Life Meets Work Blog

People age 50-plus are looking for options beyond retiring full-time.  Since the majority of companies are not embracing phased retirement yet, many are starting businesses on their own.

In fact, according to the Kauffman Foundation, Americans aged 55 to 64 form small businesses at the highest rate of any age group—28% higher than the adult average.

The SBA has recognized this trend and started a website just for 50+ entrepreneurs.

Here are some questions that would-be entrepreneurs should ask themselves:

1. How do you define business ownership?
2. What is your tolerance and capacity for risk?
3. What do you want out of your business in return?

Your answers will help determine whether a solo venture, start up, franchise, or a business acquisition is right for you.

Posted by Jaime.

In our ninth straight month of job cuts, employers slashed more jobs this September—159,000—than they have since 2003.

But while job cuts may be on the short-term agenda, many are still looking forward with concern to the post-boomer years and making plans to shore up their workforce now.

Such is the case in northeast Wisconsin, where layoffs are affecting area manufacturing families. In this region, manufacturing accounts for 24% of the work force and 30% of the income. So when area paper mills and machine shops shut down, people begin to feel concerned for the health of the region’s economy overall.

And plenty of area manufacturing leaders are concerned—but not about closing their doors. Despite layoffs at some companies, others are looking five to 10 years forward and hoping they’ll have enough skilled people to keep the machines going and stay competitive.

Paul Rauscher, owns EMT International, a small 80-person equipment manufacturer for the paper and printing industry. Rauscher believes a shortage of qualified workers poses the greatest future threat to his business—more than even foreign competition.

“We manufacturers have to get people, and especially young people, to realize that careers in manufacturing are good for their future and that many of the manufacturing jobs of today are high-tech and high pay,” he said in a Q&A with the local Green Bay Press Gazette.

Here’s what Rauscher observed about industry needs compared to output at the area’s regional technical college:

· CNC technicians – 40 openings – seven graduates

· Mechanical design – 85 openings – nine graduates

· Electro-mechanical technology – 75 openings – four graduates

Rauscher operates in an industry dominated by boomers, so it’s not just the lack of technical graduates that has him worried. It’s the not-so-distant day his workforce retires.

“I know of at least one mid-size manufacturing firm that expects to see about 50 percent of its work force retire in the next five to 10 years. A young person today can expect to see significant opportunities as companies begin to replace retired workers.”

Rauscher is starting his battle plan now. Step 1 - Get young people to enter his industry by promoting career potential.

We expect the following is also on his to-list: Step 2 - Keep boomers on the payroll longer through part-time and seasonal scheduling.

What are you doing now, to build your future workforce?

Posted by Jaime

By 2010, about 64 million workers in the U.S. will be ready for retirement. That’s 40% of our workforce. Forty percent by 2010!

Thankfully, many of those workers won’t actually retire, just because they’re “of-age.“ According to an August 2007 survey of 50- to 65-year-old workers, approximately 29% of 55- to 59-year-olds plan to work beyond 65.

Cool. Now the job is to convince those employees to come work for you. Right? We’re all busy talking about boomer recruitment and flex time policies and temporary executive programs, aren’t we?

No, sadly, many of us aren’t. According to the Wall State Journal, older employees are still getting an uneasy welcome some places. And Working Longer, a new book from the Brookings Institute suggests why: Employers fear older workers “cost too much, lack current skills and don’t stick around long.”

Scot Herrick has a few interviewing tips for boomers over at the Cube Rules blog. Herrick suggest workers over come those negative perceptions by emphasizing skills, past job performance, and—above all—a willingness to learn. Whatever you do, you must not appear set in your ways.

So let me ask you this: Are employers willing to learn too? How about some tips to recruit and retain boomers? Here’s a start:

• Flexible scheduling and job sharing
• Telecommuting
• Contract or project work
• Phased retirement plans
• Cafeteria style benefit plans that include part-time workers
• Eldercare benefits
• Training to eliminate age-bias within company
• Company retiree network

For more ideas, download this 2008 report from the U.S. Department of Labor with Current Strategies to Employ and Retain Older Workers. Lots of great ideas including a snowbird program at CVS which transfers older workers south for the winter (along with plenty of customers). How innovative is that?!

Posted by Jaime