This Week's Herman Trend Alert The Near-term Future of Global Travel

The Herman Trend Alert May 23, 2007 Baby Boomers Re-careering A recent study released by Los Angeles-based Korn/Ferry International, best known for its work in the recruitment field, echoes the message we have delivered for years regarding executive Baby Boomers and retirement. (See trend alerts from 10/9/02 and 9/12/01.) The massive retirements we expect from the Boomer generation won’t reduce the talent pool. Instead, Baby Boomers are looking at what Joe Griesedieck, vice chairman of Korn/Ferry calls "re-careering." Their study titled "The Executive Recruiter Index" released just last month, reports that traditional retirement may be gone forever. According to this report, many Baby Boomers are putting off retiring, choosing instead to stay in the workforce and pursue other opportunities. The demand for skilled labor has never been higher. In this study, 58 percent of their recruiters report an increase in the number of experienced executives changing professions. Companies facing shrinking labor pools, due to the reduced number of folks in Generation X and lack of training during the economic slowdown, should be increasingly concerned about the large numbers of older workers now reaching the typical retirement age. The good news is most Baby Boomers simply don’t want to retire, at least not in the traditional sense. They are much more interested in re-careering. Here’s why: 22 percent are bored with the mere thought of retirement. They don’t want to sit on front porch in the rocking chair and wait for the grim reaper. 21 percent have a need to be productive. Their parents taught them, "You must be a contributing member of society." 20 percent reported needing to have an intellectual challenge. 13 percent have insufficient savings. We actually expected this figure to be much higher, many are reluctant to admit their poor financial judgment or perhaps it is because this study focuses on executives who planned their financial futures more carefully. 13 percent find they need the personal interaction. Re-careering executives are choosing entrepreneurship, consulting, volunteering, or some combination of pursuits. "While this (shift) won't cure the impending talent crunch, it will provide more opportunity for younger executives to learn from Baby Boomers before they retire completely". © Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." ARE YOU READY FOR THE RECOVERY? Most employers are unprepared. The recovery next year will bring a new set of challenges for employers that have been in prolonged contracted mode. They will need more skilled workers or will need now to begin to upskill their current staffs. But organizations can not engage in Strategic Workforce Planning, when they don't know how. That's where The Herman Group can help. We can help you with your "People Review"----large or small---so that you will know who you will need and when you will need them. . . and we can also guide you to the best sources for the people you will need. For more information, call Joyce at 336.210.3548 or e-mail joyce@hermangroup.com. GOOD SELECTION = BETTER RETENTION If you are not using pre-employment assessments, you are flying without radar---not very smart in today's highly competitive environment. Let us help you better understand your candidates and your employees. In less than 30 minutes, you will know if they can do the job (abilities); their work behaviors, even their personality and attitudes (like integrity & ethics), and those can't be trained. It's very cost effective, too! For more information, contact Joyce at 336-210-3548 or e-mail assessments@hermangroup.com. Validated for many countries and cultures. We offer in-depth help with job descriptions, too! http://www.hermangroup.com/assessments.html IS YOUR EMPLOYER AN EMPLOYER OF CHOICE®? Our effective, onsite seminars, workshops, and consulting can help you get there. We offer 1-, 2-, 3-hour, and full-day programs to help you communicate what it takes to become an Employer of Choice® and inspire your folks to get it done. In the future, being an Employer of Choice® will not be optional. Call Carol at 336-210-3547 to arrange a no-obligation conference call. Now announcing an opportunity in Africa (Ghana). E-mail info@EmployerOfChoice.com for more information. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. There is no charge for this public service. The Herman Trend Alert is received by over 30,000 subscribers in 78 countries, in addition to other websites and printed magazines. Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Trend Alert service. Click here to sign up for the Herman Trend Alert. Subscribe or Unsubscribe to weekly Herman Trend Alert View this week's Herman Trend Alert Archived Weekly Herman Trend Alerts

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