Where Did My Confidence Go? I Know it's Around Here Somewhere

Monday Morning Pep Talk--July 30, 2012

Sometimes in a long career, you begin to lose your confidence. It starts around the time you can't remember where you put your keys. A misstep or two may make you believe it is time to get out of the game. Your co-workers and managers are decades younger, and you begin to minimize your accomplishments and focus on your flaws.

Loss of your confidence as an employee, entrepreneur or job-seeker in your 40s, 50s, and 60+ is the beginning of a downward spiral you have to address and reverse. Losing your confidence at work feels like rejection, paranoia, and excessive worry. You may have seen this in others on the job. As a human resources consultant, I have worked with clients that have lost their confidence and lost their way (and almost lost their businesses). While coaching was never a primary line of business in my HR consultancy; loss of the leader’s confidence had a disastrous affect on the workplace (and that was my focus). Well-meaning business professionals turned into tyrants. It showed up as micromanaging, bitterness of the business owner/leader toward their staff; lack of trust in their team; poor business results and increased turnover (of the wrong employees).

If your confidence needs a boost, try these three things this week:

(1)  Watch what you say when you talk to yourself. Admit it—you do have those private internal conversations. We all do. As self-confidence wanes, our imagination runs wild. We begin to speculate instead of waiting for the facts. Every time disruptive negative thoughts enter your mind or internal conversation this week—counter it with a positive thought or affirmation. “I have done it before; I can do it again.” One of my favorites, “When you are young, you learn; when you are old, you understand.” (I am not calling you “old” think of it as wise).

(2)  Give Yourself Credit for What You have Accomplished. The 40+ crowd is a lot different from the group I call the “T-ball generation.” In the “T-ball” world everyone was a winner, they played sports where no one kept score (except parents/grandparents on the sidelines) and it developed a sense of entitled narcissism—they have now moved into management jobs-hiring 40+ workers. We, on the other hand, easily forget our successes and dwell on our failures. When faced with this dichotomy, remember the accomplishments of your past are the foundation of your future. So lighten up, already!

(3)  Get Support if Needed. Confidence at work is essential and if you need help looking for yours, don’t be shy in reaching out. Whether is it calling that positive, affirming friend, joining a job club or hiring a licensed, certified professional (psychologist, life coaches and career coaches do this type of work)—do it this week.

Reclaiming your confidence is like re-igniting a fire inside you. Confidence fuels your energy. The boost you feel will increase your effectiveness as a leader, entrepreneur or in your job search.

You’ve got 168 hours! Make it a great week.

Monday Morning Pep Talk: July 23, 2012

(The Monday Morning Pep Talk is another new occasional feature for the blog. If you are interested in providing a "Pep Talk" of less than 500 words, I'm open to guest writers. Contact me!)

KEEPING IT IN PERSPECTIVE

It is Monday morning somewhere and what lies ahead is a week of possibilities, 168 hours that can shape the rest of your life. The intent of our first pep talk together is to motivate you to keep the week in perspective (especially the challenges, obstacles and delays). Initially, this inaugural installment was about setting goals. Then, Friday there was the mass murder during the Batman movie premiere in Aurora, Colorado. It was a startling reminder about the importance of perspective. Who wouldn't approach the week differently if we knew it were our last?

When a tragedy happens like the incident in Colorado—it reminds us that while we are in the hustle and bustle or working, looking for work or trying to move up at work—our occupations (though incredibly important) are just one facet of our total lives.  The most recent data says the average life expectancy of a woman in the United States is 80.8 years and for men it is 75.6 years. The fatalities in Colorado are not of people who reached those ages. Whatever happens this week, keep it in perspective—how important is it in a lifespan of 75-80 years?

Whether you are working at the job of your dreams this Monday morning or just trading your time for money to pay the bills; remember it is a job—not your life. Take some time to enjoy your kids before they go back to school.  Call your friend you’ve been meaning to talk to instead of communicating by Facebook or text. Let them know you are thinking about them even if you just leave a message on voicemail. Compliment someone at the store or gas station and make their day. Smile for no reason.

Maybe your Monday will be dominated by looking for a job— it could have been a while since you’ve worked or since you have earned the kind of money you’re accustomed to and this week you are searching for a career upgrade. Just because no one called you back last week-doesn’t mean the same thing will happen this week. And if no one calls you back, maybe it is time to change your tactics and your job-search strategy—join a job club, start a job club, update your LinkedIn profile and network with someone new or volunteer for something short-term to shake up your routine and meet some new people.

Ultimately, we are the authors of the story on how we spent our 168 hours. Make it a great week!

Life expectancies by countries around the world (as of 2010) :

http://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy

The Best Free Retirement Advice You Will Ever Receive

 "In the business world, the rearview mirror is always clearer than the windshield. " Warren Buffett

 After reviewing the financial literature on retirement, interviewing 60 to 80-year-olds retired from two to eighteen years and observing the national and global economic and political landscape closely; I can distill my retirement advice to you in one word: DON’T. And while, I am sharing advice you did not ask for and may not want to hear, there’s more. Remember the financial advisor who told you that once you stopped working, you would need 60-70% of your working income to live in retirement? My 70-year-olds said, “Fire that guy!” Between out-of-pocket health care cost, fluctuating gas prices and having lots of time on their hands to go places and do things; the 70+ crowd tells me their expenses are the same if not more than when they worked.

If you have a job you enjoy, stay there. If you have a job that is tolerable and you have health benefits and a safe work environment, hang in there. If you like your work, but not the people running the company---stay there too, unless it is family-owned; your senior leadership team will probably get promoted or recruited away by some other unsuspecting firm. If you hate your job, have pangs of anxiety on Sunday night thinking about the week ahead or are planning to fake your own death because you are running out of PTO; then by all means start networking, post your resume on LinkedIn and look for a new job.

The Case for Staying Put

The Bureau of Labor Statistics (BLS) numbers for June 2012 were released last week and fewer workers 55+ were unemployed (6.2%). The summary from BLS says, “Recent history has shown greater employment stability as age increases.” Don’t believe that for a minute! The truth is—those workers 55+ gave up looking for a job because no one would hire them. Remember the unemployment numbers count people actively in job-search mode and receiving unemployment compensation from their state. I know people 55+ that piece together a living working 2-3 part-time jobs unable to afford benefits at any of them. They are not technically unemployed and not reflected in the BLS data. What happened to the 55+ workers not in the labor force?  Some participate in the “underground economy” working for cash, others start their own business, and some are supported by their families until they reach age 62 and begin collecting a reduced social security benefit while others tap into their 401(k) accounts incurring early-withdrawal penalties if they are not 59.5 years old. In February 2010 nearly half (49.1%) of the 55+ workers were unemployed over 27 weeks. Now, it takes over a year for workers age 55+ to find a new job (approximately 56 weeks).

So you are younger than 55 reading this and thinking, this does not apply to me. Think Again! Are you 45-54? 6.3% of your age group was unemployed in June 2012. The BIGGEST LOSER of my readers? The 35-44 year old suffered 7% unemployment. It may be partly due to the Age Discrimination in Employment Act (ADEA) defining workers  40+ as a protected class---so in job actions (i.e. downsizing, lay-offs, reorganizations, and reductions in force) an adverse impact analysis is performed by the company or their third party consultant to minimize legal action. The 35-39 year olds are not protected and it may skew the 7% number.

Take a look at these newly released numbers from the Federal Reserve: From 2007 to 2010, the wealth of the average American family plunged by 40 percent, taking it down to the levels of the early 1990s. That's not just for 40+ people-that impacts everyone!

Here’s my point: The employment situation is similar to a game of musical chairs right now. If the music stops, you want to have a chair (job) and if you are left standing and you are older---your time on the sidelines becomes a lot longer.  AND, when you do get back into the game; it may be in a part-time job; 1099-contractor employment situation or as a temporary worker. Most experienced workers at 40+  find their salary drastically reduced after a period of unemployment. BLS economists call it underemployment.

I have a friend that just started a fabulous new job at age 60-great salary, company car and all the perks. That is the exception, not the rule. She networked and found an organization that valued experienced workers. Even then, it was an ongoing process. My friend met the guy who recommended her for the job several years ago and when this position became available recently; he thought of her first.

What is an experienced worker to do? Let me know your thoughts in the comment section below. You may comment anonymously, if you prefer. And remember to "follow" the blog and receive automatic notification when there's a new post. Follow me on Twitter: @workingover40. I'll follow you too.

Buying A Franchise: Is it Right For You?

This post is the first in an occasional series, “What Are U Doing After Work?” that explores options for reinventing yourself and beginning second and third careers when your “legacy career” ends.

I was just reading about all of the professional athletes moving into franchising. Former NBA player, Jamal Mashburn along with a group of investors that includes Rick Pitino, his former UK coach, operates 37 Papa John’s, 34 Outback Steakhouses, 3 Dunkin’ Donuts and the largest Toyota dealership in Kentucky. Venus Williams and her business partners are opening five Jamba Juice stores in the D.C. area. NFL star, Reggie Bush and a group of athletes have franchised Panera Bread stores throughout Coastal California.

If it is right for all of the sport stars, could franchising be the answer for the former stars of corporate America? I decided to interview an expert. Jim Gleason, General Manager, FranNet of Mid-America, a franchise business consulting company. Jim shares his perspective on franchising.

Even though the economy remains uncertain, Jim says over the last several years interest in franchising has increased. In his role, Jim’s company acts as a matchmaker between the potential franchisee and the over 100 franchises his company represents. “We have a one-to-two hour interview with the person and try to understand their goals,” says Gleason. FranNet offers an assessment that includes the person’s psychological aspects, how much money they have to invest and their skills sets to help find the franchise each person will have the best chance of success in operating. The process is free to the potential franchisee because FranNet is paid by the franchisor that is happy to have a high quality candidate with a higher potential of success.

Jim says a common misconception people have is that “franchising is either food or retail.”  There are many types of franchises including lodging, home services, Business-to-Business, Children’s Related, “Green” Energy Related, Senior/Home Care and Health and Fitness among others. According to Entrepreneur Magazine there are over 3,000 franchise opportunities in the U.S. and Canada. Gleason says, “People can make a good income in a franchise that is outside of food or retail.”

A second misconception Gleason cautions prospective franchisees about is the hard work that comes with operating a franchise. He says, “You still have to realize this is a start-up business and just because there is a system in place, it is not plug and play.” He advises potential franchise business owners that there are long hours and ‘sweat equity’ that have to be invested to be successful.

What are some of the knowledge, skills and attributes of successful franchise owner/operators?  Gleason says, “You have to be willing to follow someone else’s system and you have to be self-motivated.” Other than that, Gleason advises that leadership skills, customer service skills and having the legal, moral and ethical mindset of becoming a business owner are important.

After you leave your corporate job will you become the next Junior Bridgewater? After his twelve-year career with the Milwaukee Bucks he now has annual revenues of more the $500 million owning 162 Wendy’s units and 121 Chili’s restaurants. Even if your goals are more modest—remember these three tips, (1) always read (and understand) the company’s legal documents; (2) consult with an attorney and an accountant; (3) talk with current and former franchisees. I also recommend reading, Become a Franchise Owner by Joel Libava (aka The Franchise King) 2012.

Jim Gleason also recommends this link:

http://jimamosblog.com/featured/frannet-survey-shows-why-franchises-outperform-other-small-business-owners/

What Are U Doing After Work?

The Blog Has a Birthday!

Last week the blog celebrated its first birthday. Since then, thanks to you, the response has been phenomenal and I share that with humility and gratitude. There is a part of me that wishes our community did not have to exist and those workers in their 40s, 50s, and 60s and yes, 70s enjoyed the respect, pay, opportunities and flexibility to thrive in their careers as they aged in the workforce. Over 5,000 page views in less than a year from all around the world and your comments to me on the blog, privately on LinkedIn, Facebook and my email reminds me of why I began this endeavor last June. Since then, I have met success stories, true heroes-- people like “retiree” Earle Hart, in my home state—Indiana-- who through his volunteer efforts at his church has put over 300 people back to full-time work!! Their ministry, Passport to Employment, is an incredible story that has engaged people in the community and prepared them for a 21^st century employment search, but more than that—their program gives job-seekers hope. At the grassroots level, Earle and his cadre of volunteers perform their tasks from the heart in a way no government agency or non-profit with a grant could replicate. Earle and the other volunteers that work with him illustrate moving from personal success in their long careers to a much broader significance in life. Eternal thanks to Bob Hutt, who made that connection through LinkedIn.

In year two there is more to share on not just finding a job at 40+, but managing your career as an experienced worker. According to 2010 US Census data, 39% of the population is older than 45 and people older than 45 represent over half of the voting-age population for the first time in America’s history. The implications for our careers, how we redefine retirement (Baby Boomers are really good at redefining things), working in harmony with multiple generations in the workforce and interviews with some fantastically interesting thought leaders are coming your way. I recently attended a workshop on how a few innovative U.S. companies are leading the way in leveraging older workers and will be sharing that with you soon as well as some strategies for not succumbing to the income decline experienced when you take a new job after your “legacy job” (the one you had for many years) ends. Thanks to a gift of a new digital video camera, you will see the blog’s first video posts later this year.

The grim report from the Bureau of Labor Statistics reminds us that age 50+ job seekers are taking more than a year to find a new job. In that year, some mature workers sink their 401(k) savings into buying a franchise or starting a business with varying degrees of success. I’m looking for someone to share their learning on franchising. Some 50+ people drop out of the workforce all together while many feel forced to take their Social Security at age sixty-two with a reduced benefit which has lifetime consequences. The increased rates of depression, anxiety and relationship problems of job-seekers have not been linked to unemployment in an official study yet—but there is a lot of anecdotal information out there and a recent AARP article reports on the divorce epidemic at 50+. Expect more ideas on staying “Up” in a “down” job market posts. As usual, your ideas fuel the content.

Please continue to visit (and invite friends) join or start a conversation with a comment.  I am honored when you forward the blog link (see below) to your network. Thanks for a great first year!

http://workinglater.blogspot.com

Embracing Change

Is Your World Like A Spinning Top?

In mid-life, change is constant. How we react to change determines a lot about how much we enjoy our careers, relationships and life itself.

This column focuses on careers, work and the jobs we perform everyday (or hope to perform as soon as you find a new one). Sometimes the lines between our professional lives and personal lives blur. Change and our reaction to it---is often the culprit.

At age 40+ we move out of the kiddie pool and begin to swim in the deep water with sharks and other unimaginable creatures. The stakes are higher and we have more to lose materially because we have worked a while and become consumers of the American Dream. Major changes as the waves push us further into deep water may include:

• The death of a parent, spouse, sibling or close friend
• Health care decisions for an aging parent
• Children maturing and making their own life choices
• Career reassessments by choice or forced upon us
• Health crisis or challenges of our own or someone close
• Unexpected midlife job search
• Financial reality that doesn’t align with your plans & expectations
• Loneliness or disconnectedness (with or without a partner)

Psychologists and other professionals will tell you that change is not an inherently bad thing. In fact, we cannot evolve without it. I agree with you, change is a lot easier when we initiate it. (And even then, leaving a good company, a relationship, a wonderful neighborhood or a dear friend is still hard). I’ve experienced all four scenarios and as tough as those situations have been, what is waiting on the other side of those changes is the next phase of your life that in a few short years---you will not want to change. You will still have the benefit of all the great memories of your experiences that came before. Jim Collins reminds us in his book, Good to Great,  “good is the enemy of great," at least for companies-could it be true for individuals too?

My three personal tips for coping with change:

1. Realize change events seem to speed up as we get older. There’s always something happening, so be compassionate (especially with yourself).

2. Take care of your health-it makes dealing with other changes coming at you easier. I try to eat right, exercise, get enough sleep and stay positive.

3. Realize that if I keep doing what I’ve always done—the result will not change. So, I decide what I want my life to look like and take the first (scary) step in that direction.

I just finished a great book, Necessary Endings by Dr. Henry Cloud (also available as an audio book). It is the first book I’ve read that addresses career and personal transitions together. You may want to check it out.

Oh yeah, don’t forget your life preserver while swimming in the deep water and be prepared for wild waves.

The Best Companies to Work for & Other Corporate Myths

What do Santa, the Easter Bunny, Tooth Fairy and the annual list of Best Companies to work for have in common?

It is all fantasy and marketing hype.

That’s right, all of these are commercially-driven advertising dependent cultural myths. My apologies to anyone disheartened by the news (this blog is intended for those 40+). Here are three important facts to keep in mind so you can make any work environment, the best company for you.

#1—There is no such thing as a “Best” company to work for. However, within any organization some areas are more toxic than others. This far in the game, you know that companies are complex structures and the culture varies from department to department, location to location and leader to leader. While the overall company may offer great employee benefits (did someone say, defined benefit pension plan?) and other cool perks, the idea of an entire company being BEST is amusing. Working @40+ Tip: Try to move yourself into a location, department or unit of your company that is known to have the most supportive, nurturing culture in your organization. You’ve worked too long to be stressed at work.

#2—Your primary relationship at any company is with your direct manager/supervisor or fellow owners if you are a partner. Your work experience is defined by that very important relationship no matter how many fitness centers or other exotic benefits the organization offers. How many people do you know working for an organization ranked “Best” on some publisher’s list and they are experiencing “job hell”? After a while in the workforce, you can attest that a great boss can provide a ray of sunshine in an otherwise desolate work environment. The corollary is also true, your company can have a basketball court, free gourmet lunch, free parking, a generous annual bonus, tickets to sporting events and more. If your boss is jerk, you will still have your paper on the street (or Internet) looking for a better situation. Working@40+Tip: If you have a great boss, stay put and figure out how to grow in the job even if it seems kind of dead-end. Even if your boss isn’t great, and is merely not awful, it may be worth staying with them, if they support your career development.

#3—“Best” lists are an advertising juggernaut and nothing more. At the risk of sounding cynical (too late), look at the advertising in any issue of a magazine with a list of the “Best”. We’re talking companies to work for and jobs, but the same holds true for the “Best Doctors” or the “Best Private Schools” etc. There will be a ton of ads purchased by the companies, hospitals where the “Best” doctors practice or the “Best” private schools. Advertising sales reps for the magazines are out selling to the featured target as soon as the editorial calendar is set and they know which month is going to have a list of “Best”. Working@40+ Tip: Don’t buy the hype. Don’t buy that issue of the magazine off the rack. If you subscribe, skip the reading that article and write a guest article for this blog about your experience working@40+.