Financially stable boomers explore employment opportunities
THE MID-LIFE EMPLOYEE
According to a Statistics Canada report released in mid-2007, the number of Canadians within a decade of age 65 increased by 28 per cent in five years ending in 2006. By 2016, one in five people in the workforce will be 55 years of age or older.
For employers grappling with the looming skills shortage, the challenge of the aging baby boom generation is keeping experienced employees engaged and productive.
At the same time, those in mid-life are increasingly seeking greater satisfaction and fulfillment in the years leading to retirement.
Dr. Barbara Moses, author of Dish: Midlife Women Tell the Truth about Work, Relationships, and the Rest of Life and What Next? Find the Work that’s Right for You, says, “What I’ve found in my research is that there is no single mid-life desire. There are certain clusters of motivation, but I think employers put too much emphasis on generational profiling. You may have one 50-year-old who is grappling with elder care and has a teenager with problems – they’ll be looking for something very different from their workplace than the person whose kids have long flown the nest and who has no elder care responsibilities.”
Finances also play a significant role in decision-making at this stage of life, she says. “Some people have done a very good job saving. But what I found, and this is consistent with other research, is how many apparently successful boomers have not saved enough money to even think about retirement.”
Robert McCullagh, a financial and benefits advisor in Calgary, where the skills shortage is already acute, says, “I would suggest that employers put together a pension plan that gives their employees some comfort for retirement. Employees in their early 20s and 30s don’t see retirement yet, but by the time you’re cresting 50, you’re starting to plan for retirement – your pension fund becomes a priority. The availability of retirement planning tools and advice, and the benefits in place for retirees of the company, also become important considerations.”
McCullagh also notes that parents of children still at home have different priorities than empty nesters. “Their objectives are more focused around tax-free benefits for reimbursement of medical and dental expenses. The extra benefits of a health spending account allows for the coverage of the unexpected or excess medical and dental costs.”
The key to talent retention with this demographic, says Moses, president of BBM Human Resource Consultants, which helps organizations implement career management strategies, is employer flexibility. “What individuals want at mid-life is going to be a function of their financial situation, their familial situation and underlying personality characteristics.
“Some people find they have unrealized ambitions, and they want to go for the brass ring – perhaps have one more crack at the corner office. Others wish to test themselves in unchartered territories, to stretch themselves, without a safety net. Many come to the realization that their ‘real life’ is what occurs outside work – it doesn’t mean that they’re slackers, but that their work no longer defines them.”
More than 50,000 people have used her online career tool, Career Advisor, says Moses, and in general, men and women tend to have divergent desires in the years preceding retirement.
“Women have stronger desires to stretch themselves, while men want to be left alone at this point to do their own thing. Women are much more likely to be personal developers and sociability seekers.
Mid-life men tend to become autonomy seekers.” But both men and women are looking for more flexibility at this stage of life, she says. “That’s so important. It may be anything from the ability to work part-time, to taking a sabbatical, to working six months on a project and then being able to travel for six months. They want to travel or to play golf more.”
It’s also vitally important for employers to focus on the individual rather than the generation.
“Don’t assume that all boomers want one thing. Find out what motivates the individual players in your department; build from there. And treat older workers with respect – on one hand, organizations are saying they’re concerned about looming skill shortages, but too many midlife workers report being treated shabbily in the workplace,” says Moses. “Give people opportunities to mentor and contribute to the development of younger people. At 50 and beyond, you have a lot of wisdom, and you want to be recognized for that wisdom.”
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