gig economy Archives – Unretirement Project

More Individuals Are Choosing Freelancing in Semi-Retirement

May 23, 2018 by Sharlyn Lauby 3 Comments

I ran across an article recently on LinkedIn talking about the latest statistics for the gig economy. It’s worth checking out. My takeaway from the article is that an increasing number of Baby Boomers in senior level roles are opting into freelancing or consulting as a transition to their semi-retirement.

Think about it. Instead of going from a regular full-time job to retirement, individuals are making several smaller moves toward retirement. Full-time job TO full-time freelancer TO semi-retirement THEN unretirement AND retirement.

The good news is that I believe organizations are very open to this type of new career transition plan. Granted, it’s very different from what they’ve done in the past. And, it will probably involve some sort of trial and error in terms of getting the conversations right with employees and coordination in making it happen. Nonetheless, I think with the challenges that companies are having in finding and keeping talent, it makes a lot of sense.

But for individuals looking at the next decade of their careers, it means they need to think differently too. It’s a big enough decision going from full-time to retired. Now, we’re talking about several small moves, all of which need some level of planning.

We should start thinking about career transitions earlier. You can’t just flip a switch and become a freelancer or consultant. It’s true that you would have the knowledge and skills to do the work. And it’s pretty easy to set up a home office. The part of freelancing and consulting that takes time is building a network. So, if consulting is in your future, you must start building the marketing plan.

Lifelong learning has never been more important. When you become a freelancer or consultant, you are in charge of everything. If you’re used to calling the technology department every time your computer goes on the fritz or having someone proofread all of your communications, those things go away when you leave Corporate America. Sure – you can hire someone to help you but that can get pricey.

It will be necessary to financially plan for these transitions as well. Freelancing can be terrific in terms of having time to travel, pursuing a hobby, or spending time with family. On the other hand, freelancing means you’re responsible for all of your income, including benefits like healthcare and vacation. So, moving to a lifestyle where you have more control also means you’ll want to make sure you can afford it.

One of the ways that individuals can transition toward their retirement lifestyle is by spending some time as a freelancer or consultant. Organizations seem to be very willing to consider these arrangements. But it needs to work for everyone. Companies want individuals with knowledge and skills. Individuals want flexibility and fair compensation.

To make this successful, both companies and individuals will need to start planning earlier and communicating more often.

Think About Retirement Lifestyle and Programs Separately

May 2, 2018 by Sharlyn Lauby 1 Comment

Just in case you missed it, the World Health Organization (WHO) has declared 65 years of age to still be “young”. Frankly, it’s not a surprise. People are living longer.

But it also reminded me that we have to draw a distinction between retirement age for government or company retirement programs and our age for living a retirement lifestyle. As an HR professional, I understand the need for retirement plans to have ages in them. Organizations need that for compliance, consistency, etc. But just because a person qualifies for a retirement benefit at age 65 doesn’t mean they can no longer contribute in the workplace.

This is one of the reasons that the concept of unretirement is so important. Yes, we need to work toward have the security to support ourselves and we need to be conscious of how retirement programs work. But we also need to realize that hitting the age of eligibility for retirement programs should be viewed as a benchmark, not a finality.

Unless of course, you want it to be some sort of “I’m XX years old and now I’m going to retire.” And there’s nothing wrong with that. In fact, you can decide that you want to start living the retirement lifestyle when you’re 55 or 50 or even younger. It does mean that you might have to wait a few years before you reach the eligibility age for retirement programs, but that can be okay if you plan and prepare for it.

If you’re going to think of retirement plans and lifestyle as two separate things, here are a few things to keep in mind.

It’s never too soon to start thinking about what you want your retirement lifestyle to look like. Sure, this makes sense in terms of your finances, and those things you want to do (like travel, hobbies, etc.) Buthave you given any thought to an encore career and the skills you might need to start working on now?

Share your plans with family and friends. You don’t need to do this all at the same time but, at some point, you have to tell your family what you’d like to do (and when). They need to buy into this. Especially if they thought your retirement meant you were going to spend more time with them.

Think about how to introduce the subject with your employer. Another conversation you don’t have to have right away, but it does need to happen, is talking with your boss. Your company might be thinking you plan on hanging around longer (or leaving sooner). Open, honest dialogue is necessary for a smooth transition.

As I start to talk with more business professionals about this blog, I’m a little surprised at both the Millennials who are already thinking about their retirement future AND the Boomers who aren’t. While you don’t have to take action right away, it does take some time to develop an opinion on these matters. We all have to develop our own unretirement plan because nobody can do it for us.

Image captured by Sharlyn Lauby somewhere on 7-Mile Bridge heading to Key West, FL

Phased Retirement: Be Prepared to Initiate the Conversation

April 25, 2018 by Sharlyn Lauby 1 Comment

I ran across an interesting article recently in Workforce Magazine titled, “Phased Retirement Largely Ignored Despite Flood of Retirees”. The title says it all. Organizations don’t have structured phased retirement programs in place. Frankly, a lot of organizations don’t have structured retirement programs.

But I don’t believe this trend of not having phased retirement programs is going to continue. And I don’t feel that employees have to wait around for such retirement programs to get created. Some of the work may actually happen organically.

Organizations continue to struggle finding qualified talent. The job market has shifted in the candidate’s favor. For individuals looking to stay in the workforce longer, those opportunities exist. According to an article from the Society for Human Resource Management (SHRM), the number of employed older Americans has increased by 35 percent over the past decade. This is due in part to increased longevity, which means that people need to finance a longer retirement.

So individuals and organizations have the opportunity to create a win-win where work, phased retirement, and retirement are concerned. Older employees can stay in the workforce longer to build up additional resources for their retirement.

Then, organizations and employees can work together to create an interim step (aka phased retirement). But here’s where I think the challenge lies. I’m not sure phased retirement programs have a lot of history or established best practices. As we learned from my interview with Joyce Maroney from The Workforce Institute at Kronos, phased retirement isn’t simply “going part-time”. It involves communication, planning, and training.

Both employees and organizations need to be willing to initiate the conversation about phased retirement. They need to be open to the notion of doing a trial run or beta arrangement. And then, they have to debrief their experiences to make the next time better.

Yes, phased retirement is exciting and fun. It’s also a business decision. And as employees, we should be prepared to wear both hats. There must be a balance between “I’m looking forward to working less and relaxing more.” AND “I need to have a role that brings value, even if it is part-time.” I absolutely believe it can be done. And we have the skills to make it happen. We just have to be prepared to start the unretirement talk.

Speaking of skills, if you happen to work for one of those companies that might be looking to create a few phased retirement test cases, please note a couple of paragraphs earlier when I talked about what individuals and organizations need to do: initiate conversations, openness to a trial, and debrief experience. What I’m getting at is that being a part of a phased retirement program involves good communication and feedback. Don’t expect the other person or someone else to do all the talking.

Phased retirement programs benefit both employees and employers. IMHO, organizations would be well-served to implement a few test cases before adopting a formal phased retirement program. But that means managers and employees need to be willing to communicate their plans and goals, share positive and negative feedback, and remain committed to doing what’s right for everyone involved.

Image captured by Sharlyn Lauby somewhere off the coast of Miami, FL

Is It Safe to Use Social Media for Marketing in Unretirement

April 11, 2018 by Keith Lauby 2 Comments

By now, we’ve all seen the articles about Facebook and their use of user information. It has caused a number of users to delete their accounts. Some brands are doing the same. So, I thought it would be a good time to talk briefly about online privacy and social media.

Over the years, social media has become an integral part of our lives. We engage with family and friends on Facebook or our business associates on LinkedIn. Or we monitor trending stories and its entertaining commentary on Twitter. The question people are asking – is our information safe?

Recently, I wrote about using Facebook to help with marketing in unretirement. For years, I’ve used Facebook for my marketing and I will continue to do so, simply because there are more advantages than disadvantages – as long as you’re smart about it.

First of all, know and understand your privacy settings. Every social media site has them. I recommend spending some dedicated time getting to know how every type of social post is handled. Can everyone see it? Only friends? With Facebook, you can start by seeing how others view your page. Click on your profile and, in the bottom right corner of your cover image there are three dots – that’s an extended menu. Click on it and select “View as . . . “.

The difference may be subtle, but you will notice a prompt to send yourself a friend request and an “Add Friend” button. You’re on the right page! From here, carefully read over your Intro box. Does it have the right information? Is it sharing information you don’t want to share here? Any changes in your information can be made using the “About” tab (be sure to quickly click on your profile again first to get back to interacting as you). You should select each heading listed on the left side of your profile and make any edits in the field as needed.

After you confirm your information is correct, it’s time to focus on your privacy settings. On the far right at the top of your Facebook page is a down arrow. Click that and select “Settings” from the drop-down menu. Select “Privacy” on the left to confirm your settings and edit them as needed. After that, select Timeline and Tagging on the left. That will give you a breakdown of your posting types and who can see them. From here, you can select “Edit” for each type of Facebook action and select who can see them from the drop-down menu.

Every social platform has their own version of a privacy setup. Get to know them! In fact, it’s a good idea to schedule an annual social media audit because sites tend to fine-tune their settings over time.

Social media is, and will continue to be, a major force in shaping our communities and culture. It offers vast opportunities! So, don’t be afraid to take advantage of everything it has to offer. Be smart and be aware. And, above all, be safe. It’s really not that hard to do.

Your 5-Day Plan to Using Facebook In Your Unretirement

March 7, 2018 by Keith Lauby 4 Comments

Social media isn’t a fad. It’s a daily part of our lives. According to Pew Research, seventy percent of Americans use social media with thirty seven percent of them age 65+. So, whether you’re using social media to market your blog or communicate with friends, it’s important to know how to use it well in your encore career.

That’s why I thought it might be helpful to run a series about social media. Think of it as a mini-learning plan. We’ll take a short look at using popular social platforms, but from the viewpoint as part of a marketing engine. The marketing engine, of course, will help drive your unretirement efforts whether it’s through blogging or other types of content promotion. Social platforms can help you showcase your interests and skills, learn about new opportunities, and discover trends you can leverage.

Our first installment is about Facebook. Of all the platforms, I believe Facebook is where most of us already have accounts. According to Pew Research, 72 percent of the American adult population has a Facebook account which they visit at least once a month. Globally, the number is 38.6 percent. The challenge is getting comfortable using a platform for business that we may have exclusively used for personal connections.

What is Facebook?

Okay, you probably already know them, but Facebook is a social networking site that allows you to connect with brands, organizations, family and friends. As of their last earnings report, Facebook broke the 2 billion monthly active user mark. It’s the first social platform to reach that level of popularity.

You Have a Facebook Account, Right?

In case you don’t have an account, Facebook is free. You can learn how to sign up using their help page.

Your 5-Day Plan to Learning Facebook

If you don’t have an account, all of these activities will be new to you. If you do have an account, ask yourself, “How many of these have a done?”

DAY 1 – Post one piece of business news that interests you. Maybe it’s a blog post about leadership, an update about the gig economy, or something about what’s happening in your preferred industry.

DAY 2 – Like a group related to your interests. It can be a professional association that aligns with your unretirement goals. Gig economy sites like Wag! (dog walking on demand) or Helpr for babysitters have thriving Facebook pages.

DAY 3 – Like a business brand page. My guess is at least one of the vendors you currently do business with is on Facebook. Or look for a business you just enjoy. For example, I follow Consumer Reports to help me make informed purchases and Disney because I love their products.

DAY 4 – Like a government agency that pertains to your work. I’ve connected with my local city government – they publish a weekly informational newsletter and announce jobs and purchase requisitions. Facebook Townhall can also help you connect with your elected representatives.

DAY 5 – Get comfortable with notifications. At this point, it’s been about collecting information. If you feel comfortable, take a little time to review your feed to make sure are hearing from the people you really want to hear from. Keep in mind, that could include people or brands.

The easiest way to turn on notifications is by clicking on the three dots next to every status update. That will bring up a small menu. Look for “Turn on notifications for this post” – you may have to click “more” in the first menu.

BONUS! At some point, you may way to create your own business page. You can read all about it in the Facebook Help Center.

Facebook can be a valuable business tool without disrupting our personal space. I go into Facebook several times every day, so there are business things I just prefer to read on Facebook. And I do enjoy being connected to my friends and colleagues there.

Think about blending a little business and personal on Facebook. You might decide that you like it.

Goal Setting Doesn’t Stop When You Retire

December 13, 2017 by Sharlyn Lauby 3 Comments

It takes a lot of planning to get to retirement. We have to set financial goals. It’s also possible that we set goals about where we want to live, having an encore career, and hobbies we want to pursue. The good news is we know how to do this because we often have to set goals, monitor our progress, and work toward accomplishing those goals.

But when we retire, goal setting doesn’t stop.

We’re going to have small goals, like getting regular exercise. If you’re in Corporate America right now, you don’t even think about all the steps you’re getting walking from one meeting to the next. In retirement, you have to think about getting in steps or closing those circles. Or staying hydrated. Again, when you’re working, you probably always have a cup of coffee or a bottled water nearby. Once you retire, you might need some prompts to get enough liquids.

We also have to think about financial planning. In retirement, I imagine living on a budget different than I do today. I’ll have to think about how much I can spend. Are my investments creating the kind of income that I expected? And of course, there’s Social Security. Can I rely upon it as an income source or supplement?

In addition, I might want to have unretirement goals like volunteering on boards, traveling to some place I’ve always dreamed of, and creating a little side hustle to earn a few dollars. All of these things involve goal setting. So, because we don’t get to ever stop setting goals, it’s a good idea to learn a good goal-setting model. One that you can always use. For me, that’s S.M.A.R.T.

SMART is an acronym used in project management. It was coined by George T. Doran in 1981.

Specific represents exactly what you would like to accomplish. Think of it as the who, what, where, when, which and why of the goal.

Measurable answers the question of how success is measured.

Actionable (also seen as Achievable, Attainable) outlines the steps it will take to complete the goal.

Responsible (some versions use Realistic or Relevant) identifies the people needed to reach this goal,

Time-bound (or Trackable) establishes the time frame to achieve the goal.

I have to tell you that I learned about SMART in the worst way possible. Years ago, I worked for a company that, every time something went wrong, our company president wanted a meeting to discuss how we were going to fix the problem. Afterward, we had to create something called “a SMART plan” explaining the steps we were going to take. Sad to say, we developed a lot of SMART plans. I thought it was some sort of punishment.

It wasn’t until I started studying for my human resources certification that I learned SMART plans have been around for many years and weren’t some dreamt up form of torture from senior leadership. Over the years, I’ve found the SMART acronym easy to remember, so I mold it for setting goals and creating plans. Here are the questions that I ask when using SMART:

What are we going to do? (Specific)
How will we measure our success? (Measurable)
What are the steps that will help us attain our goal? (Attainable)
Who will be responsible for each step? (Responsible)
When will the task be completed? (Timely)

I know that goal setting and plans can sometimes be the bane of our existence. Many organizations don’t know how to properly set goals and monitor their progress towards those goals. Unfortunately, goal setting and planning don’t end when we retire. So, it’s time to find a process that we can embrace. Because we will want to use it for a long time.

Image captured by Sharlyn Lauby on the streets of Chicago, IL

How to Spend the Last Two Weeks of the Year

December 6, 2017 by Sharlyn Lauby Leave a Comment

When I worked in Corporate America, I looked forward to the last two weeks of the year. Lots of people took the time off. Not me. It was a time when I could plan and get caught up. I loved starting the year with a fresh inbox.

Now that I work as a consultant, that really hasn’t changed. Lots of people take time off and I still get the opportunity to plan and get caught up. I still have a little fun too. But here’s my list of eight to-do’s for the last two weeks of the year:

Get my new calendar ready. I have a paper calendar/planner that I use for keeping notes, etc. Every year, the selection of my planner is a major decision. I like being organized. This year I selected an Erin Condren planner. Not only is it functional, but it looks nice. I believe that planning should be fun and not a chore…so more people will do it.

Clean up my social media accounts. This involves making sure that my bio is up to date, changing passwords regularly, etc. I like to review my Facebook likes and LinkedIn followers, possibly clean up a few of those. There are services like Untweeps and Crowdfire that allow you to unfollow inactive accounts. A great way to make sure that the people you are connected with are active and engaged.

Organize client files and tax paperwork. While I’m still going to need these for a few weeks as I’m finishing up our taxes, this is a great time to get the storage boxes ready and put files in some semblance of order. It also allows me to make space for the next year’s records.

Arrange file storage accounts. Whether you use Box, Dropbox, Amazon Storage or some other platform, this is an opportunity to login to each account, make sure there are no old files there just eating up storage space. Now that many of these services charge a fee, the last thing you want is for them to get junked up with old files that aren’t necessary.

Review my entertainment. Speaking of junked up accounts, another thing I’ve noticed is that it’s so easy to have my iTunes, Netflix, or DVR recordings take over. The last two weeks of the year is a good time to review and say to myself, “Am I really going to watch that?” and if the answer is “no”, then get rid of it. It’s amazing how much storage space can be freed.

Toss old warranties. I keep all of our warranties and instruction manuals in a filing cabinet drawer organized by where the item is located in our home. During the year, we buy new things and donate old ones. So, during the last two weeks of the year, I go through the files and toss the warranty manuals for the things we don’t own anymore.

Check the medicine cabinet. Once a year, we open the medicine cabinets and check the expiration dates on medication. Then we find a place to safely dispose of expired medications (see #8).

Shred confidential and sensitive paperwork. We are very lucky that our Sheriff’s Department sets up a Shred-A-Thon and prescription medicine disposal for residents. It’s a safe and secure way to dispose of those items. And it’s FREE. If your town has one, you should definitely take advantage of it. And if they don’t, start asking your government officials “Why not?” Identity theft is a major issue and this helps reduce crime.

Whether you’re retired or unretired, it’s necessary to keep your files and records in order. Organization allows us to find things faster and stay productive. It keeps our data and information safe and secure. Being organized and free from clutter can make us feel good and ready to take on the New Year.

Image capture by Sharlyn Lauby after a December board meeting in chilly Boston, MA