Why You May Not Be Retiring

Don’t order that gold watch just yet!  You can also postpone the cruise you were planning, keep the hammock packed up and tell your boss to delay your “surprise” retirement party for about five years. That’s the result of the “SunAmerica Retirement Re-Set™ Study” released last week. In this nationwide survey of pre-retirees and retirees age 55+ the concept of retirement has changed significantly and I don’t think we should be surprised.

The bottom-line is 54% of the respondents in the 2011 survey viewed retirement as a new chapter for opportunities in their lives. In 2001 only 31% held that view. Retirement a decade ago was looked at as a time to “wind down.” In addition to the financial aspects, 2/3 of those surveyed wanted to remain productive, active and connected with some type of “job” as the primary means to accomplish those goals. Lastly, pre-retirees planned to delay retirement until age sixty-nine.

Unexpected health problems and job losses forced many of the current retirees surveyed to leave work earlier than planned. In the current survey, SunAmerica renamed their four profiles of retirees: Ageless Explorers-Cautiously Contents-Live for Todays and Worried Strugglers. Use this link to access the study and see which category fits you.

http://retirementreset.com/wp-content/uploads/2011/07/M5124RPT_07111.pdf

While SunAmerica is interested primarily in the financial aspects of retirement, there are other considerations as well. Where will this new generation of “never say retire” workers find a job? The brain drain of Baby Boomers was supposed to be a risk for employers, but they seem all too eager to replace 47-65 year old Boomers with GenX, Gen Y and Millenials. The prestigious company names where Baby Boomers built their careers and resumes are handing out severance packages (for the lucky ones) like Halloween candy. Many large corporations replace the intellectual capital and maturity experienced workers offer. Privately, HR professionals and workforce planners offer a host of reasons from perceived employee benefit costs to tension between Boomers and workers of later generations as reasons mature workers are offered “a package”. I’ve also talked to younger managers who say they don’t feel comfortable with older workers reporting to them. Their reasons varied.

So if you feel good and want to earn money by working longer; it is important to find companies, industries and managers that embrace experienced workers. Despite lists that profess to have found the “Top Companies for Baby Boomers” or “Best Companies for Senior Employees” these have to be reviewed critically like any other “Best” list. Department to department and manager to manager, companies change. The list ranks the overall policies and hiring practices. A new term, “Encore Career” combines mature workers, earning a paycheck, doing work that is meaningful to them with flexible hours. Some sectors to consider for your “Encore Career” are health care, membership organizations/associations, nonprofits, educational services companies, companies that provide services to older people and smaller companies. Perhaps a lower level role within a large global corporation is a possibility if it is in the same industry as your primary career (the hiring manager may have to challenge HR to bring you in). Some state and local governments still have opportunities and there’s always the possibility to experience entrepreneurship. The opportunities are as varied as franchisee, independent consultant, proven multi-level marketing organizations to opening an independent business. Go For It! Take Your Encore!

Jobless Rate Climbs For Older Workers

Jobless Rate Climbs For Older Workers

Is It Illegal for the Boss to Play Favorites?

This week I had an interesting e-mail about bosses that play “favorites” with their employees. I’m not qualified to give you legal advice and what is shared in this forum is personal observation and opinion. With that said, when managers create a two-tiered work environment where some employees perceive they are not being treated fairly, it is bad for the department’s morale and dangerous for the company if the supervisor steps over the line into behavior that is illegal. At a high level it is not illegal for the boss to have favorites, even though it creates an unpleasant work environment.

In April 2011, there was an appealed case where the 10^th Circuit Court upheld a ruling that favoritism by a hiring manager was not illegal (Villalpando v. Salazar). In this case, the issue was about a promotion. When the employee didn’t get the job, he sued under Title VII claiming discrimination due to race & national origin. The court agreed there was evidence of a poor working relationship between the manager and the plaintiff and confirmed the plaintiff’s evidence of favoritism toward the candidate selected. Prior to the promotional opportunity opening, the person selected for the position was given additional training and supervisory experiences to overcome weaknesses in his credentials and work history. The plaintiff scored higher on tests for the promotion, but had lower written evaluations by his manager. The lower court found that three other more qualified candidates were also passed over that did not have a claim of race/national origin. The plaintiff appealed. On appeal, the situation was deemed unfair, but not illegal.

There are laws against age discrimination (ADEA) protecting workers 40+ as well as a host of other federal employment laws and acts protecting employees against a wide range of inequality. This case illustrates that the law can only protect you to a certain extent in the workplace. There are many types of unfairness that are legal. It is stressful to work in a situation where you find yourself outside of the “inner circle.” Most people who spend a long time in the workforce experience this and just because it is sandbox mentality it can happen at any age, not just for those 40+. There are several alternatives if you experience an unfair boss and talking with them doesn't work: (1) wait them out—if you were there first, the manager may be on a fast track and working in your area is just one stamp they need on their passport to a job far beyond their capabilities. (Remember the Peter Principle)? (2) transfer to another department—the boss may offer to help you; (3) if waiting them out or working it out does not seem to be an option and you can retire—consider it; (4) get some (career) counseling to deal with the situation—many companies offer an Employee Assistance Plan (EAP) and employees don’t realize the many facets of services they offer. It’s like Las Vegas, what happens at EAP, stays at EAP; (5) if your supervisor’s behavior begins to affect your health (physically, emotionally, mentally)—get the professional help you need and consider your long-term options with a qualified member of your personal support network.

Re-Inventing Your Mid-Life Career

While you are at work, do you ever think "is this all there is?" Do you wonder if you could perform the job you have right now until you retire in 10 –15-20-25 years?

After a week off pursuing work-life balance, I was reading the July 4 issue of Fortune Magazine with the title, “Reinvent Your Career!” As I flipped through the pages of More magazine's July/August issue, their feature article was, “Give Your Career Some Oxygen.” Since Oprah left her talk show after 25 years, the media has focused a lot on mid-life career reinvention. We might not all go out and start a television network, but it is worth considering your next career moves before you have to make it.

There is almost a perfect storm of volatility in our 401(k) accounts, an economy refusing to recover and minimal job creation. What does that grim picture mean to you and me? It means we may be working a little longer than planned. And the jobs we have today— there’s no guarantee they will be there tomorrow. There’s no guarantee the company will be there tomorrow! Remember: TWA? MCI? Sharper Image? Circuit City? Gottschalks? Mervyns? Pontiac? or Wickes Furniture? Who could have thought Montgomery Wards, ATA Airlines or Enron would not exist today?

Here 5 quick thoughts that can help you generate some ideas about how to re-invent your own career if you choose to or if you are forced to:

(1) What is it about my job that I love? Is it a transferable skill another company or industry will value?

 (2) If my job ended today-who are the 10 people I would or could contact immediately to get the word out on my behalf? When was the last time I connected with them? Collaborate. Communicate. Share. Network.

(3) What is my hobby or past time I enjoy and is there a way to “monetize” it while I am still working? Monetize= my new favorite word, it means “generate income from it”

(4) Is there a new skill I can learn or improve on during my current job that will make me more marketable in the future? Marketable to your current company or to other businesses or industries?   (preferably eligible for tuition reimbursement).

(5) What are the companies hiring people in their late 40s? 50s? 60s? What types of jobs do they have available for people in these age ranges? Could you work for a smaller company?

So we need to keep this idea of Reinvention in our minds. I know so many of you have done it, and I hope you will share your stories in the comments section. Don’t be shy—you can do it anonymously.

How Old is Too Old to Work?

Recently I watched the PBS Special Documentary, "Over 90 & Loving It" and one thing became clear. The people in their 9th decade of life were active and many of them were continuing to work. My Mom is 73  and consults in the health information management field. She is even going back to school to take a course to become a certified trainer for electronic health record implementation!! One of the family practitioners I call on is celebrating his 81st birthday this year. Would you see a physician in his or her 80s?

I became fascinated with the prospect of how old is too old? Certainly, we don’t find many 90-year-olds working in Corporate America. However, there are family-owned and smaller firms that will allow people to work as long as they are productive.

• What are your thoughts on the subject?
• Are there benefits or downsides for the co-workers? The company?
• How old is the oldest worker in your organization and what is their role?

Here’s the link to the PBS special. http://www.over90film.com/

Summer is the Perfect Time to Set Career Goals

Today is the first day of summer. Soggy spring days give way to burst of colors as flowers bloom, outdoor holidays are celebrated and vacation time begins. It is also an excellent time to set career goals. Why? New Year’s resolutions have faded and generally the hot summer sun will provide energy to see your goals turn into action.

Try these steps to begin formulating career goals and action steps to achieve them. Use the S.M.A.R.T. system to set your goals.

S- specific. As you create your goal insure it answers questions like How much? What kind? Who am I partnering with?

M-measurable. Phrase your goal in a quantifiable way. By next month? In September 2011. Before the end of June.

A- actionable. Your goal has to be something within “your” sphere of control. There should be an action you can take.

R- realistic. You want to aim high and at the same time insure the goal is reasonable within the time, talent and opportunity you have. Avoid setting yourself up for failure by insuring your goal is realistic.

T-timely. Create a deadline and stick to it.

Two examples:

“I will contact 3 university admission programs before the end of June to learn more about their MBA programs.”

“ I will contact 3 people this week to set up networking meetings in the next 30 days to discuss my business idea.”

So while the weather's hot take advantage of the time to relax, cool off & think about where you are headed career-wise in the next 3-5-10 years. What do you want to achieve in the job you have today and in the future. Write it down in a positive statement and use the S.M.A.R.T. guidelines to make it happen. Happy Summer!!

Mentors vs. Sponsors

These two concepts are often confusing and both are important at all stages of our careers. Most people are familiar with mentors and larger corporation even offer formal mentoring programs. By the time you are 40+ often, you become the mentor. Mentors provide advice and guidance to navigate the corporate culture.

Sponsors are senior executives that have the power to advance their proteges. Sponsors are advocates in a way that mentors often cannot provide for their mentees. Sponsors have the high profile task forces & teams and include their proteges. They can also network with other senior executives on your behalf and remove obstacles and barriers to assignments and opportunities.

When the sponsor/mentor are a male and female employee, sometimes people begin to talk about whether there is more than a business relationship. In a small number of cases it may be true---more often, the protege has been identified as a "high potential employee" and the senior manager has formally or informally become their internal champion.

You are never too old to have a mentor or a sponsor. Even if your human resources department dictates these types of programs for new managers or people new to the organization; you can always approach senior managers you have contact with and ask for their mentorship or advice. It helps if there is personal chemistry and if they know you or your work. (read the post on volunteering from last week--maybe your organization senior leaders volunteer somewhere that is of interest to you).

All this sponsorship and mentoring comes with a few ground rules. You want to insure your direct supervisor is on board (or at least not undermining) the mentor or sponsor relationship. It helps if the company has a program supported by the highest levels of senior management and you are not out with a renegade executive acting alone--that may backfire. These senior executives and middle management mentors are busy people, so ask them how they prefer to interact with you--lunch, tests, phone calls, 7 a.m. coffee? How often is convenient--- once a month? every 6 weeks?

Education. Work experience. Leadership programs. It is not enough. Sometimes it takes being noticed by someone that can help you step through the minefield on the road to upper management. Strive to stay relevant, visible and connected at your company---build alliances with potential mentors and sponsors.