Next Generation Next Destination

THE GREAT GENERITIVITY DEBATE

 I want to call your attention to an interesting debate on the between Marc Freedman, founder of Civic Ventures, and David Brooks of The New York Times.

In a column published February 1, Brooks proposes reversing public policies that he says rob the young to serve the old and take from them funding, freedom and opportunity, saying, "It now seems clear that the only way the U.S. is going to avoid an economic crisis is if the oldsters take it upon themselves to arise and force change." He calls for a "generativity revolution" of millions of people demanding changes in health care spending and the retirement age to make life better for their grandchildren.

In a piece published today on The Huffington Post, Freedman says "the real generativity revolution is well under way. And with the help of smart new policies, this movement of forward-looking baby boomers might actually succeed." He writes, "It's increasingly clear that these older workers aren't competing with younger people; they are meeting demands for talent that will only grow as the economy recovers."

Freedman argues, "With 10,000 baby boomers turning 60 every day, it's time for public policies that honor their aspiration to leave the world a better place and harness their talent and energy for the long haul."

You can read David Brooks' column here:
http://www.nytimes.com/2010/02/02/opinion/02brooks.html
Marc Freedman's piece is here:
http://www.huffingtonpost.com/marc-freedman/generativity-revolution_b_447774.html

Comments from both points of view are welcome on Encore.org, as well as right here. Join the discussion  at http://www.encore.org/news/marc-freedman

What are your thoughts? How do we prevent generational resentments and warfare?

REINVENTION REQUIRES REVEALING....

What’s needed at this economically challenging time according to Jeffrey Swartz, president and CEO of the Timberland Company in the New York Times Sunday Business Corner Office column (Dec. 20, 2009)?

 

People need to bring their personal selves to work – (not meaning an invasion of privacy). In his words,”A willingness to be exposed, a willingness to acknowledge and value the personal dimension.”

 

Swartz said there’s no chance in these economic times that a company “is going to be able to reinvent itself, with the speed and ease that it needs to, unless we bring more than our intellects to the table”. In hiring, he said he’s got to find “people who are comfortable with fuzzy logic, who are comfortable being exposed, who are comfortable being wrong, who don’t value as the first notion, ‘I got the answer, Boss.’”

 

He sums up what he is looking for as: 1) comfort with ambiguity; 2) faith in a solution; and 3) a commitment to fight for a worthy outcome.

 

If you are a leader, are you looking for this make-up in your hires? Do you appreciate the mission-committed risk-takers? And allow them to be wrong sometimes without rebuke?

 

If you are aspiring to take on meaningful, game-changing work, are you willing to reveal what really matters to you and fight for it?

 

Phyllis Weiss Haserot          www.pdcounsel.com

TRANSITIONING OUT IN RECESSION TIMES

The severe recessionary economy has led to creation of a variety of working arrangements as people consider every opportunity to keep working. Some recently laid off people find project work with their former full-time employer, providing a source of income and a way to keep involved, while the employer benefits from the services without having to increase  full-time headcount.

For individuals on the older end of the spectrum it is not exactly phased retirement, but it shares some of the characteristics. The individual is no longer a partner or executive in a senior position, but in addition to performing services directly may be transferring knowledge that otherwise would have been lost to the next generation.

While this has the potential for a win-win, the transition can be tricky, especially for the individual assuming the new, usually reduced, status. Expectations need to be clarified. The working agreement probably should be reveiwed by an employment lawyer for protection and clarification. Emotional discomfort through a readjustment period can be expected. Relationships with former colleagues are likely to change and the office politics may appear different. Others may resent that they didn't get the work.

In this situation, expect to have to prove yourself and the value of your work, especially if the responsibilities are different from the former ones. You need to show you are a team player and put in extra effort. But be careful not to feel you are taken advantage of (or let that happen).

On the positive side, these phasing out or project work arrangements can provide desirable flexibility to individuals who have worked intensely for many years. They enable a person to stay gainfully employed, still engaged in work that may be challenging and personally meaningful and connected to colleagues.

Can you share experiences from your own organization?

Phyllis Weiss Haserot   www.pdcounsel.com

TRANSITIONING & BEHAVIORAL ECONOMICS

I attended a fascinating presentation and discussion today on how we make decisions, particularly ones that affect us financially, sponsored by Citron Cooperman CPAs. The presenters were Delia Marshall and Yvette Wynn from BNY Mellon Wealth Management. Behavioral economics is growing in interest and credibility. Related are neuroeconomics and neuro-marketing based on scientific studies of brain function which have become possible with the medical technology existing today.

Marshall spoke about the studies which are revolutionizing our thinking and proving that decision-making is more emotional than rational, governed by the biological "fight or flight" response. Most people may be biologically wired not to want to delay gratification. Brain imaging results are being integrated into advertising.

This means we have to make extra efforts to be mindful and reflective before making decisions that may go against our best interests, especially financially. Emotions can be very good things, of course. In decision-making we need to be aware of the role of emotions and what we are feeling at the time so that we can make reasoned decisions.

Among the resources Marshall recommneded to learn more on these topics are: Jason Zweig's book "Your Money & Your Brain" (Simon & Shuster 2007) and "Nudge: Improving Decisions About Health, Wealth and Happiness by Richard Thaler, and Cass Sunstein (Yale University Press 2008).

Accepting this brain science.and realizing what is going on in our brains we can choose to be purposefullyly reflective rather than reflexive at times that really matter - when it comes to retirement and transitioning planning, for example. Be aware of  ways the fear of loss of professional identity (in the "Personal Bucket") or no longer feeling as valued as before by colleagues is influencing decisions about transitioning clients to and mentoring younger colleagues.. Avoid having reflexive behavior hinder getting what is really important to you and your legacy.

Phyllis Weiss Haserot     www.pdcounsel.com

BE PREPARED: PERSONAL TRANSITIONING

Some of the most difficult transitions are personal ones, including confronting the inevitable. It is a generational transition as well. Planning way ahead maximizes the control you can exert and prevents and relieves a lot of stress on family. Yet, given the strong emotional factors involved, people put off planning , getting documents in order, consulting health, financial, legal and other advisers and communicating their most personal thoughts and wishes. Rationally, we know we are not immortal, but many of us act as if we are.

To the rescue, popular and highly respected New York Times Personal Health columnist Jane Brody has put all you need to think about and discuss into a heartfelt book, her latest, "Jane Brody's Guide to the Great Beyond" (Random House 2009). It is subtitled " A Practical Primer to Help You and Your Loved Ones Prepare Medically, Legally, and Emotionally for the End of Life." While this is clearly a serious subject, it is written with her light touch and includes several New Yorker cartoons.

Brody describes herself as "a staunch advocate of a healthy life filled with nutritious food and regular exercise designed to help people live life as fully as possible."  She explains and gives examples of how planning and preparing helps people live as well as possible and experience comfort and joy right up till the end. Thoroughly researched, there are so many options spelled out, many most of us would never have known about.

I highly recommnend you get your copy and digest and follow it as early as you can. Use it as a jumping off point for sensitive and honest communications with your adult children and with your parents, depending on where you fall on the generational spectrum.

We never know what is around the corner for us whether regarding work or personal matters. "Be prepared" is not just for Boy Scouts. When we have done and communicated all we can, we can rest easier for possibly many decades to come.

Phyllis Weiss Haserot    www.pdcounsel.com

BOOMERS FUNDING REINVENTION

I have seen several articles and pitches for articles about people over age 50 opening 529 college savings plans - for themselves. It seems to be a hot topic, or at least a warming one.

Since the Boomers have shown themselves to be continual learners, perhaps this is a trend that will play out as they reinvent themselves for encore careers for both financial and fulfillment reasons. A niche market for financial planners? and for college communities?  The latter have already experienced growth as retirees and pre-retirees move to locations where they can be students and soak up the cultural atmosphere that institutions of higher education bring. Now they have a new way to fund their continuing education.

Phyllis Weiss Haserot    www.pdcounsel.com

CROSS-GENERATIONAL APPEAL

President Barack Obama, in his commencement speech at Arizona State University on May 13th, made several significant points for Gen Y/Millennials students that translate also to Boomers thinking about their next career destination. (Below are quotes or paraphrases as I jotted them down.)

*  Success is not pursuing celebrity and material things or status, a title.. Relentless pursuit of superficial markers can lead to complacency rather than doing your best.

*  We need to continually adapt.

*  We need your daring and enthusiasm.

*  Commit to do what's meaningful to you. Follow your passions to change the world. You have no excuses not to change the world.

*  Be someone who cares.

*  Choices over a lifetime make a lasting legacy. Your body of work is never finished.

Interestingly, there was big applause when helping not-for-profits and teaching were mentioned; not much enthusiasm was exhibited when business was mentioned. It remains to be seen if that is just a sign of the times or an attitude that persists.

Much of this is not dramatically different from the typical commencement speech year after year. But it has a special resonance in these tumultuous times and severe economic downturn. People need to rethink their priorities, whether by choice or not. After long careers, many Boomers are looking to reconnect to their more youthful vision of changing the world and working for the public good. There is much to be done if people let go of a definition of success that starts with a dollar sign. Yes, we need to be productive  and self-sufficient, but that's only the beginning. As an eternal optimist, I believe in unforeseen opportunities and that good can and will come of it.

Phyllis Weiss Haserot     www.pdcounsel.com

BROADER HORIZONS: SUCCESS ON YOUR OWN TERMS

Though my generational challenges work focuses on the workplace, the parent-child dynamic surfaces there in so many ways and goes beyond the "helicopter parent" phenomenon. The choice of careers is one, and it is being highlighted as high achieving students from elite colleges as well as others confront the fact that in today's economy they are being shut out of highly sought, lucrative financial and business services careers they thought were theirs for the asking.

In a New York Times article (4/18/09) titled "Looking Beyond Wall Street," Steven Greenhouse interviewed Wharton students. Many of them have had to switch their goals of landing finance/Wall Street- type jobs given severely limited opportunities - and several feel liberated!

Here are some examples of change in direction:

*  After a JPMorgan Chase internship with no offer,  pursuing a teaching job in Dubai or working for a wine importer

*  From pursuit of jobs in finance to thinking about becoming a rabbi

*  A finance major (music minor) thinking of opening a jazz club

*  After an internship at Goldman Sachs with no offer, pursuing her entrepreneurial dreams by starting a specialty shoe company

Several of the students cited the pressure to go into investment banking from parents and peer pressure. Now directions that a few years ago would have been nixed by parents who thought an expensive education should bring high financial returns are acceptable. One director of career services said students are looking at a wider array of brass rings and are less caught up in brand recognition.

Interestingly, many Baby Boomers experienced the same parental pressure to be a doctor, lawyer or engineer (or some such career) because parents thought those to be prestigious and highly respected. And many are sorry they didn't follow stronger, often more creative interests.

As they think about their encore careers - their next career/life destinations, I hope they will re-surface those dreams or new ones and go for the joy of it (as long as they can be financially self-sustaining).

It's time for new definitions of success - on our own terms! Perhaps the Gen Y/Millennials will abandon the brand names and desire for the highest paying jobs and discover the "meaningful work" they have been seeking is elsewhere. And the same for the Boomers.

Phyllis Weiss Haserot    www.pdcounsel.com

BE AN OPTIMIST LEADER: RE-THINK, RE-ALIGN, RE-INVENT

In my opinion, these times call for practical, compassionate, open-minded optimists. Here are some of the attributes that come to mind to lead your organization or community in a constructive direction.

*  Retain core values, but challenge assumptions based on previous circumstances - quickly.

*  Think positively, and if there is anger, channel it constructively.

*  Identify and realistically assess the forces that influence the present and what will be the "new normal." These are economic, social, political, cultural and competitive forces and trends. What will that new normal look like and where are the opportunities?

*  Communicate transparently and authentically. To inspire and engener trust, loyalty, engagement and commitment, keep people in the loop.

* Invite and be open to advice and new perspectives from your team and from respected outsiders.

*  Feel and convey empathy. Look outside yourself, help others when they need it, and believe that "what goes around comes around."

*  Be a role model at whatever level you are. Show confidence and optimism and encourage it in others. Have goals and action plans and keep raising the bar.

*  Maintain a supportive enviroinment for yourself, your family, friends and colleagues.

*  Stay engaged, accessible and ready to move as required.

*  Both stay aware in the present moment and be future-oriented. Optimists believe in a positive future. Optimist leaders want to show the way.

Phyllis Weiss Haserot      www.pdcounsel.com

BOOMER WATCH: PLACES FOR BOOMER INTERNSHIPS

In her Work & Family Mailbox column in the Wall Street Journal (March 18, 2009), Sue Shellenbarger wrote of a number of sites and other resources where experienced career changers and job-seekers can look for internships. Some say they are seeing many more people in their 50s, 60s and even 70s seeking internships and finding them with the wealth of experience they bring to their current career field or to enter a new one. Here are the resources suggested:

*  RetirementJobs.com

*  Internships.com

*  Internships-USA.com

*  College alumni offices

*  Trade and professional groups

*  Washington Internship Program (for DC area - screens applicants and guarantees placement)

*  Select a target employer and propose your own description of an internship

*  Look at AARP's list of "best employers"  (aarp.org)