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Executive Interviews: Interview with Tamara J Erickson on Managing Troubled Times
March 2009
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By Dr. Nagendra V Chowdary
The necessity of continuing to work
may represent a psychological shift
for boomers, but for most, it does not
represent a major behavioral change.
The reality is that few boomers were
headed for an old-time version of
retirement even before the recession.
Even boomers with a large nest egg in
hand were recognizing that their long
life expectancy – much longer than
any generation’s before – will give this
generation a new life stage: post-first
career and pre-old age. On average,
boomers can expect to be active and
intellectually engagedat leastuntil age
eighty-five or so.For those who are in
their mid-fifties today, that’s another
thirty years – as long as most have
spent on their careers so far.
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Today, the big change for boomers is
that the options for how they might
spend those thirty years appear more
limited. Many were planning to
spend their second phase picking up
on teenage intentions – working to
give back or directly contribute to a
cause they care deeply about. Others
perhaps wanted to learn new skills.
Most look forward to spending at
least some of the time ahead in
pursuit of leisure activities and
enjoying family. Now, many Boomers
expect to continue working for a
significantly longer period of time
than they anticipated just twelve
months ago. It’s important to recognize that most
Boomers won’t need to work as hard
as they are today for another thirty
years – most will be able to meet their
financial obligations through reduced
work commitments. So, all the other
priorities – volunteer work, learning,
family and leisure – are not really off
the table. They’re just part of a
portfolio of activities that formostwill
include some form of commercial
work. As boomers consider working longer,
it’s important to keep in mind that
thirty years is a long time – far too
long to settle for continuing with a
work life that isn’t satisfying, even
with the increased financial
challenge. Boomers have enough time
ahead to do it all over again –
differently, better, and with the
benefit of experience and the freedom
of focus. Workmay or may not be the
core activity, but it is likely to be one
important – and hopefully very
gratifying –element. What should boomers do?
- Approximately 20% of people are
deeply engaged by their work – find it
exciting and compelling. If you’re
among that lucky minority, talk with
your current employer about options
for continuing on. Discuss a reduced
time or more flexible role, if that’s
what would work for you. Or, let
themknowthat you’d like to take on a
new, and perhaps even more
challenging role. Some of you,
perhaps particularly women, may
feel a sense of personal ambition that you were not able to exercise when
you were actively rearing children.
You may be ready to take on more in
the workplace-more responsibility,
greater challenge.
- If you’ve already discovered you
don’t enjoy your current work, begin
now to segue toward other options.
You may want to try a profession that
you didn’t the first time around; thirty
years is plenty of time to go to
medical, nursing, or law school – and
build a second, successful career. For
some, your work experiences may
involve entrepreneurial activities this
time around – starting new
businesses and pursuing ideas that
have been forming in your mind
throughout your "first career"
experiences.
- Is there a way to combine work for
economic benefitwith contribution to
social good? Is there a cause you care
deeply about? How does the idealism
and yearning for meaning of your
youth influence choices for your next
life stage? Use this opportunity to
craft scenarios that combine lifelong
passions with the practical realities of
the life you’d now like to lead.
From a company perspective,
boomers still represent an important
pool of skilled and experienced labor.
Early anecdotal evidence indicates
that many companies are choosing to
retain boomer talent, even when
laying off less experienced
employees.
1.
Troubled Times Case Study
2. ICMR
Case Collection
3.
Case Study Volumes
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