gig economy 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

Using Feng Shui to Plan Your Unretirment

June 21, 2017 by Keith Lauby 1 Comment

You may remember at the start of the century, the growing interest in the United States with the Chinese philosophical system of feng shui. If you’re unfamiliar with it, feng shui professes the importance of harmonizing everyone with their surrounding environment. Evidence of this ancient practice dates to 4000 B.C.

Like many westerners, Sharlyn and I were curious about feng shui so we purchased a few books and read some articles to learn a little more about it. Historically, feng shui practices have to do with orienting buildings and their structures, such as doors and windows, relative to local features such as bodies of water or stars. Please note that I in no way profess to be an expert in feng shui. The main thing that I took away from reading about it is that the practices are designed to make your life easier.

That’s what really caught my attention. More than 6000 years after the start of feng shui, Microsoft Founder Bill Gates was believed to have said:

“I choose a lazy person to do a hard job. Because a lazy person will find an easy way to do it.” Had Bill known me at the time, he probably would have made me chairman of the board.

And this is where feng shui becomes important in unretirement. Chances are, you won’t wake up one morning and say “Today I will quit my full-time job and focus on my unretirement gig.” Instead, what most of us do is find some spare time to work on gigs on the side. No spare time? No gigs.

So find ways to create a little some spare time by making your life easier. One of Sharlyn’s favorite quotes is by celebrity chef Alton Brown, “Organization will set you free.” So get organized and harmonize yourself with your inbox, your desk, and your to-do list. Focus on the things you do repeatedly throughout the day and find ways to do them easier and faster. A few minutes here and there can really add up.

When planning for your unretirement, you don’t have to be a feng shui master to understand the value of a little harmony.

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.

Retirement Plans Are an Essential Part of Employee Well-being

April 19, 2017 by Sharlyn Lauby 1 Comment

(Editor’s Note: We’re happy to share with you a post originally published on HR Bartender and brought to you by our friends at Conduent HR Services. They provide advisory, technology, and administration solutions to help companies manage and engage employees. Enjoy the post!)

One of the things that I like about being in the human resources profession is the variety. Not just from the standpoint of the many different HR functions: recruiting and onboarding, training and development, compensation, etc. but from the variety of professional backgrounds that transition into HR careers. Organizations have an opportunity to harness a variety of knowledge and skills for the benefit of the workforce.

For example, I know marketing and operations professionals that have transitioned into HR. Another area is actuarial science. Now you might be saying – actuarial science?! Yes, it’s true. I recently had the chance to chat with Dean Aloise, global consulting leader for Conduent HR Services. He’s responsible for leading the retirement, investment counseling, and risk management teams in the U.S. But before becoming an HR professional, he was the operations leader for a major actuarial firm.

I was so intrigued with Dean’s professional journey that I asked if he would share his story and insights about human resources with us. Luckily, he said yes.

Dean, I was immediately intrigued by your background, particularly your actuarial firm experience. How did that translate into working in HR?

[Aloise] Actuarial science, particularly as it relates to valuing the liabilities of a pension plan, is a critical need in managing the retirement benefit programs for many organizations that sponsor a defined benefit pension plan. For some organizations, this is a key component of their benefits package, thus it’s an important part of the overall employee value proposition. So, while being a pension actuary is how I got into HR, as I gained exposure to other areas of HR, my interests and activities expanded into all other aspects of HR, which led to my career advancement.

You mentioned defined benefits plans. I know one of your areas of expertise is in the area of retirement planning. There are lots of articles these days on the topic of retirement – ranging from whether people are retiring (versus transitioning to an encore career) to the financial considerations of retirement. How do you see the retirement conversation having an impact on HR?

[Aloise] This is indeed a critical area for employees these days, and HR must lead the way in helping their employees achieve the best possible outcome for themselves and for their organization. HR needs to approach this strategically, understanding that the changing dynamics of retirement (employees are working longer, living longer, and seeking various ways to phase into retirement) should be embraced. By supporting their employees in this changing dynamic, HR will be in the best position to properly succession plan, but also do right by their people in helping them to achieve a successful retirement outcome.

Thinking about and planning for retirement can have a huge impact on employee well-being. Should HR consider retirement planning a part of their well-being programs? And if so, what would help employees better prepare for retirement?

[Aloise] Well-being must be thought of as TOTAL well-being, which includes the health, wealth (retirement), and career development of employees, as well as community and social engagement, and even spiritual elements. Traditional wellness or well-being programs initially were primarily focused on only one aspect of well-being—physical health—and this likely explains why many employers haven’t achieved the results they seek. The well-being programs of the future will achieve greater results by focusing on all five of the elements I mentioned.

Looking more closely at my area of initial focus—wealth—up until now we have focused exclusively, or nearly exclusively on accumulating wealth to fund a traditional retirement. But today, given the dramatic economic and social changes that have impacted the workplace, HR should be expanding beyond assisting employees with retirement planning and instead help them achieve greater levels financial well-being.

HR has the opportunity to educate senior management on trends in retirement and planning during the annual operational planning and budgeting process. What trends are you seeing that HR needs to keep on their radar?

[Aloise] Adding a meaningful financial well-being program into employees’ benefit offerings is a key trend. HR should be looking for what vendors are offering in this area, issuing requests for proposal (RFPs) and taking different programs for a test drive. Another trend that has been with us for a while now, but that continues to gain momentum thanks to continuing advances in technology, is supporting employees—and their families—in making more informed decisions about their benefits, not just when it’s time to choose their benefits but year-round, when they are using those benefits to meet their physical and financial well-being needs.

Out of curiosity, are the conversations and trends we see in the U.S. about retirement and well-being the same conversations that are happening globally?

[Aloise] The nuances around retirement readiness and financial well-being vary by country, as social security programs, employer and individual practices vary significantly. Some countries like France have robust programs that lessen the severity of the retirement readiness issue, while other countries like the U.K. share fully in the ‘grey tsunami’ risks and concerns such that the U.S. is seeing in the very near future. The dynamics of individual, company-provided and social security retirement programs overlaps come into play in a big way when looking at retirement issues globally.

Employee well-being must include health, career, and retirement - @DeanAloiseClick To Tweet

At this time, we are finalizing the results of the seventh edition of our global wellness survey, Working Well—only this year we have dubbed it the Global Survey of Workplace Well-Being Strategies, reflecting the trends I discussed earlier. Among our survey’s findings is that implementing a global well-being strategy is challenging, due to the variability in culture, laws, and practices across regions. This holds true not just for retirement plans, as I mentioned above, but also for physical wellness and financial well-being programs.

What is consistent around the world are the reasons for supporting employees’ well-being: improving worker performance and productivity and attracting and retaining employees. Clearly, employers believe that the well-being of their employees is critical to the organization’s success.

I want to thank Dean for sharing his expertise with us. I believe organizations must start viewing retirement as more than just a program they offer employees. And, as an increasing number of organizations adopt a global business strategy, it will be important to understand well-being in a global context.

Image captured by Sharlyn Lauby while exploring the streets of Key West, FL