As more Baby Boomers in our industry ponder retirement, we run the risk of losing valuable expertise and knowledge. The good news is there are many folks from that cohort who still want (or need) to work ... and we’re seeing companies eager to hire them.
Consider Dan, who enjoyed a 30-year career in home building leadership roles managing up to 5,000 annual closings. He retired in 2018 at the relatively young age of 61, purchased a small ranch, and enjoyed spending time making improvements and riding his new tractor. “I still had energy and passion but thought I was ready to invest it in some other way,” he says.
But during the third year of ranch life, when his non-compete expired, he had an itch to get back in the game. He’s now leading a regional home building operation, reinvigorated and re-challenged. “I’m excited about building something with the benefit of the knowledge I gained in my career,” Dan says. “I’m thrilled to get back to work.”
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Dan is by no means alone. Here’s what we’re seeing among other Over 60s:
• They are healthier, living longer, and are more technologically advanced than you think.
• They share a need to have meaning and purpose. Doing “nothing” is life-draining.
• They understand responsibility.
And here’s how to optimize their value:
• Retain those you have now by offering flexible work arrangements and expanding options for delaying or forgoing retirement altogether.
• Offer to reduce hours as Over 60s phase into retirement. Often, they can accomplish as much in less time as a less-experienced employee. Or use them as 1099 consultants and trainers.
• Account for an aging workforce in your long-term business plan, following examples set by Walmart, CVS, and others.
• Implement a retiree-return policy. You may be surprised by the response (and the benefits)!
Rodney Hall is a partner and managing principal at Hall / Williams Executive Search, in Plano, Texas. He created Builder60, a private LinkedIn group (linkedin.com/groups/8313609) for housing professionals with 35-plus years of industry experience. You can reach him at [email protected].
