This Week's Herman Trend Alert Talent Production and Attraction in 2015

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." 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. Email info@EmployerOfChoice.com for more information. Or order the electronic version of the Employer of Choice book on your desktop for only $17.80 @ http://hermangroup.com/store/books_all.html#2. EMPLOYERS AND JOBSEEKERS: MARK YOUR CALENDARS Advertise at or attend VetJobs Virtual Career Fairs. VetJobs, the top veterans' job board, and PSI, the premier diversity job fair producer, are teaming up to launch these VeteransCONNECT events. Early employer registration is now open with employer loading by February 15th. Candidate loading begins March 1st. They anticipate 25-30 employers and have an attendee goal of 2,000 skilled jobseekers. Promoted extensively, early registration for this event begins is open NOW. To register or request additional information, please contact VetJobs at 877-838-5627 or e-mail info@vetjobs.com; they will forward an electronic flyer right away. Employers: Mention the Herman Trend Alert to receive a Bonus. CALCULATE THE HIGH COST OF YOUR EMPLOYEE TURNOVER With our Bliss-Gately tool, you can calculate the many hard and soft costs, down to the last penny. Great for justifying your investments in retention! At only $249/computer or $999 for a 6-site license, it is a real bargain! Visit http://www.hermangroup.com/store/software.html to order yours today! 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. 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