The Baby Boomers are huge in numbers and quickly heading towards retirement. Generation X is a small generation in terms of numbers. This disparity is the basis for the impending worker shortage. Ah, but the market often has methods for correcting and adapting itself.
The Herman Group’s latest newsletter (sorry, no link) offers a look at one adjustment that is underway:
The good news is most Baby Boomers simply don€™t want to retire, at least not in the traditional sense. They are much more interested in re-careering. Here€™s why:
- *22 percent are bored with the mere thought of retirement. They don€™t want to sit on front porch in the rocking chair and wait for the grim reaper.
- *21 percent have a need to be productive. Their parents taught them, “You must be a contributing member of society.”
- *20 percent reported needing to have an intellectual challenge.
- *13 percent have insufficient savings. We actually expected this figure to be much higher, many are reluctant to admit their poor financial judgment or perhaps it is because this study focuses on executives who planned their financial futures more carefully.
- *13 percent find they need the personal interaction.
Re-careering executives are choosing entrepreneurship, consulting, volunteering, or some combination of pursuits. “While this (shift) won’t cure the impending talent crunch, it will provide more opportunity for younger executives to learn from Baby Boomers before they retire completely“.
An excellent concept that will certainly offset some of the difficulties we will face over the next 10-20 years.