Next Generation Next Destination

BOOMER BENEFITS FOR THE SANDWICH GENERATION

Baby Boomers are now in the position of being the "sandwich generation," often having responsibilities for both their children and their aging parents. Concerned that both professionals and staff with demanding jobs are often called upon for family emergencies, a few law firms, as well as probably a greater number of accounting and consulting firms, have expanded their family benefits to include back-up care for their parents.

New York Lawyer reported that among them are Bryan Cave, Hunton & Williams and Paul Hastings, Janofsky & Walker. For example, Bryan Cave is allowing for up to 20 days per year of adult in-home care, and their employee assistance program will research nursing homes on behalf of the employee. These firms realize that they can't expect people to be optimally productive when they have serious distractions and worry about ill or disabled parents.

One of the reasons more firms have not offered the benefit according to benefits consulting firm The Arlen Group is that there are few providers of the necessary services. The potential need is greater than the supply. (It should be expanding as the need is bound to grow, so it sounds like a  good business opportunity.)

Patricia Caudel, Director of Human Resources and Employee Life Programs at Paul, Hastings said the expected need is evident by the many people who have registered for the program, though few have used it since it was instituted three months ago.

"When we think through what is needed to retain and attract top talent, the common denominator is taking care of family,'' said Caudel. "When we rolled this out, I received tons of e-mails saying 'Thank you, this has been on my mind for a long time,' " Caudel said. "Baby boomers are going to work until they drop, our parents are living longer, and reconciling that so that we take care of them is a big concern.”

Phyllis Weiss Haserot    www.pdcounsel.com

RETIREMENT AND PRE-RETIREMENT DEPRESSION

Here is a letter I wrote in response to Sue Shellenbarger's December 13, 2007 Work & Family column in the Wall Street Journal. The issues need to be out for public discussion and not kept in the closeet.

Dear Sue:

Your article today (December 13, 2007), “Even Lawyers Get the Blues: Opening Up About Depression,” is very important, and I commend you for writing it. The statistics are disturbing.

As a long-time consultant and coach to many law firms now focusing on transitioning planning for Baby Boomer senior partners and the younger partners who will eventually step into their shoes (www.nextgeneration-nextdestination.com ), I can tell you we hear about depression on the other end as well. For example, doctors tell us that successful lawyers who have stopped practicing or had to leave their firms because of mandatory retirement age policies or related pressures on older lawyers often suffer depression. This is frequently attributed to the loss of professional identity, especially if they have made their practice the dominant component of their life. (This deterioration of mental – and sometimes physical – health has been reported in the Traditionalist generation, not just the achievement-oriented Baby Boomers.)

It is interesting that the pressures of both practicing and not practicing can have a serious impact, and it is important for lawyers  - and other professionals who have similar pressures – not to be in denial and to try to prevent the consequences. Firms and other organizations, for the sake of productivity as well as compassion, need to devote more attention to creating supportive environments.

Phyllis Weiss Haserot   www.pdcounsel.com

More Info for the Next Career/Life Phase

The 50 Plus Expo is back in New York. There will be health and fitness information, career insights, financial planning and cultural events. It takes place November 11, 2007. Click on the link for more information.

AVOID "SUMMIT SYNDROME"

"Summit Syndrome," an affliction that hits certain over-achievers, can derail careers. Management consultant George D. Parsons and Richard T. Pascale, an associate fellow at Oxford University, wrote about it in the March issue of the Harvard Business Review.

Those exhibiting the syndrome, which is difficult to spot early on, without carefully watching for signs, thrive on new challenges, and when the challenges have been overcome, they find it hard to carry on in a routine way. These talented people may suffer health problems or declining performance and may suddenly leave their organizations, not knowing how much they still have to achieve.

Some new challenges they may want to take on include: coaching and mentoring others; learning to shape a long-tern vision for their career and lives (or legacy) that their rapid rise never left time for; or learning to be better at managing conflict with others.

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

www.pdcounsel.com     pwhaserot@pdcounsel.com