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Home > Dr. Greg > Segment Summaries >
Baby Boomers at the Career
Crossroads
Dr. Greg Ketchum, 2/21/04
Statistics
There are 76 million Americans born between
1946 and 1964. The oldest Boomers are turning
58 while the youngest are hitting 40. In 2008,
there will be 34.1% more workers in the 50-59
age group than there were in 1998, and 15% fewer
workers age 25-40.
Boomers at the Career
Crossroads
The leading edge of the Boomer Generation is
entering the later stages of their careers at
the same time that…
-
The economy is coming out
of recession, but not creating jobs
-
The American workplace
is undergoing profound & permanent transformations
as a result of downsizing, outsourcing, productivity
gains, “off-shoring” (sending jobs to China,
India & the Philippines) & being part
of a “world economy.” Many jobs are simply
evaporating.
-
Further, the bursting of
the dot.com bubble along with continuing corporate
& mutual fund scandals have added to the
upheavals Boomers are facing in their careers
(i.e., nest eggs shrinking, health insurance
benefits being cut, underfunded pension plans,
solvency questions of Medicare and Social
Security, etc).
Perfect Storm
All of these factors converging at the same
time that the leading edge of the Boomer generation
is entering late stage career and early retirement
has created the “Perfect Storm for Boomers.”
Boomers Redefine
Careers & Retirement
Boomers have redefined every life
stage we’ve gone through either by sheer numbers
or by a determination to do things differently
and not accept the status quo.
-
We’ve been engaged in the
process of redefining the idea of "career”
(i.e. dads being more involved in child rearing
and less work focused, women having more options
than only being wife and mother, the idea
of working for only one company & retiring
after 20 years) ever since entering the workforce.
-
Boomers are now at the
leading edge in the process of redefining
the late stage of career along with the concept
of "retirement."
-
This redefinition is benefiting
not only baby boomers, but also the generations
behind, as Boomers are pioneering new models.
The Current Challenge
All of these factors create unique
challenges for Boomers.
-
They have no real models
to follow of how to wind down a career and
retire in the beginning of the 21st
Century.
-
Most are too young with
too many responsibilities (i.e. delayed childbearing)
to “retire” and too old to make a radical
career transformation.
- Most Boomers want and need to find a way to
continue to work, but to do so in a manner that
brings as much meaning, challenge, and reward
to this stage of their careers as possible.
The Crossroads
The decision point, the crossroads,
where Boomers find themselves involves choosing
to
-
Go Straight
Stay on the career path they’re on
and try to hang onto the job as long as possible,
hoping to retire before they’re outsourced.
-
Go Left
Change careers, but do it in an “evolutionary”
manner, building on what we’ve already accomplished
and transferring their skills into something
new.
-
Go Right
Make a radical career sift, but do
it in a “revolutionary” manner, making a clean
break with the past and going a whole new
direction.
Each path has challenges, opportunities and
obstacles to surmount. For every Boomer who
has found a successful path through this career
stage there are 1000 more looking for a way
through. The critical factor is that no matter
who you are, what your work or station in life,
each of us must make a choice. In this situation,
not choosing is a choice. It’s time to make
a conscious choice.
Telling These Stories
Over the next 6 weeks we’ll be bringing
you the stories of 3 Boomers who are successfully
navigating this stage of their career, and who
are making a career transformation. We’ll be
looking at questions such as…
In Summary
This story is not just about Baby Boomers, it’s
about the transformation of the American workplace.
It’s about discarding “antique” notions about
the later stages of one’s career and retirement
itself. It’s about creating new models, pioneering
new trails through this stage of life at a time
of great turmoil and change. Finally, it’s a
story that’s not being told, but which directly
impacts nearly one third of the American population.
If you’ve got work or career topics you’d like to see
us address, just send me an email at drgreg@talentplanet.com.
®2004 All rights reserved. Gregory
A. Ketchum, Ph.D.
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