Online
entrepreneur Renee Ward wanted to start a Web site to help teenagers
land their first job only to find that corporate employers sought
to recruit an older crowd.
Today,
her 5-year-old Web site - www.seniors4hire.org site - counts Bank
of America, Regal Cinemas, Petco and Anthem Blue Cross and Blue Shield
among its clients.
These employers
are ahead of the curve, to judge by a new white paper from consultant
Ernst & Young:
It found
that two-thirds of employers across a spectrum of industries are aware
of an impending brain drain as 76 million-plus baby boomers march
toward retirement, but fewer than a fourth of these firms consider
the issue of strategic importance to their company's future, and fewer
than 3 percent had tried phased retirement.
Former
Federal Reserve Chairman Alan Greenspan, newly retired at 79, also
warns that older workers will be vital to the nation's prosperity.
The latest
boomer survey by AARP, the 50-plus lobby, finds that 80 percent of
those born between 1946 and 1964 plan to work in retirement.
Already,
some 7 million Americans 65 and over continue to work at least part-time,
according to a new Putnam Investments report.
For now,
however, Uncle Sam is standing in the way of many older workers under
phased-retirement rules that forbid collecting a paycheck and a pension
check from your current employer. So people "retire," then
return as consultants, start a second retirement "career"
- or go to work for a competitor.
The Bush
administration proposed relaxing the rules in 2004, only to face criticism
that its proposal was too complex, prompting a reworking that may
be ready by mid-2006.
Meantime,
the House approved easing of phased-retirement rules in the pension-overhaul
bill it must negotiate with the Senate. The House provision would
let workers 62 and older continue to work part-time for their employer
and collect a partial pension.
Some companies
couldn't afford to wait on Washington. Two years ago, Procter &
Gamble and Eli Lilly executives launched YourEncore, a privately held
Indianapolis company, to link retirees to companies that need scientists,
engineers and other skilled people for short-term projects.
President
Bush used Tuesday's State of the Union address to promise stepped-up
science and math training for today's students, an initiative already
blessed by the National Academy of Sciences. But corporate employers
say there are too few homegrown Generation Xers to step in when boomer
researchers retire, nor can companies get visas and security clearances
in the numbers they need for young foreign Ph.D.s, Lawson says.
As General
Electric CEO Jeffrey Immelt put it at a Washington gathering last
week, the problem with training younger workers and students today
is that "we had more sports-exercise majors graduate than electrical-engineering
grads last year. If you want to be the massage capital of the world,
you're well on your way."
Retiring
"Baby Boomers", like those seen nowadays in Boquete,
Bocas del Toro and Panama City, are not only looking for peace
and relaxation. Their labor experience can have a tremendous,
positive impact on the nation's economy. |
The federal
government is trying to retain older employees in its own work force
- and not only because the departure of top people at the Federal
Emergency Management Agency is cited as a key reason for its failure
to respond to Hurricane Katrina.
With 44
percent of all federal workers eligible to retire over the next five
years, agencies are offering flexible scheduling, reduced work hours
and mentoring programs to capture older workers' institutional memory,
a Society of Human Resource Management survey of federal personnel
practices finds.
The health-care
field also faces a talent shortage and has reached out to older professionals
to come back aboard.
Among the
pioneers in phased retirement is SSM Health Care of St. Louis, one
of the nation's largest Catholic hospital systems. It won a waiver
from the Internal Revenue Service to offer the option to older current
employees like Kathlyn Peterson.
At 66,
Peterson works three days a week at SSM's St. Mary's Hospital in Madison,
Wis., for a paycheck, a pension check and health-care coverage, which
the hospital provides to all employees who work 16 hours a week.
"Other
facilities require at least 24, 32 or even 40 hours per week"
to qualify for health insurance, Peterson told a recent Senate Aging
Committee hearing into changes in federal phased-retirement rules.
She calls health benefits "especially valuable" as a cancer
survivor who would have trouble buying a policy to supplement Medicare
coverage.
Health
care is a constant concern for new and near-retirees. Employers are
scaling back or doing away with retiree coverage, and 46 million Americans
already go without any health insurance. With health-care costs rising
50 percent since 2000, many seniors look to return to work to get
retirement expenses under control.
"'Will
work for health benefits' is important to older job-seekers, and so
is the extra money to cover rising medical costs," says Arthur
Koff, a 70-year-old veteran of Chicago advertising who founded the
www.retiredbrains.com online jobs board.
Ward, whose
Web site operates out of Huntington Beach, Calif., adds that updated
skills and a positive attitude help older workers when "they're
competing against up-and-coming 35-year-olds and eager, willing and
talented 55-year-olds, too."
Patricia
Gates agrees that attitude counts. At 66, the former junior-college
professor from Pittsburgh moved to Nebraska to be near family and
"landed a job before the moving van arrived" teaching at
the local junior college and working for the Omaha World-Herald's
news-paper-in-education program.
"It's
the can-do attitude with which you approach a job at any age that
makes a difference," Gates says.