[caption id="attachment_641" align="alignleft" width="200"] Vickie Austin[/caption]
In Part 1, Vickie showed how many people are taking a second career after they finish their first. She will conclude but providing the best ways to make that move.
The MetLife Foundation and Encore sponsored a study that forecasts a critical shortage in the labor force that only the Baby Boomer generation can fill. According to the research, there could be at least 5 million potential job vacancies in the U.S. by 2018, nearly half of them in social sector jobs like education, healthcare, government and nonprofit organizations. “Not only will there be jobs… to fill, but the nation will absolutely need older workers to step up and take them,” the study asserts.
And it isn’t just the public sector that’s catching on. Intel has created the “Intel Encore Fellowship,” offering stipends and insurance to employees who opt to keep working. The assignments, which last from six months to a year, offer those who would otherwise retire a chance to continue to use their gifts and abilities while contributing to a community organization. Harvard University developed the Harvard Advanced Leadership Initiative to tap into senior talent who want to jump-start their next career. Community colleges throughout the country offer encore fellowships and other not-for-profit ventures are joining in.
Embracing the Encore Movement
In a February 15, 2013, article in Forbes entitled “Encore Careers for the Rest of Us,” Richard Eisenburg wrote that the following things need to happen for people to successfully transition to an encore career:
- Financial advisers need to talk with their clients about a new definition of retirement
- Employers need to model companies like Intel
- Non-profits need to do a better job welcoming those seniors who want encore careers
- More colleges need to teach the skills necessary to re-career
Mr. Eisenburg attended Encore 2013, the annual conference hosted by Encore.org, and said the people, the resources, and the conversations at the conference inspired him. He interviewed Paul Irving, a board member of Encore.org and president of the Milken Institute in Santa Monica, California. He quotes Mr. Irving as saying, “One of the most important questions we’re facing is: Is this just something for dabbling do-gooders or is it for everyone? This must be something for everyone,” Mr. Irving said, adding emphatically, “It must be.”
Whether a person’s desire to keep working is philanthropic or economic, it’s clear that the workplace will need the wisdom, experience and maturity of those in mid-career and beyond to respond to the challenges of a global economy. What’s required? We’ll need the enlightened awareness of employers, robust resources for continuing education and the creative mindset of a generation that changed the definition of what it means to retire. We’ll also need some good old-fashioned communication between the generations to make it work.
If your thinking about shifting your career and would like to talk about financially planning for it. Give us a call:
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Posted on Thu, August 8, 2013
by Vickie Austin