Finding Your Career Passion in Mid-Life

Americans 55 years or older comprise 21% of the U.S. labor force according to the US Department of Labor. Here’s the problem, it is the first time in history that these 55+ year olds have a lot more than ten years remaining in the workforce. Blame the Baby Boomers for not retiring at age 65 to spend twenty years focused on golf, grandchildren and grand buffets. And even if you are in still in your 40s, these are the years when you need to evaluate and investigate secondary career paths so when you hit the decade I consider the most dangerous to your work/life, “The Fantastic Fifties,” you have the widest range of choices.

It is always exciting to meet someone in their 40s, 50s or 60s that love their jobs and the companies they work for love them back. (That is an important part, the company loves you back—but I’ll deal with that later in this post). I meet more people than ever that adore what they do for a living. Whether it is an entrepreneurial pet sitter earning more money than he ever expected; a medical capital equipment sales star turned award-winning vintner; a health information management professional turned online educator or a person who went from automotive executive to ordained minister, people are creating work they can see themselves doing post-65.

I also talk to a lot of people who say, “As soon as I am 62, I’m outta here-retired and never working again.” Those are the people who I know have not found their passion. Sometimes it is a hobby that can be monetized. Others prefer to keep their hobbies separate from work and go back to school to learn a new skill or turn their volunteer work into a paying job. How do you get started on your career exploration? You don’t have to come up with the answer immediately. Just keep the thought in the back of your mind and jot down ideas as they come to you. Focus on your strengths and activities you enjoy-- thinking about your skills that others often compliment you on performing. Over time and maybe with assistance, you will find your vocation, a word with Latin origins that means “to call.” 

Not all industries, companies or human resource professionals are prepared for the reality posed by Baby Boomers (born 1946-1964). A January 2014 Gallup Report stated, U.S. retiree age has risen steadily from 57 to 61. According to Gallup, “nearly half (49%) of boomers still working say they don’t expect to retire until they are 66 or older, including one in 10 who predict they will never retire.” Companies have not created talent development for mid-life career professionals (hoping they will gracefully retire—no thanks!) As older worker salaries stretch the range of broad bands and other compensation structures, they often find themselves targets of lay-offs because companies are not creative enough to leverage their talent, skills and abilities. So, if you are 40+ at a company that loves you back, enjoy it, use the tuition reimbursement to extend your skills and pack your resume with accolades—trust me, one day you will need it.

The 2014 Purpose Prize

$100,000 Prize from Encore.org Seeking Nominations NOW!

What are you doing after work? If you know someone 60+ that is making a difference for their community and making society better, you can nominate them for The Purpose Prize sponsored by the John Templeton Foundation and The Atlantic Philanthropies and run by Encore.org. There is a second $100,000 prize in 2014 for an individual whose approach to helping society will grow steadily over the next five years.

The Process: 

You may nominate yourself or someone else. They must be at least 60 years old at the time of nomination.

Nominations are accepted until January 31, 2014 at 11:59 Eastern Time.  Nominees will be contacted by encore.org and must complete the online application and application narrative by February 7, 2014.

Semi-finalists are required to submit a resume, references and have a telephone interview by March 28, 2014. 

Learn more about the awards, encore fellowships, view a 2:40 minute video and learn more about past winners at www.encore.org.

GO FOR IT:

 In the 21^st Century there is a new vision for 60-year-olds. With over twenty years ahead of them, today’s sixty-year-olds are redefining personal fulfillment, social impact and passion. People at sixty are not fading away; they are moving from success to significance in their lives. According to encore.org, the top five encore careers are: 

Health Care Encores

Green Encores

Government Encores

Nonprofit Encores

Education Encores

Even if this year is not your year to pursue a Purpose Prize; this is a great time to learn more about the award and work toward becoming a finalist. This is the ninth year of the program and it shows no signs of going away. 

2013 in Review for Experienced Workers

2013: A Year in Review for Experienced Workers

A record-setting stock market has added to 401(k) and 401(b) accounts held by 40+ employees and a public conversation about a livable wage made 2013 a better year for experienced workers. I loved 2013 because many experienced workers that I know were able to make career changes or find work after being among the long-term (>1 year) unemployed. It was not a great year because:

(1)    too few human resource departments  are developing employee strategies focused on retaining, engaging and leveraging an older workforce

(2)    age discrimination runs more rampant in companies primarily because severance packages prevent employees from filing lawsuits- so the behavior goes unchecked and the burden of proof continues to clearly supports business, not the employee

(3)    four generations in the workforce-for the first time in history-requires training and development strategies to boost employee engagement; a different type of leadership strategy including reviewing the total reward structure—benefits, recognition, compensation, paid time off and development opportunities across the workforce—not for targeted age groups; it Is not happening in most companies

(4)    recent rulings have not supported the reform of the Supreme Court’s decision in Jack Gross v. FBL Insurance that made it harder to sue with age discrimination as the reason

Yes, companies are hiring more workers in their 40s, 50s and 60+s. I can’t say how other employees or managers act toward their mid-life co-workers or whether corporate infrastructure supports their  attempt to thrive in the workforce. Trends for experienced workers in 2014 are the subject for a future blog post.

Baby Boomers @ Work

By the end of 2014, every Baby Boomer will be age 50 or over.  The generation born between 1946 and 1964 that has reshaped every phase of life is challenging how, when or if their working years end. There is a glaring disconnect, because Corporate America is youth obsessed. While I am not giving business a green light on its behavior, it is easy to understand how this happened.  

Thirty-six years ago, my professional career began at a medical publishing company in downtown Chicago. The executives smoked in their offices, drank heavily at lunch and retired promptly at 65. A couple of years after the hard-driving, uber-traveling, carb-fed publishing executives retired; they died. American life expectancy has increased nearly twelve years since Boomers were born which also extends midlife careers. It is not just how long we are living as much as how well Boomers are living. Our generation is not focused on merely surviving into our 60s, 70s and 80s—we totally expect to thrive. At work, the Gen-X and Millennials are not quite sure how they feel about our sustained ambition. As the younger generations move into hiring and management roles, some want Boomers to take a permanent seat on a chaise by the pool and stay out of the office.

What are the implications for our careers?

1)      Focus on your immediate supervisor. If you have a good relationship with your boss and they value you and your work; they can shield you from corporate dysfunction.  However, while the good boss is there, you need to build other allies. I remember my all-time favorite direct supervisor taking a new position in California. His replacement wiped out all but one director in our department. Fortunately, my internal mentor was in a position to insure I made a soft-landing in another part of the organization where I stayed another six years. Your company can be on the list of best companies for older workers, but if your boss doesn’t support you—none of that matters.

2)      After age 40-Every Job is a Temp Job. It used to be 50, but the age of business irrelevance ratcheted down as tech innovation skyrocketed. Unless you are a software application developer, network and computer systems administrator, engineer or CPA---once you get in your forties, career moves must be strategic. Why do you want to work for this company? Is this a job or a career move? Evaluate the total reward package-salary, long & short-term employee benefits, perks and work/life environment. Are the employee benefits low and the 401(k) match high? Is there an attainable pension? In a small company-can you buy an equity position? The Employee Benefit Research Institute saw job tenure increase to 5.4 years in 2012 (for males it is less).

3)      The Safety Net has a Hole In It: Once upon a time jobs in the public sector were considered “safe” and jobs in health care never had lay-offs. Welcome to the 21^st century, the game changed. Hospitals are doing more with less (people, that is) and even patient-facing jobs need less people as care moves home ASAP. The home health aide is not making nearly the salary of workers in an acute care setting. Government workers can remind you of the shut down in October. And local governments are filing bankruptcy and ditching pension responsibilities as fast as Kardashians are getting divorced. Choose your industry wisely, but stay open to change.

4)      Develop Yourself: Companies pay for training that benefits the organization—legal training so you are aware of what is considered harassment or regulatory training- so if you do something wrong-you’re fired.  If you are in the succession plan, you may score management training specifically for the next level. Staying relevant at 40+? Learn how to use social media strategically to network and for job search. Learn a foreign language if it fits into your future career plans. Get a Bachelors degree online if you don’t have one already.

5)      Manage Your Emotional Intelligence: Crying at work? Very 1980s-no longer tolerated. Managers that scream at employees? Once one employee gets worker’s comp for stress b/c of your “leadership” unless you own the company—you are out! Screaming, bellowing and belittling employees-very 1990s. Arrogance? Check your ego at the door and save it for your friends outside of work. CEOs and GMs can still get away with being prima donnas at large organizations, but for everyone else, your EQ, like your reputation will follow in 5.4 years when you make your next job move. Social media sites like Glassdoor, Twitter and industry specific are searched by recruiters and hiring officials—so it is more like a glass house. Too much online chatter is a red flag to the elite executive recruiters.

3 Career-Boosting Steps for Thanksgiving

Monday Morning Pep Talk

Thanksgiving will be celebrated in the United States on Thursday and by now everyone knows what their plans are—where they are eating dinner, what time the meal is being served, who is preparing their favorite holiday recipes and all the details. Have you spent as much time thinking about your career as you have your holiday plans? It doesn’t have to be an onerous task. It just takes a few hours to figure out if what you are doing today will get you where you want to be in the future. During this time of Thanksgiving is the perfect time to spend a few hours thinking about your career plan. These three steps are  thought-starters. Feel free to share your ideas as comments on the blog; you may comment anonymously if you are more comfortable.

STEP ONE: DETERMINE WHERE YOUR CAREER IS TODAY IN YOUR WORK/LIFE CONTINUUM

At 40+ your career is no longer entry-level, however due to a change of industry or career break you could easily find yourself in your 50s or 60s in a “starter job” and that is okay. The important element is to identify a realistic career goal from where you are today to what you plan to do at the end of your working life.  Remember Stephen Covey and the 7 Habits of Highly Effective People? One of the tenets of his approach was beginning with the end in mind. If you are working to earn a living in your 40s, 50s and 60s---contingency plans are vital. You survived the economic downturn post-9/11, the recession of 2008 and the craziness of 2013 as the 16-day government shutdown brought clarity that no job is immune to disappearing. Entire industries are changing as business reacts to implementing the Affordable Care Act (like business reacted to the implementation of Medicare and Social Security decades before). Here are three questions to ask in this phase:

1.      What is the cost/benefit analysis* to my family, health, financial security and personal happiness to invest in moving to the next rung or two up the corporate ladder? (*You may call it pro/con or risk/reward). Are your positioned to do it with your current organization?

2.      How much longer do you plan to work in your current work environment and what does your next stage look like? Retirement planning is more than reaching a dollar goal-that’s  one element of a very complex stage of life. You need a holistic exit plan.

3.      What is your game plan if your current work ends suddenly or you can’t perform the type of work you are currently doing? Life happens-do you have a back-up plan?

STEP TWO: WHO IS MY NETWORK? MY SUPPORT TEAM?

These are two different groups of people with a few crossovers. Your network consists of people in your industry or in your profession that can open doors to a new opportunity. One thing has not changed; it remains difficult for an experienced person to find new employment.  The Bureau of Labor Statistics  (BLS) data has shown since 2008 it takes mature workers over one year to find a job. BLS data doesn’t factor the employees who are underemployed, start a business or job-hunters that drop out of the job market. Your support team members are the shoulders you cry on and the people you vent to—I think these people should not be your professional network! These are people who think you are great, your champions and personal cheer squad. They don’t need to know a lot about your work or your industry—they just know you and think you are the best thing since French toast.

Two questions for the network and support team:

1.       When was the last time you met face-to-face or on a live phone call with your two top  network partners? Let’s make that a priority before the year ends.

2.       If you don’t have a wide support team, start recruiting today—because if you depend on one or two people you will run those “besties” away during a prolonged career reinvention or job search. My 85-year-old great-aunt is part of my extensive support team. A conversation with her leaves me ready to take on the world!

STEP THREE: GIVE THANKS!

Whether you are employed and you are planning for the future or unemployed and seeking a new opportunity, 40+ workers that network, have a great attitude and keep their skills sharp ARE finding opportunities.  2013 is the biggest year of success stories in several years for experienced workers. Independent business owners have flourished this year; two of my favorite corporate refugees that are now franchisees reported double digit growth and people are working their networks and finding great opportunities. The stock market is up and hopefully so is your 403(b) or 401(k)! And even if none of this is true for you----you’re sitting upright and reading. Have a great week and a festive holiday!

Career Notes from Alice in Wonderland

Monday Morning Pep Talk

Lewis Carroll never imagined how the cleverly written tales of Alice would apply to 40+ workers managing their careers. Sometimes the wisdom we need is there all along as we read this tale with our children and grandchildren. Here are three quotes from Lewis Carroll’s, Alice in Wonderland to help you think through career management strategies:

“I can’t go back to yesterday because I was a different person then.”

We are constantly changing and so are our career goals. What was acceptable in our twenties or early thirties—constant travel, working weekends, missing holidays and school events—becomes less acceptable to men and women after a decade or more.  Sheryl Sandberg, Facebook COO and author of Lean In, advises young women to not rely on their companies or mentors for career advancement. Her advice is to join Lean In Circles for support from other women, marry a spouse that will be an equal partner at home and behave more confident and ambitious at work. She’s a 44-year-old, billionaire, daughter of a Ph.D. Mom and physician Dad, married to the CEO of SurveyMonkey, former U.S. Treasury Department Chief of Staff, former VP of Google and twice graduated from Harvard with honors. Her experience in Corporate America is nearly fictional on so many levels; it’s a separate blog post. For the rest of us, age tends to bring workers (male and female/ executive and non-“C” suite) to a point where we recognize “the working to live or living to work” paradigm shift.

“If you don’t know where you are going any road can take you there”

A few years ago I read about the most common career missteps in a book called Chasing Stars by Boris Groysberg. Even though it focused on Wall Street investment bank analysts, there were two things that stood out about changing jobs. One is don’t chase the money and leave for a salary boost. The second is getting so angry you move “from” a bad work situation “to” a situation that is not well researched.  I’ve watched people leave jobs for a $5,000 annual salary increase. The net increase is laughable. I remember being recruited to talk an employee into remaining with the company as an HR person. We discussed the total cost of the move and I focused on total rewards beyond pay because the employee was certainly giving up a lot except salary. Even after our conversation, he couldn’t save face so he left anyway (and stayed on the new job two years). The same employee committed both mistakes. He was looking for a new job because he was passed over for a promotion. Emotions lead employees into many bad decisions at work. Create your career goals when you are not at an emotional high or low. Try to map out what you plan to do in the next 6 months, year and five years. What will it take to get there? Who can help you? What’s your game plan if your career hits a speed bump?

“Why sometimes I’ve believed as many as six impossible things before breakfast”

Believe in Yourself!  As you move into your 40s, 50s, 60+ at work, it requires effort to keep your confidence high. Later in your career, the chest-bumping Lean In-type of horn-tooting may not be appropriate. Despite career bumps you have experienced personally and watched happen to others in Corporate America, recent research shows Baby Boomers are working longer than ever. So, how do you keep one foot in front of the other moving forward? You have to believe in yourself, your goals and at times in the impossible.  The Queen’s advice to Alice is my advice to you. You know what you know. Own it. Even if you are not quite sure where you are going, you know what you’ve already conquered. Go into this week being you’re A-B-C “best” Accomplished, Brilliant, Champion of your own career.

Laid Off at Age 60: What Comes Next?

My friend was concerned about impending layoffs at his company and wondered if, at age sixty, his corporate career would be over. His concerns were that he never moved passed middle management and he felt very “out of the loop” on the current changes that were coming.  He strived to be a Corporate Vice President for many years relocating his family to Indiana from their roots in the South. Even though he and his wife were treating me to dinner and the scene on the reservoir where we dined was pleasant, upscale and calm; I think my assessment ruined his meal.  

Climbing the career ladder and shattering glass ceilings is a province of 20-to early 40-year olds from what I have observed. There are often outliers in companies where a 45-year-old comes out of nowhere and quickly moves up the ranks, those people are exceptions, like Powerball jackpot winners. What I observe most commonly is a career trajectory that begins in the 28-35 year-old age range when talent is first noticed within a company. If you are recruited to a company from outside there is latitude, the age of being "discovered" may expand to age 42. Management becomes aware of this potential phenom and as my HR friends say, this person is “on the radar.” More time is spent on them in talent management meetings, they are evaluated against their peers in succession planning conversations and they are offered the opportunity to be on high-profile projects or attend national trade shows to mingle with senior management. They may attend Executive Education to learn about the areas they do not specialize in--R&D types may attend Strategic Marketing or a Sales professional is in enrolled in Finance for Nonfinancial Managers. The most fortunate earn Executive MBAs in top programs at Harvard, Notre Dame, INSEAD or Wharton on the company dime as part of their development.

By the mid-to-late thirties to early-40s rising stars have generally found their place in their first line management position.  At this point there may be an element of personal sacrifice. I liken it to initiation to a country club, fraternity, sorority or street gang (depending on the organizational culture). The corporation did something for you; now, show your commitment. It may be an expatriate assignment to learn the global business, a relocation or unlimited business travel. If this works out well and the incumbent does not burnout, blow-up or bomb—the next step is often leading a cross-functional team, higher stakes more visible project or account management responsibility even if they have not been in sales. No matter what the functionality, this is the job where everyone in the organization knows their name. After four to six years of grooming, in most corporate models it is back to people management—this time as a leader of other managers. This is a critical career juncture and the role my 60-year-old dinner companion was in as layoffs loomed at his company. For eight years he toiled away as mid-level Director through three different CEOs and their management teams. I sipped my Cotes Du Rhone and nibbled at my meal aware they were picking up the tab and weighed my words. “In my opinion and again it’s just my personal opinion,” trying to be delicate and honest, “you may have Peter Principled out.” I felt like such a weasel. I was trying to minimize my impact knowing that both husband and wife leaned on my career advice in the past and it had served them well. How do I tell him what in his heart and mind, he must already sense and does not want to accept. YES! At 60, it sounds like he's off track and if he is laid off, the dream of going to the VP level at a Fortune 100 company is shattered. (My humble personal opinion).

If you desire a very senior position: CEO, Division President,  Business Unit President, VP of R&D, IT, Human Resources, Finance or CFO, CIO, COO, and you are not there by ages 49-55--it's not likely to happen at your current employer. You will have to join a new organization. I have seen people jump to a smaller organization, a large family-owned businesses or regional company and all of those employees have been sitting one rung below their desired job title when they made the move. All of them were recruited. None of them answered an ad on a job board or were "connected" on LinkedIN.

I went on to talk about career reinvention, entrepreneurship....maybe buying a franchise or contacting recruiters now, before the layoff. I could tell everything that came out of my mouth after “I-think-your-career-with-these-people-is-toast” was blah-blah-blah, just background noise. He didn’t hear the ideas that came afterwards or the success stories I shared about those I’ve met in my travels that have gone to smaller organizations and thrived. We finished the meal without our usual sharing of a decadent dessert. Just hugs and promises to not let it be so long until next time.

EPILOGUE: Yes, it happened. My friend was laid off this month and felt shocked and betrayed. Now he is in outplacement beginning to network, create a new resume and practice interviewing for the first time in many years. His goal is to work in a corporate role until he is 66 and will have access to his full social security benefit. He’s not sure what comes next. What do you think?

Full retirement age is:

65 for those born before 1937

66 for those born between 1943 and1954

67 for those born 1960 and later

If you want to find out at what age you can receive your full social security benefit, visit: www.ssa.gov