career Archives – Unretirement Project

What Does Delaying Retirement Mean for You

July 12, 2017 by Sharlyn Lauby Leave a Comment

My father-in-law retired at age 55. He then spent over 35 years enjoying his retirement life by playing golf, tending to his gladiolas, and eating pork chops with potato chips. He could do this because he planned and saved for retirement.

Today, many people won’t be able to enjoy the same kind of retirement my father-in-law had. In fact, I’m certain that I won’t have the same kind of retired life he did. For some, the Great Recession dwindled – or eliminated – retirement savings. And the current discussions about changes to Social Security and Medicare…well, are making folks nervous.

That’s why I was particularly interested when I ran across this report from The Conference Board titled “Delaying Retirement” [PDF]. While the report is a few years old, I don’t know that the dynamics have changed much. And the report does offer some perspective about the extent that the Great Recession impacted families and their post-work savings.

For example, the report says that households’ net worth dropped from $66 trillion during the peak of the recession in 2007 to $48.5 trillion in 2009. That’s a pretty big chunk of change. Which explains why parents moved in with their adult kids and started rethinking when and how they plan to retire.

From a work perspective, the decisions being made to delay retirement are giving companies a little bit of a reprieve. Several years ago, HR pros were all running around like Chicken Little talking about the Boomers retiring and the impending labor shortage. Now Boomers are delaying and redefining retirement. So, the sky isn’t falling…yet.

But make no mistake, all of the Boomers will retire at some point. Some are already retired and others are making plans right now. They’re figuring out what the new normal is for their retired life. They’re getting comfortable with the changes they need to make in both their personal and professional lives.

While I initially read The Conference Board report as a human resources professional with the need to develop a workforce plan, I’m now looking at this retirement data differently – from the perspective of a person considering retirement. What lessons can I learn? You can grab a copy of the report here [PDF]. It’s well worth your time to understand the retirement dynamic and how it will potentially impact you.

Image captured by Sharlyn Lauby at the Neon Sign Graveyard in Las Vegas, NV

The Business Case for Hiring Older Workers [infographic]

July 5, 2017 by Sharlyn Lauby Leave a Comment

I’ve been to quite a few conferences lately and recruiting remains a top challenge for businesses. So, I think we’ve moved past the point where we need to convince people that recruiting is difficult. It seems to be a given that finding qualified talent is tough.

Organizations everywhere are looking for qualified workers.

If you’re not aware, the Society for Human Resource Management (SHRM) has partnered with AARP to help organizations understand the value of recruiting, engaging, and retaining older workers. At this year’s SHRM Talent Management Conference, we learned about a report titled “A Business Case for Workers Age 50+: A Look at the Value of Experience”. In addition to the report, AARP produced this infographic.

Let’s face it. We know that many older workers had to postpone retirement in the wake of the Great Recession. But as the economy gets stronger, and older workers are considering their options, not all workers are looking to retire. Many older workers have a passion for the job they do, like contributing to the organization, and enjoy the mental/physical challenge of work.

This is an opportunity for HR and hiring managers who are looking for talent.

But the reason I’m writing about it here on this blog is because it does involve open, honest communication from everyone. It’s true that organizations need to create cultures where having open dialogue about retirement is acceptable. Workers do not want to think that mentioning retirement means the clock is ticking on their departure.

Managers need training on how to discuss options with employees. They have the ability to redesign jobs. The only way they can do that is by 1) knowing an older worker is interested in a job redesign – maybe to part-time or flexible hours and 2) having enough time to work with HR and senior management to properly make the change.

Finally, workers have to communicate as well. If the company is willing to work with them, are there ways they can work with the company? Maybe in terms of assisting with job design, hours, pay, benefits, etc.

My point is this – companies want qualified workers. Workers age 50+ are qualified workers. Conversations need to happen and jobs revisited, but it can be done. It could be the best thing that ever happened for the business and employees. If you’re not thinking about what work might look like during your unretirement, now might be the time to start.

Bookmark This! #GigEconomy Opportunities Edition

June 28, 2017 by Sharlyn Lauby Leave a Comment

Opportunities multiply as they are seized. – Sun Tzu

If the gig economy had an official quote, this would probably be it. Think about it – the more gigs you work, the more people know about you and your work. Thus, your opportunities can multiply. And that brings us to another quote, this one by William Arthur Ward: Opportunities are like sunrises. If you wait too long, you miss them.

The gig economy goes by many other names (agile economy, flexible economy, servant economy, optimized economy) and is defined as a labor market characterized by the prevalence of freelance work. There appears to be more gig opportunities available now than ever before. Since we don’t want to miss them, let’s take a look at a few great resources to help us get the most out of this growing trend.

Careercast has assembled a great list of freelance, contract and part-time jobs for 2017. The list crosses several industries and includes data from the Bureau of Labor Statistics (BLS) such as projected growth and median salary. And, since they are a job board for temporary and part-time jobs, information regarding how to apply is also available.

Small Business Trends shared their list of “20 platforms that are growing the gig economy”. So, if you aren’t sure which direction to take your unretirement, consider a quick look at this list. Maybe being a Lyft driver isn’t your dream gig, but how about being an expert instructor? Or even a freelance chef? Yes, there are jobs in those areas and platforms dedicated to them.

Still not convinced gig work is for you? The BLS published an article that offers a quick but comprehensive look at the ideal occupations for gig employment, pros and cons of gig work, and different ways to get started. The article also includes a variety of census data on gig workers because, you know, that’s what the BLS is known for.

Finally, if you have the skills but don’t want to be tied to one of the specific platforms we’ve talked about here, consider hanging out your digital shingle. Workify offers what they call Hustleware – their “all-in-one platform for making a living online”. You can digitally set-up shop and market your services all in one place.

Whatever you choose to call it, we know the “agile economy”, isn’t for everyone. But we think it can be a great fit for those who want a little more freedom and income in their unretirement life. Knowledge can give us the tools we need to be successful part-time entrepreneurs.

Image captured by Sharlyn Lauby during an adventure of a lifetime at the Fort Lauderdale – Hollywood International Airport

HOW TO: Set Up a Home Office for Unretirement

June 7, 2017 by Sharlyn Lauby Leave a Comment

Years ago, my father-in-law gave me a piece of advice – live where you want to live and then go find a job there. It was that piece of advice that made us realize we want to live in Florida and eventually become consultants.

When we first realized that we might want to consult in the future, I took every opportunity to talk with consultants about their experiences. One area where there was quite a bit of differing opinion was office space. Some people told me the first chance you have to lease space, do it. Others said working from home is fine.

In fact, one person told me that it would take two years to get used to working from home. And for me, it did. I was so concerned about getting distracted with Hamster Dance videos that I made myself miserable. Once I lightened up about the benefits and challenges of working from home, I found my productivity (and outlook) significantly improved. So, if part of your unretirement might involve setting up a home office, here are a few things to consider:

Figure out your “flow”. Mihaly Csikszentmihalyi coined the term “flow” to represent a state of consciousness where you are at peak performance. Finding your flow is uniquely personal. To do your best thinking and work, your office space needs to be comfortable for you. Don’t apologize for it.

Think about proper ergonomics. I broke my back several years ago, and since then, I’m a posture freak. I feel better when I’m sitting up straight. Not only does your home office need to be comfortable but it also needs to be good for your body.

Don’t forget good lighting! We are a very technology driven society, which is fine. I love tech. But I also realize that working and reading in front of a computer are hard on my eyes. Proper lighting, including sunlight, is essential.

Research how much internet you will need. Speaking of technology, chances are you will have to consider internet access in your home office. Even if it is to say, I don’t need it and will go to the library when I do. It’s easy to overbuy (or underbuy) WiFi. Start keeping track of how much you’re using so you can properly estimate your needs.

Make decisions about communication. In addition to internet, you must decide about phones, voicemail, etc. Think about if you plan to do podcasting or webinars as part of your unretirement and if you need to have a phone line. IMHO, you can always tell when someone is trying to conduct a webinar using their cell phone. The sound and reception just isn’t the same.

Create a charging station. Working from home means all your technology needs a place to charge. Will that be in your home office? Or a place somewhere else in the home that everyone can use?

Surround yourself with stuff you like. This might sound a bit trivial but I think it’s important. Make sure you find pleasing what’s on the walls and your desk. Use office supplies that you enjoy. I’m not saying go crazy, but you’ll find that you’re happier and more productive when you like your surroundings.

Think about software. If you will be using a computer, you should think about word processing software, file storage, backups, etc. There are free options available and others that pricey. Consider how much you will use a piece of software and if the price is worth the expense. Many offer free trials to check them out.

Ask about the legal stuff. If you work from home, you must consider general liability insurance as well as your home owner’s insurance. You’ll want to get advice about what’s deductible (and not) on your income taxes. And if you’re working with client files, you’ll want to know about secure storage and how long you need to maintain files.

Anticipate your marketing plans. At minimum, you’ll want to have business cards for your unretirement side hustle. The question becomes, do you list your address? Or set up a post office box? And if a client wants to meet with you, think about where you would suggest.

The good news is that setting up your home office can be one of the most enjoyable experiences you’ll have for unretirement. My home office is by far the nicest office I’ve ever had in my career. And that makes it nice to get up and go to work every day. I spend too much time there not to have it be my dream space.

For those of you who work from home, what’s the best part about your office space? Leave us a note in the comments.

Image captured by Sharlyn Lauby just off the beach in Key West, FL

Organizations Aren’t Prepared For the Aging Workforce

May 10, 2017 by Sharlyn Lauby Leave a Comment

According to a survey from the Society for Human Resource Management (SHRM), organizations aren’t prepared for dealing with an aging workforce. Only one-third of companies are examining their policies and practices to address this issue. In addition, an extra 20 percent had decided that no changes are necessary to their existing policies and practices. I encourage you to check out the survey findings. It’s a good read.

It reminded me of Ted C. Fishman’s book, “Shock of Gray”. The book talks about the aging population and the implications for business, consumers, etc. Frankly, it doesn’t seem logical to me that a large portion of our society is getting older and it wouldn’t impact the workplace.

However, in speaking with my HR colleagues, maybe businesses do realize that the workforce is aging. And that they need to do something about it. The challenge becomes reframing the retirement conversation inside organizations.

It’s not as easy as it looks. People are starting to realize the importance, but it will take a change in basic assumptions to get the conversations going.

Years ago, retirement was like resigning. You went into the office one day and you said, “I’m retiring.” And you did. When you retired, you stopped working and started collecting your pension. Done. Finite.

Today, retirement looks very different. It’s looks like…well, unretirement. An increasing number of older workers are planning to stay full-time longer. They are planning a phased retirement. Some employees are announcing their retirement, leaving the working world for a few months, and then asking to return! Organizations could be facing some unique challenges if they’ve never dealt with these situations before.

Companies need to figure out how to allow retirement conversations to happen within their culture. Organizations will benefit when employees feel comfortable talking about their plans for the future and the company can better positioned to react to them. Valuable historical knowledge about the company can be transferred. Jobs can be redesigned to accommodate part-time or contingent work, allowing the company to retain talent. Older workers can mentor or coach young professionals and help with their leadership development.

Aging workers and retirement are not dirty words in the workplace. They are also not synonyms for resignation. An aging workforce is thinking about retirement. Companies should be thinking about it as well. There’s an opportunity to create a win-win. But it takes communication.

Image captured by Sharlyn Lauby during a photo tour in New Orleans, LA

BOOK REVIEW: Blog2Book: Repurposing Content to Discover the Book You’ve Already Written

May 3, 2017 by Sharlyn Lauby Leave a Comment

You guys know that blogging over at HR Bartender was the spark that started this blog. We enjoy blogging very much and want to share what we know so that, if others are so inclined, they can start their own blog.

The first step in successful blogging is writing content that’s consumable. Please note: I didn’t say writing unique content. It’s true you want to write in your voice and you want to be authentic and share your point of view. But every blog post doesn’t have to be unique. It’s perfectly okay to repurpose content.

Repurposing content is the practice of modifying a previously written piece for another use. Here’s an example: I used to work for a manager who published the same memo every year about tacit approval. I liked the memo so much that I still have a copy some ten plus years later. And every year on HR Bartender, I write a post about tacit approval.

Not only can you repurpose blog content but, you might want to repurpose content to write a book. My friend Cathy Fyock has written a book on how to turn your existing blog content into a book. It’s called “Blog2Book: Repurposing Content to Discover the Book You’ve Already Written”.

Writing a blog takes a lot of time. It makes no sense to write a unique post and say to yourself, “Okay, I can never write about that topic again.” Or “I can never tell that story again.” We repeat ourselves all the time in our communications. Sometimes it can be valuable to repeat core messages. In Cathy’s book, she outlines how bloggers can reuse their blog content to flesh out potential book topics and tell a long story over the course of several shorter posts.

What I enjoyed about the book is that Cathy didn’t stop after convincing a reader to consider repurposing content. She went on to give readers some things to consider when developing a book project. I’ve written two books (and am working on number three as we speak). I can tell you from experience that each book is its own unique project. How you research it, write it, and later publish and market it. Having some understanding of the book publishing process can be very helpful as you’re blogging and building community.

If you’re looking to start a blog and wondering where you’re going to get all that content from, this book is for you. If you want to write a book, and think blogging might be a good first step, this book is for you. Starting a blog and writing a book are not out of reach. It does take a bit of planning. Blog2Book can help guide your writing journey.

Why Unretirement and Why It’s Important

February 1, 2017 by Keith Lauby 6 Comments

We remember what retirement used to look like. One day, you just stop working and start retiring – living off your company pension with a little help from Social Security. That’s what our parents did. Today, for the most part, all of that has changed.

To help us understand, we might want to look at what retirement really is. The Cambridge Dictionary defines retirement as “the point at which someone stops working”. If we accept that as the true definition of retirement, we can then understand the need for something new. The need for unretirement.

Unretirement is the move from working full-time to working . . . less. But it’s more than that. It’s working, but doing something we want to do. And getting paid for it. Most of all, unretirement is earning the opportunity to live on our own terms.

Best of all? It’s exactly what the labor market wants from us.

Right now, ten thousand people reach retirement age every day according to a recent Pew Research study. The National Institute on Aging reports that, on average, only 33 percent of retirees continue working full-time. The result is a growing labor shortage that is creating a real need for our skills.

In most cases, businesses don’t want to hire more and more full-time employees. But they are looking for skilled workers who want to help out and take on some of the work. This is called the gig economy, and finance company Intuit predicts that, by 2020, 40 percent of U.S. workers will fall into this category. In fact, entire enterprises such as Lyft and Airbnb have risen out of gig employment.

That’s where unretirement comes in. It’s identifying that encore career and understanding the best way for it to fit into our retirement life. Wikipedia defines encore career as “work in the second half of life that combines continued income, greater personal meaning, and social impact.”

Unretirement is also focusing on our health and wellness so we can get the most out of the fun things we want to do in retirement. We may have to upgrade a skill or two along the way. But no successful unretirement comes without a cost.

It’s time for a fresh perspective about life after work. It’s time for unretirement.

Image captured by Sharlyn Lauby while traveling in Maui, HI