Next Generation Next Destination

"GENERATION START-UP” VENTURES FOR AMERICA

A brilliant way for a Gen Y to get good training in an interesting job and provide small businesses the talent they need (if only it weren’t for student debt).

SITUATION ANALYSIS

• Gen Y/Millennials need jobs and training
• A large number of Gen Yers want to start a business, but have little or no knowledge and experience regarding what is needed to build a successful business.
• Small (under 500 employees) businesses need eager, smart, flexible, people concerned more with learning hard-to-find skills in entrepreneurial environments than earning top dollar.
• Many desirable college grads have student debt, which colors their career and job choices.

Note: The Gen Yers typically have a different mindset and way of operating from the “freelance mentality” of the Gen Xers of the dot-com era.

Challenge: How to connect the dots to benefit the aspiring but untrained entrepreneur and the businesses needing the talent, especially in struggling cities.

To meet this challenge, Venture for America, inspired by Teach for America, was started by Andrew Tang, former CEO of Manhattan GMAT, the test prep company.  As reported in the Wall Street Journal, the first 50 “fellows” will be placed in small businesses (under 500 employees) this summer for a 2-year stint. Tang’s goal is to help early stage businesses and start-ups take off, and he is targeting to create 100,000 jobs by 2025. At the same time, the young fellows will get the know-how and experience to start companies of their own if that’s their goal. According to a recent survey by the Young Invincibles (a group focusing on young entrepreneurship) 54% of 18-34 year-olds in the U.S. want to start a business or already have done so.

The companies employing the Venture for America fellows will pay them $32,000 to $38,000 a year plus health benefits, and the participants will receive a 5-week program at Brown University similar to training that consultants and investment bankers receive.  The companies get bright, eager young workers they can afford to hire and mentor. This certainly would seem to fill the bill, especially for recent grads not burdened by family financial obligations or heavy student debt.  Even so, it seems a good investment in their chosen career direction.

Phyllis Weiss Haserot    www.pdcounsel.com

 

 

BOOMER LEGACY MEET GEN Y ENTREPRENEURISM

As professionals and executives become more senior, there is often a desire or expectation, self-generated or from others, that they will want to devote themselves to "good works" as a legacy. Leading edge Baby Boomers, tracing back to their formative years in the 1960s, started out as a generation to be socially conscious, involved and eager to make significant contributions for a better world. As they matured and became intensely immersed in their careers, often achieving substantial recognition and financial success, some are well on their way to fulfilling their "legacy bucket." Others have been too busy to think about it.

The philanthropic and pro bono world is watching. For example in the legal field, both the American Bar Association's Second Season of Service Initiative and some local entities such as the Association of the Bar of the City of New York have been eyeing and expecting senior lawyers nearing traditional retirement age to become a large talent pool for pro bono work.  The Great Recession’s effects may have changed or delayed that for a lot of them.

Pro bono, volunteering or unpaid work is not for everyone. In our *Next Generation, Next Destination* client interviews, we find that many Baby Boomer professionals want to continue to play in the business arena – with financial compensation. This was true before the recession, and is more so now.

So I had an interesting thought. The hedge fund managers and tech entrepreneurs under age 40 have started to think about philanthropy and how to use their money to do good. But many don't want to do it in the traditional ways. They are interested in starting their own entities with a different model which combines making money with doing good things for society. Perhaps some of those seasoned Baby Boomers can link their legacy time, expertise and desire to continue to contribute with the Generation X and Y entrepreneurs for some hybrid organization that takes advantage of the best each generation has to offer.

I, for one, would look forward to seeing how this can take shape. There certainly are limitless needs, causes and opportunities whether built on a not-for-profit or for-profit model.

I'd love to hear your ideas on this.

Phyllis Weiss Haserot    www.pdcounsel.com

 

 

A NEW CORPORATE TREND? TRANSITIONING CAREER FELLOWSHIPS

Marc Freedman, Founder and CEO, Civic Ventures / Encore Careers, announced that Encore Fellowships have been established as a retirement benefit by the first company to embrace the idea in a big way, Intel.

Encore Fellowships – paid, part-time, yearlong assignments at local nonprofits – provide a new source of experienced talent to organizations solving social problems, while offering those who have finished midlife careers the chance to transition to encore careers in the nonprofit sector. Intel has become the first company to offer Encore Fellowships to all of its retiring employees in the United States.

Intel retirees who become Encore Fellows will get a $25,000 stipend and six months of health insurance coverage, both paid by Intel. “Retirement benefits are no longer just about retiring,” said Freedman. “Instead retirement benefits can help cover the costs of transitioning to a new, encore stage of work for the greater good.”

Forbes columnist Kerry Hannon wrote, “The end of corporate retirement benefits is an old story. The rise of retirement benefits, well that’s worth some hoopla.”

Do you think we will see this idea blossom into a real trend?  Should people be seriously thinking about this when they hit 50 or 55?

Do you have a story to tell to www.encore.org?

Phyllis Weiss Haserot     www.pdcounsel.com 

 

BOOMERS PLAN ENCORE CAREER TRANSITIONS DESPITE TOUGH ECONOMY

According to a recent study, “Encore Career Choices: Purpose, Passion and a Paycheck in a Tough Economy,” Boomers have tempered their expectations, while at the same time retaining their unwillingness to give up on efforts to create a better world for succeeding generations. The survey was commissioned by Civic Ventures supported by the MetLife Foundation and conducted by Penn Schoen Berland. They surveyed Americans ages 44 to 70.

Here are a few key findings. To see more…

• The number of people in encore careers for the greater good is up, from 8.4 million in 2008 to 9 million in 2011.
• 40% of the 100 million Americans ages 44 to 70 are either in or interested in encore careers
• Half of the group surveyed says they are very concerned that the state of the economy makes this a difficult time to change careers. However, 25% of those interested in encore careers say they are likely to make the switch in the next 5 years.
• 73% of respondents are concerned that future generations of children will grow up to be worse off than people are now. And 70% say it is very important to them personally to leave the world a better place.

Do these findings resonate with you?

Would you be interested in joining a group to plan out your transition to your next career?

I can lead you to resources. 

Phyllis Weiss Haserot     www.pdcounsel.com

 

NEXT GENERATION CAREERS: WHY THEY CHOOSE TECH

Perhaps it’s no surprise that men and women choose to major in the STEM (science, technology, engineering and math) fields for different reasons. A study released this month (September 2011) called “STEM Perceptions: Students and Parents Study” by Harris Interactive for Waggener Edstrom Worldwide and Microsoft, has some interesting finding on the differences.

The women’s top reason for choosing a STEM major was intellectual stimulation, while men chose those fields for “a good salary out of school.” A huge gender gap was revealed in what led them to their interest. For 68% of the women in the study it was a particular high school class or teacher that they credited with turning them on to the subject. That was true for only 5% of the men. Their experience with related games, toys, books or clubs was a significant factor for 51% of the men but only 35% of the women.

These findings could influence the teaching of the different genders and suggest the importance of high school teaching to attracting more women to the STEM fields. A combination of intellectual stimulation, role models and a welcoming culture would be likely to attract and retain more women.

It is important that those role models and inspirational teachers be men as well as women. How do we make men more comfortable with “sponsoring” women in their field?

Your thoughts?

Phyllis Weiss Haserot   www.pdcounsel.com 

 

TRADITIONAL RETIREMENT IS AN OBSOLETE CONCEPT

From Alan Weiss’ Monday Morning Memo 6/27/11

Alan Weiss is no relation of mine, but is definitely in tune with the way I feel about the retirement concept. Here is his Monday Morning Memo 6/27/11. http://www.contrarianconsulting.com

This week's focus point: "Retirement" has no real meaning any more. Most productive people, young and old, continually seek out new ways to express their talents and rejoice in life. To foresee an arbitrary age -- when many are at the height of their powers -- as a time to cease being creative and active is merely a form of conscious decline. Producing value and providing happiness are endeavors that should never be "completed."

© Alan Weiss 2011. All rights reserved

Reprinted with permission.

Phyllis Weiss Haserot    www.pdcounsel.com

GEN Y JUGGLERS: A TOUGH TRANSITION FROM COLLEGE TO CAREER

Recently I read a thought-provoking story – front page of the New York Times Sunday Business section (June 26, 2011) – “Job Jugglers, Walking on the Tightrope” by Hannah Seligman. On the one hand, it is very sad to see that a significant number of Gen Y/Millennials are working three or four part-time job and often still not meeting basic expenses. These are college grads hit by a deeply “recessionary” job market.

We hear so much about the unemployed, and we hear so much talk about that generation’s entitlement mentality. As I enjoy seeing myths debunked, it is gratifying to see the resilience and the dedication of the twenty-somethings to leading self-sufficient lives with a strong work ethic, flexibility and energy.

For all their pluck and long days, this is an untenable situation: stressful, always worrying about money, no benefits and rarely providing entre to a full-time job, and no way of paying off education debt. This is now known as “mal-employment.” (Federal data reports 1.9 million graduates were mal-employed, up 17% from 2007.)

It does demonstrate this generation’s multi-tasking ability, underlying optimism and personal organizational skills and even desire to acquire new skills.

What will be the long-term effects? Too much multi-tasking leading to difficulty focusing on big, long-term goals? Permanent salary lag? Burnout and exhaustion? Further putting off commitments?

Some do make the multi-part-time juggling work style a matter of choice. For some Gen Yers (as with previous generations), flexibility and freedom equals happiness when contrasted with a full-time office job. Does this harken back to the “freelance mentality” the Gen Xers were known for in the 1980s and 1990s? Will it be an extension of Gen Y’s desire for multiple careers and having options? How will job-juggling work when the desire for family piles on additional responsibilities?

Please comment and add your thoughts.

Phyllis Weiss Haserot      www.pdcounsel.com

 

FREEDMAN’S “THE BIG SHIFT”: MORE THAN BOOMER REINVENTION FANTASY

Marc Freedman, founder of Civic Ventures’ most recent book, “The Big Shift: Navigating the New Stage Beyond Midlife,” deals with the newly defined phase of life between midlife and old age. He calls it the encore phase, rejecting “young old” and “working retired” labels as unsatisfactory and inaccurate.

My side note: Interestingly, another phase of life has been identified in relatively recent years as well between adolescence and adulthood, but it is not referred to in the book. It is known either as emerging adulthood or enduring adolescence. I mention it because together the two phases illustrate how the lifecycle is stretching out not only in years, but also diversifying, presenting complexities, challenges and opportunities we all need to understand. The big shift is even shiftier than Marc Freedman contemplates.

But back to his focus on the post-midlife shift. Freedman does an excellent job of describing the oxymoronic nature of this stage in great detail: “A World Out of Whack,” as one of the chapters is titled…”individuals are thrown into an identity chasm”… “myth of Boomer reinvention.”  Freedman sees the “reinvention fantasy” as part of the problem. He sees the “obsolescence of much of what’s accepted as hard reality by many economists and demographers of today.”

Currently, social entrepreneur Freedman says,” the transition from midlife to this new encore stage is a do-it-yourself project with little guidance, few role models, and scarce resources.” Imagine the windfall of talent that could result, he says, helping carry us toward a new generation of solutions for growing problems in areas like education, the environment and health care.

Freedman advocates for a new map of life and how to navigate it. Boomers will not deal with their 60s and 70s as generations before, both given their fitness and their mindsets. He is optimistic that this encore stage can be characterized by “purpose, contribution, and commitment, particularly to the well being of future generations.” (I am sure the skeptical Gen Xers and Yers will be glad to see that happen.)

Freedman lays out 10 possibilities for translating opportunity to large-scale fruition. The missing piece is where the funding and institutional fortitude to make it a reality will come from. He is hoping his imaginative and inspirational ideas will attract the attention and resources.

Marc Freedman is not only an important and articulate voice, he is a doer. And with a fortunate alignment of the stars and a great deal of effort, it might happen.

Phyllis Weiss Haserot       www.pdcounsel.com

 

 

TRANSITIONING TO TEACHING OVERSEAS

A significant number of Boomers thinking about transitioning their careers think about teaching. There is a new opportunity for experienced Americans interested in teaching overseas which I was recently made aware of. The majority of applicants for this specific program are 50 or 60 or older.

The “Teacher Ambassador Program” (TAP) will train Americans for English-speaking positions at magnet high schools in 13 Chinese cities. They say it will differ from other programs by training participants in how to:

• Appropriately incorporate American styles of teaching (project-based learning, dialogue, critical thinking, etc.); and
• Identify and pursue culturally appropriate community service opportunities in and out of the classroom.

TAP is run by United World College-USA (and the Ameson Foundation, a charitable organization in NY that focuses on cultural and education exchanges in China.

China is hungry right now for American teachers (for various subjects, many of which are AP), and some of their best current teachers (in public schools) are in their 60s. (See great story example below.

Allen Glick, 65, English teacher in Suzhou said: “My wife and I are comfortably ensconced in Suzhou, which is a charming and laid back city,” Allen continued. “Living in China has been like a second honeymoon.” Allen also has been pleasantly surprised by his students, who he calls “utterly respectful. I seem to hold an honored position among them. Many of my teaching colleagues in the States would stand in line for days to have students like mine.”

 

 

ARE BOOMERS TAKING AWAY NEXT GENERATIONS’ JOBS BY NOT RETIRING?

By not retiring on the schedule expected, what affect are Boomers having on the younger generations’ careers? I wrote about this issue at the request of Aging Today, a magazine (March/April 2011) of the American Society on Aging.  Here’s my briefer answer.

In a thriving economy, this question would not even be asked. We’d be challenged by what was expected before the severe recession in 2008 – a labor and talent shortage. Forecasts said that the retiring Boomers couldn’t be replaced with the much smaller Gen X cohort – even with the ambitious Gen Y/Millennials vying for quick promotions. Eventually the supply and demand balance will change to reflect those demographic forecasts.

There shouldn’t be an expectation of a mandatory retirement age for people who are productive, energetic, knowledgeable, connected and willing to be team players. While that’s certainly not all the Boomers, it describes a lot of them. If all the Boomers left with their knowledge, skills, judgment and contacts, the workplace and organizations in general would suffer significantly.

 On the other hand, shifts are in order, and younger people need opportunities to grow, prosper and lead. That means that many boomers need to accept a shift in their roles, a transfer of leadership sooner or later and frequently, situations in which they are reporting to and supporting younger managers. For my thoughts on the last, read http://www.secondact.com/2011/04/how-to-survive-a-kid-boss/

Phyllis Weiss Haserot    www.pdcounsel.com