The GFC and talk of a GFC 2 has rewired the thinking of many mature aged workers approaching the so called ‘golden years’ of their life. Superannuation funds have been smashed, retirement savings squeezed and lifestyle changes have caused many to opt to stay in the workforce longer than previously planned.
While retirement is under some pressure from the economics of the day, could there be a more subtle shift in thinking about retirement that persists long after the world sorts out the current financial messes? Looking behind the veil of financial security, could there be something deeper going on here that transcends financial considerations? Moreover, has the notion of traditional retirement been quietly, subtly and systematically replaced by some other concept under the guise of the GFC?
The answer resides in both economic rationale and social change. Retirement as we have known it does seem to be an outmoded word today and one that has lost its relevance. Traditional retirement may no longer adequately describe or satisfy the career and life transitions many are seeking.
Traditional retirement may no longer adequately describe or satisfy the career and life transitions many are seeking.
Baby- Boomers are acutely aware that a broader more contemporary approach is required. Many feel forced to delay plans to retire to fund lifestyle choices but are also seeking great flexibility, for example to care for ageing parents. Some report a renewed spirit – a feeling they have more to contribute, both in work and a community sense. Retirement for these people is not about disengagement with the workplace; but rather re-engaging with a different employment and psychological contract.
The demographics of western nations, and in particular the ageing population, serves to provide a compelling argument for why the world’s advanced economies simply cannot afford to lose the Baby- Boomers from the workforce in the medium and longer term. This combined with life expectancy trends growing, chronic talent and skill shortages and the changing needs of employers and employees, necessitates a rethink of employment fundamentals and, in particular, the community’s attitudes to retirement.
Firstly, cast aside the stereotypes and let go of the conventional ideas of retirement.
Firstly, cast aside the stereotypes and let go of the conventional ideas of retirement. Instead replace the notion of retirement with more helpful and useful language such as “career and life transition” where this is an ongoing and satisfying activity. This approach provides the flexibility to adjust to the changing world around us, take advantage of new and emerging opportunities and importantly cater for the changing needs of employers and individuals. It implies a ‘new deal’ psychological contract is required when it comes to employee engagement and one that respects and values the changing needs of both parties.
The research clearly shows that staying active, mentally and physically, plays a vital role in overall mental and physical health and longevity. Therefore, this combined with current and forecast social and economic trends provides a strong platform for changing how we think and feel about retirement. A fresh approach is required and a useful place to start is to adjust our language. Career and life transition suggests a continuum of transition rather than something finite and discrete. It facilitates and opens up a dialogue that provides hope and inspiration for ongoing and sustained career satisfaction, lifetime employability and enterprise skill development. Moreover, the market will force the change, even if we don’t, so we may as well take charge and drive the process ourselves and, in so doing, reap the rewards of the convergence of self determination and opportunity.
deliberatepractice are experts in career conversations. If you would like to discuss your lifetime career options please call please call 1300 deliberate (1300 335 423) or email: info@deliberatepractice.com.au