WORKSHIFTER - Dispatches from the New Executive Frontier

As someone who has built a business around the need for accomplished professionals in the workforce, I found Sean Silverthorne’s recent BNET blog post on baby boomers choosing to work longer a breath of fresh air. Sean highlights a recent Merrill Lynch survey which found that 7 out of 10 baby boomers are working past the age of 65, with almost half of those adults never planning to stop working completely.

While this trend is something I have seen played out in the media a lot lately, many have speculated that the reason behind this trend is that the boomer generation did a poor job of saving for retirement and therefore must continue to work for financial reasons. And though I am sure this is the case for some, there are also a large number of accomplished professionals out there who are looking for a way to continue to utilize their skills but in a more flexible way.

In Sean’s post, he highlights a comment made by Tammy Erickson on Harvard Business regarding the topic, which mirrors this idea:

“Yes, people certainly want to work in different ways — with more flexibility and control. Most do not want to work as hard or as long as they are in their 50’s for another thirty years. But most want to work.”

I think it is refreshing to have this dialogue and see the response. Sean’s blog alone has over 55 comments on it with his readers’ opinions on the topic. I’m interested to see what my readers think as well!

The excellent “Knowledge@Wharton” newsletter recently published an extensive piece on the impact of shifting attitudes as well as demographics on the meaning of retirement. After the Boomer generation, it so much as predicts, so-called traditional retirement will never be the same. And the end result will be a win-win for both employers and professionals.

In “The 'Eldercare Generation' Cares About Continuing to Work: Are Companies Interested in Keeping Them?” Wharton management professor Sigal Barsade warns that “Companies are making a big mistake assuming that older employees will not have the will, motivation or physical stamina to continue working.” Those that fail to tap into the older workforce “are likely missing out on excellent employees who have important institutional knowledge and are still ready, eager and willing to do excellent work.”

This is highly positive, flip side of the “talent gap” coin. It’s not just about filling in for the younger generation whose birth rates fall short – it’s about realizing the potential of a vast, untapped talent pool of highly capable people over age 50.

Wharton professor Olivia S. Mitchell adds, “I do think ... that boomers will change the definition of retirement." In an upcoming book, Mitchell and her co-authors argue that "people are not going to follow the old pattern of work, work, work and then quit. Instead, they are going to take what we call bridge jobs -- leave their long-time career employer and move into part-time transition arrangements. This is different from previous generations, and there is some evidence that expectations have changed.” Might we add, some of them will become Workshifters.

Says Lynn Selhat, an editor at Wharton's Center for Human Resources, "It’s not at all just about a lack of younger workers. It's about what the older workers bring to the companies. Companies are bringing on those who are 50 plus. When they talk about older workers, they talk about dedication, understanding customers, loyalty. Experience is important."

(Full Disclosure: I am a Wharton alumna.)

When the late comedian George Burns was asked..."Don't you want to be retired?". His response was...."Re-Tired? That means tired twice and I'm not even tired once!"

That is the sentiment of the 25% of the entire working population that will be reaching retirement age by the year 2010. What are you and your company doing about that? How are you tapping into this vast talent pool of highly experienced people who no longer want to work full time but aren't ready for full time retirement either?

Have you considered the workshifter model of engagement for your organization? The most progressive and thoughtful companies out there have. As a result, they will have a significant competitive advantage in the marketplace that will directly impact their effective execution of corporate initiatives and their bottom line.

Management consultancy Booz Allen Hamilton's UK operation issued a report in May entitled, "Reshaping the World of Work and Retirement." In it the firm argues that the so-called traditional approach to retirement is all wrong.

The report's author, Lord Andrew Turnbull, a Booz Allen senior adviser, said: "We need to alter fundamentally our assumptions about work and retirement and the transition between the two. A profitable decade of mixed working and retirement ought to be the dominant model of how to make the most of our flexible years, easing ourselves into a restricted income rather than plunging into it."

Richard Rawlinson, vice president at Booz Allen Hamilton and a specialist in strategy and leadership, added: "We have not yet fully grasped the size and significance of our aging population. The implications are vast, from the patterns of work and retirement to the way companies are run. Companies are starting to recognize the great opportunities from focusing goods, services and marketing to the opportunities created by long life expectancy - but few companies have actually adapted their business and made the changes they need to make."

You can get the full report here.