To Retire Or Not To Retire… That Is The Question…

Posted On 11 Nov 2020

To Retire Or Not To Retire… That Is The Question…

11 Nov 2020
To Retire Or Not To Retire… That Is The Question…

Candidate Resource, News & Events

To Retire Or Not To Retire… That Is The Question…

Apart from my love of Shakespeare quotes, I could not help but phrase this week’s blog in any other manner. The subject of retirement is an unspoken and uncomfortable topic, and for many reasons.

Currently, Australians have a combined life expectancy of 83 years, and like most developed countries, it is increasing. We do not have a fixed retirement age, our access to super varies, and eligibility for the age pension is at 65.5 years of age and rising to 67 years by 2023.

For a majority, financially, the only choice is to continue working. There is also the psychological factor of feeling valued and contributing to society.

So, how to navigate this situation IF you are in this category? This is especially true in the age of technology, AI, bots, not to mention, our economic downturn and more.

The answer is, to remain and always be employable. This subject/issue of retirement has played on my mind for a while, even ‘nagged at me’, mainly because of the people I meet and quite honestly, I see them struggle to find employment.

I do feel very strongly about this, as I do about most issues centred on people’s wellbeing.

Retirement – a ‘dirty’ word?

Let’s rip the band-aid off – retirement does not have to be a dirty word! The mindset around this whole notion of retirement needs to shift. It does not have to be depressing or seen as the end! There, I’ve said it, because let’s face it, this is what resides in our subconscious.

Just like 50 is the new 30 ?, so too ‘retirement’ does not have to be what it was before. And that is up to you! Instead, consider yourself ‘Yold’!

Underutilised and undervalued

This blog is not just for people considering retiring; it’s also for anyone hiring, in any category and industry.

There is a considerable percentage of our workforce that is underutilised and undervalued. And as we come out of 2020 and our current economic climate, we will face yet another talent shortage, this one fiercer than before.

At EST10, we already see the signs. A considerable portion of our candidate pool has indicated their preference to opt-out of the workforce or seek part-time options instead.

A lot of these candidates lost their jobs or had reduced hours imposed upon them or at best, needed to work from home. Eight plus months later and the readjustments and rationalisation from their COVID experience have emerged.

Finding the silver lining

People have found pleasure, satisfaction and even gratitude for their situation, despite uncomfortable circumstances. The shock, angst and even fear is slowly disappearing as we become acclimatised to our new situation (like ‘pivot’, I’m tired of the phrase, ‘new world’ ?).

People are not spending as much money on travel, work attire, taxis, Ubers, lunch, coffees, babysitters, after school care, dog walkers, cleaners, takeaway dinners etc. and as a result, are finding new priorities.

In addition, Australia is also seeing a reduction in immigration and skilled workers.

In May, the Prime Minister, Scott Morrison, estimated annual migration of 34,000 in the year ahead – a far cry from pre-coronavirus estimates of around 270,000, and from the 2019 figure of 210,700. Even with a vaccine and reopened borders, it could be years before Australia can meet those targets again. In looking further ahead, it is predicted there could be 500,000 fewer people in Australia in 2040 than previously predicted due to the lack of migration and impacts of the current pandemic.

All this reads well for anyone at retirement ‘age’ and not wanting to stop work just yet!

And, before I go any further, consider this:

We need to be considering seriously, our potential untapped talent. If you are close to ‘retirement age’, and you do not want to retire, the world is opening up for you!

Being employable at ‘retirement age’

Now, let’s consider what you need to do to be employable at ‘retirement age’. For the sake of this blog and to be transparent (as always!), let’s call ‘retirement age’, 60 plus.

Confidence/self esteem

To emphasis, for those in this age bracket, you bring a wealth of experience and knowledge. You know your stuff! What I often see, however, is a lack of confidence. It seems there is a tipping point – the more experience and knowledge gathered, as we hit 60 plus, it’s like an inverse graph; more experience – less confidence; highest experience –lowest self-esteem!

We need to regain the balance of a nice level of confidence, self-belief and self-esteem.

Record it! – A long bio

My suggestion is to record it (your experience) and all of it! You need to know what you know and be able to articulate it with confidence and assertively. I would suggest you start with what I would call a ‘long bio’. Think of this as a very, very long resume. I am most concerned with your last 20 years. Capture each role – title, tasks, projects, all achievements, wins, challenges, to whom you reported to etc.

It can take you weeks or months. And months is ok. Not only is the purpose of the long bio to refamiliarise yourself with your skills, but it is also to build on your confidence, self-efficacy, and self-esteem. And this will happen the more you start to think how amazing you are! Think about all your experiences as you go about everyday life – walking the dog, driving, catching the bus, cleaning, gardening etc.

This document/long bio is just for you, so there are no rules, it can be as long as you want. You can write in a diary form or stick to a resume style. It is your tool; make it work for you.

 

Your soft skills

When considering your skills, please think both, hard and soft skill sets. The soft skills are key, as this is usually finessed and fine-tuned with time and can be your competitive advantage. Start to think and position yourself in this manner i.e. what is it you will be offering versus your counterpart at interview, and that person may well be a lot younger and less experienced than you.

Attitude/non defensiveness

I am going to call a spade a spade here and at the same time, deliver you a gift. The deal-breaker for any candidate will always be a defensive attitude, no matter the age. I do see a more defensive demeanour, though, in this age bracket. It appears to stem from a lack of confidence, some defiance and even fear. There is no benefit for you to be like that, quite the contrary, it can cost you the opportunity.

Associations

Be a part of professional associations. Not only will it keep you up to date with your knowledge base, ensuring you have depth and not surface understanding, but it will also provide you with benchmarking, market updates and who’s who in your space.

Networking

Don’t be afraid of networking or let’s put it this way – reach out to those you know. Please include your ‘dormant’ connections too. These networks are powerful and do not underestimate that people will want to assist you. I am guessing you would help someone in your network, an old colleague, well the reverse also applies!

 

Being current

Being current will be your most significant advantage. This will be the one area that people EXPECT to be your downfall. The associations you are a part of will assist in your knowledge in being current and relevant for your industry. You will also need to be up to date with technology, news, cultural trends, and views etc.

Something to consider; are you on Facebook? Chances are yes, but think of this, when did you start? I bet it was not when it was first launched…? To think if you had of been across it then? Be brave, get across all new technology. It will build your confidence, keep you mentally agile and assist in securing a job that works for you!

“Age is just a number…” – My Dad ?

About the Author

Roxanne Calder

As Founder and Managing Director at EST10, Roxanne has an all-encompassing role that includes building and growing the business, as well as actively recruiting and consulting.

After completing a Bachelor’s Degree at Monash University, Roxanne began her recruitment career with renowned recruiter Julia Ross. From there, Roxanne worked in HR and recruitment with a number of global players and boutique businesses throughout Australia, the UK, Singapore and Hong Kong for over 20 years. She has been responsible for managing large teams and projects, implementing RPO models, managing and assisting businesses to an IPO and assisting companies in setting up their recruitment teams and processes.

Following completion of her MBA at the Australian Graduate School of Management, Roxanne launched EST10 in July 2010. In doing so, she hoped to combine the flexibility and high touch service levels of boutique agencies with the structure and strategy afforded to larger firms. Roxanne believes in high-touch, high-care consulting and is always on the lookout for consultants that share this vision of recruitment.

About the author
Roxanne Calder
Managing Director

As Founder and Managing Director at EST10, Roxanne has an all-encompassing role that includes building and growing the business, as well as actively recruiting and consulting.

After completing a Bachelor’s Degree at Monash University, Roxanne began her recruitment career with renowned recruiter Julia Ross. From there, Roxanne worked in HR and recruitment with a number of global players and boutique businesses throughout Australia, the UK, Singapore and Hong Kong for over 20 years. She has been responsible for managing large teams and projects, implementing RPO models, managing and assisting businesses to an IPO and assisting companies in setting up their recruitment teams and processes.

Following completion of her MBA at the Australian Graduate School of Management, Roxanne launched EST10 in July 2010. In doing so, she hoped to combine the flexibility and high touch service levels of boutique agencies with the structure and strategy afforded to larger firms. Roxanne believes in high-touch, high-care consulting and is always on the lookout for consultants that share this vision of recruitment.