Retired for Hire: More Seniors Working, Shopping, Donating and Spending

Retired for Hire: More Seniors Working, Shopping, Donating and Spending

 

via google.com

A report released last week from Scarborough.com showed in 2010 that 6.2 million people over 65 are working. This group has been referred to as the Retired for Hire. Many of these workers are not in dire financial straits either. In fact this report showed, “Adults over the age of 65 who are still working full-time or part-time are slightly more likely than the average adult to have an annual household income of $150K or more.”

This report has some interesting profile information about this group including:

  • They were financially in good shape with an average income over $150K
  • Of those working, 57% worked part time and 43% worked full time
  • 22% of them shopped at Wal-Mart in past 3 months
  • They were 30% more likely to donate to green causes
  • They were avid patrons of the arts
  • They were 92% more likely to have donated to political organizations
  • They were just as likely as the normal population to go to the gym
  • 48% of them were into gardening
  • Their use of HDTV’s is up 150%
  • 80% had desktop computers
  • They were more likely to spend money on home improvements
  • 41% made a purchase at Home Depot in the last year

Scarborough concluded, “The 6.2 million adults working past retirement age in America tend to be financially sound, with robust investment portfolios and higher than average incomes. This suggests that financial service providers such as banks, investment firms and personal services such as accounting firms and financial planners have a robust marketing target in Retired for Hire.”

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401K Reinrollment: Why Your Money May Be Put Into Target-Dated Funds

Target-dated funds are mutual funds that automatically adjust the asset mix of stocks, bonds and cash usually based on the investor’s future retirement date.  Companies have been offering these options for their employees for many years.  Some companies are now even having employees have to acknowledge if they don’t want to have their money put into target-dated funds.

In the hope of helping employees keep their money safe, companies are stepping in and trying to control where they hold their retirement funds.  Employees can continue to choose from their company’s listed fund choices, but if they don’t opt out of the target-dated funds, their money may just be moved for them.

For those people who don’t want to hassle with choices and watching their funds, this may be a good choice.  For those who are more financially savvy, the target-dated funds may not appeal to them; they may prefer to have control over their investments.

There are pros and cons to using target-dated funds based on gender, age and risk tolerance.  For more information about target-dated funds and employers utilizing them, check out a recent article by the Wall Street Journal by clicking here.

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Are Employers Trying to Trick You In the Interview? Helpful Answer to a Popular Difficult Question

 

There is a lot of advice about how to ace the job interview.  The book, How to Reinvent Your Career, lists many helpful tools, site links and examples to help with this.

One of the main things that employers want to find out is if you are a positive person that has the ability to overcome challenges.  Jobs.AOL.com had an interesting article about how to answer questions about your greatest weakness.  Some may look at these questions as tricks in order to get you to say something negative about yourself.  Others may look at these types of questions and answers as a sort of game.

Jobs.AOL did give some good advice about how to handle these types of questions. They suggested that it might not be a good idea to say your greatest weakness is that you work too hard.  They also thought it is not a good idea to say you don’t have any weaknesses.  So how do you answer this without looking weak?  They suggest, “Pick a real weakness from your occupational tool set that you know has no bearing on the job you are interviewing for. The interviewer will acknowledge that you were honest with them, and will likely consider your “greatest weakness” to be meaningless to him. You should also mention that you are studying or taking a class to improve in this area. For example, a computer programmer might say that she wishes to improve her public speaking skills and is attending Toastmasters for training. By including your plan for overcoming this “weakness,” you have actually turned your answer into a pseudo-strength: You recognize your faults and set a plan for self-improvement. A very good quality.”

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Millennials Replacing Baby Boomer Workforce: Meeting Their Unique Needs

Big changes are occurring in the current workforce.  The dynamic is shifting as companies are experiencing a shift toward millennials replacing baby boomer generations. According to Harvard Business Review /HBR.org, “The makeup of the global workforce is undergoing a seismic shift: In four years Millennials—the people born between 1977 and 1997—will account for nearly half the employees in the world. In some companies, they already constitute a majority.” 

The book, It’s Not You It’s Your Personality, addresses the unique personalities and needs of the post-boomer worker.  For simplicity sake, these post-boomer generations are given the title NewGens.  It can get confusing when Gen X, Gen Y, Millennials and other titles are used.  The term NewGens encompasses all of these groups. 

Post-boomer generations have received a bad reputation at times due to their need for immediate gratification.  Perhaps they are different but different isn’t necessarily a bad thing. Many have high expectations but are willing to put forth the efforts it takes to achieve their goals. HBR.org reported, “Millennials have high expectations of their employers—but they also set high standards for themselves. They’ve been working on their résumés practically since they were toddlers, because there are so many of them and so few (relatively speaking) spots at top schools and top companies. They’re used to overachieving academically and to making strong personal commitments to community service. Keep them engaged, and they will be happy to overachieve for you.”

image via hbr.org

This new group of employees has considerable knowledge that can be crucial for a company’s success.  Younger generations, unlike the boomer generation, tend to move around in their jobs more often.  They are less likely to remain in a single company throughout their career. 

Are companies doing enough to keep their current employees happy?  Workforce.com stated the following about the millennial generation, “Large companies don’t move fast enough for that generation, which is [switching employers and] looking to expose themselves to new and different things. Bureau of Labor Statistics data show the average American will have 10.8 jobs from age 18 to 42. Many workers have clung to their jobs amid the recession and high unemployment. Still, the overall turnover rate across all industries was 16.3 percent in 2009, according to a survey from Compdata.”

Part of keeping this younger generation interested in staying at their current position is to keep their attention.   Training must be aimed at their specific needs.  This is a technology-based group that likes to learn that way.  They also like to receive their information quickly.  Shorter, 3-5 minute training videos, can be effective.  This is the YouTube generation and employers must realize this and keep up with the trends. 

Aimglobal.org suggests the following guidelines for employers when dealing with millennial workers:

Ø Training. If you want a job well done, employers need to tell Millennials how to do it. However, don’t just give orders. Millennials want to know the reasoning behind them and the training offered to be successful.

Ø Mentoring. Partner your new Millennial with one of your veterans. The veteran can show the newcomer the ropes and conversely the newcomer can offer fresh ideas.

Ø Integration. Involve Millennials in a variety of projects, assignments, and career opportunities. Mixing it up keeps their interest.

Ø Team Collaboration. Millennials are comfortable in team settings. They like to collaborate with others especially on team-based projects and environments.

Ø Support Future Pursuits. During their employment at your company, Millennials will face decisions regarding the next stage of their lives including marriage, buying a house, having children, etc. Developing a guidance program around these changes demonstrates how your company will be there to support them.

For more complete information on post-boomer generations in the workplace and how to deal with their unique personality needs, click here. 

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Employers Embracing Online Education

How do employers view online degrees?

Online degrees are often in the news.  When I first began teaching online, there were far fewer schools offering an online education.  This led to some negative interpretations when employers were considering applicants with an online education.  

Thankfully it is 2011 and people are waking up! In today’s AOLjobs.com article, the author noted, “While online degrees were once largely seen as being second-rate, recent studies have reported that employers are not only more open to, but are even showing a favorable sentiment toward candidates with online degrees these days. Besides the increase in reputation these programs are experiencing, online degrees have also become so popular, that if employers were to disregard candidates with such degrees, they’d also be disqualifying a significant portion of the work force.”

How popular is online learning? According to Campustechhnology.com, “Nearly 12 million post-secondary students in the United States take some or all of their classes online right now. But this will skyrocket to more than 22 million in the next five years.”  

With the growth of the Internet, the ease of accessibility to computers and the flexibility that the online environment affords students, online learning has become more popular than ever. The advantages of not having to buy gas to get to class, not having find a car park or pay for parking, and being able to attend class at any time of the day or night have all contributed to its popularity.

A large percentage of students who are studying online are working on their associates, but there are baccalaureate, master, and doctoral programs available online as well. Much of the growth that has occurred in online learning has happened since 1999. With the recent changes in the economy, online classes have seen a surge in enrollment. “Bad economic times have often been good for education, either because decreased availability of good jobs encourages more people to seek education instead, or because those currently employed seek to improve their chances for advancement by pursuing their education” (Sloan, 2008).

There is no mistaking the popularity of online education. Even Bill Gates praised online learning in his 2010 Annual Letter stating, “A lot of people, including me, think this is the next place where the internet will surprise people in how it can improve things.”

If you are thinking about going back to school in 2011, check out some of the following articles for more advice: