part, to increasing needs of an aging population.
No matter the industry, consulting is appealing to boomers
because of the flexible work schedule it permits. Employers also win because
hiring a boomer to work as a consultant offers several advantages, including a
“voice of experience,” and money saved by employing the individual on an
as-needed basis, rather than full time, Mr. Distefano said.
Boomers considering second careers also view positions in
teaching, customer service, retail sales, accounting, craftsman, travel and
leisure, and real estate as attractive, according to a recent Merrill Lynch
survey.
Rod Ford-Smith, a 59-year-old sales executive from
Lafayette, Calif. is weighing his career options, which include buying a
first-aid equipment franchise, among other ventures. The long-time sales
executive who’s been out of work for two months, said he missed several years
of retirement savings while putting his two children through college.
“I’m in great health, and I think I can go strong until
70,” Mr. Ford-Smith said. “I enjoy work.
However, it’s important to note that career-switching
does require flexibility on the part of the worker because new assignments could
involve a drop in pay, title and responsibilities
Stuart Satow, an executive recruiter with CPS Executive
Search in Sacramento, which focuses on public sector employment, said he’s
noticed willingness among his boomer clients to take a pay cut because
oftentimes they’re able to participate in a retirement savings plan in their
new job while drawing down income from their previous employer-sponsored pension
Still, individuals who are changing jobs need to be OK with
the idea of being a rookie and proving themselves all over again, potentially to
a younger boss, Mr. Distefano said.
“Re-careering may not be the right decision for someone who’s worried about their finances,” he said. “Some types of re-careering either require an investment of resources or are not significant sources of income.”
