Retain the Brains - Think Transitioning
NO NEED TO PUT MOST OLDER WORKERS OUT TO PASTURE.
Their brains function very well, according to recent brain research.
There are changes over time, and there are pros and cons about harnessing the skills older people bring to the business table. In the professional services, advantages of retaining individuals over age 60 will often outweigh disadvantages.
At Practice Development Counsel's *Next Generation, Next Destination* division, we say "Reinvention is the New Retirement," and transitioning planning is the way to achieve outstanding results.
In addition to the working condition of their brains, the United States Census Bureau’s report (released March 9, 2006) on the aging population said today’s older Americans are markedly different from past generations. They are better educated, healthier, more prosperous – and those differences are accelerating. Disabilities, when they occur, are happening at a considerably later age. So all in all, they have the capability to keep working longer – and not be a drag on the medical benefits plans of their employers.
For that to happen, they will have to reverse a trend perpetuated by mandatory retirement requirements, layoffs and subtle or not biases about hiring older workers who have the skills and knowledge to perform. The Wall Street Journal reported (March 10, 2006) that just 20% of men in 2003 were still working at age 65, compared with 50% in 1950. (I suspect the percentage of women might be higher, as many started later than the men or re-entered the workforce after raising children.)
The challenge is to harness this brainpower in new roles. Creative thinking is needed to enhance the success of firms and the lives of these highly educated, fit and healthy, still eager to contribute individuals.
Phyllis Weiss Haserot Practice Development Counsel
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