Work

Boomers currently represent the majority of political, cultural, industrial and academic leaders in the U.S. Their departure from the workforce through retirement will represent a huge drain on the institutional knowledge and expertise of businesses and organizations. The Department of Labor is already projecting a labor shortage as early as 2010, with fields like education, health care, public utilities, engineering and nursing set to suffer from a scarcity of workers.

At the same time, concerns abound regarding Boomers’ lack of adequate financial readiness for retirement. A McKinsey Global Institute report (2008) found that having a workforce that continues to work a few years beyond the traditional retirement age is the only way for Boomers to prevent a decline in their own standard of living and not drag down U.S. economic growth. The report estimates that a two-year increase in the median retirement age — from 62.6 to 64.1 over the next decade — would add nearly $13 trillion to real U.S. GDP during the next 30 years while reducing by almost half the number of Boomers who would find themselves without enough money for retirement.

Extended years in the workforce, however, will not mean “business as usual” for Boomers. They will want and seek a new phase of work — one that is purpose driven, dynamic, flexible and radically re-structured. Many may pursue lifelong dreams previously seen as unrealistic or untenable but now ideal for mature individuals seeking new challenges. Encore careers and new business ventures may flourish. A 2008 Civic Ventures survey found that more than 5 million people ages 44 to 70 have begun encore careers and of those not already in encore careers, half say they want them. So Boomer financial woes and a coming labor shortage could actually add up to a positive. By continuing to work, Boomers may be able to address their financial needs while helping society achieve a powerful return on their experience and expertise by “making a difference” in the lives of others. In the process, Boomers may even reinvent “how” we all work.

Volunteerism

As Boomers enter the stage of life traditionally called “retirement,” extending their years in the workforce is not their only option.  Numerous studies have shown that most Boomers intend to spend some time volunteering. According to the Corporation for National and Community Service, nearly a third (33.2%) of all Boomers — 25.8 million people — currently volunteer. That’s the highest percentage of any age group, and more than 4% above the national average of 29%. These numbers are likely to increase as Boomers transition out of their full-time careers.

Unfortunately, the number and scope of service opportunities currently available to Boomers do not reflect this group’s diversity, skills, and needs. To ensure that Boomers continue to volunteer at the same impressive rates they do today, more diverse channels for volunteer engagement need to be developed. Otherwise, Boomers may find themselves “ready and willing” with nowhere to go. Having often held multiple jobs in their lifetimes and acquired skills in more than one discipline, Boomers tend to seek a broad menu of volunteer options with a great deal of flexibility, self-direction, and impact. Boomers are less likely than older age groups to volunteer out of a sense of duty or obligation.  Boomers want to volunteer in order to put career skills to good use, learn new things, and make new friends.

Accordingly, organizations seeking to recruit Boomers will need to adjust their volunteer opportunities and practices. In fact, a Harvard School of Public Health 2004 study concluded that the failure of organizations to respond to new trends in volunteerism will not only prevent them from accessing the time and skills of highly motivated volunteers, but it will also limit fundraising capabilities. People who feel a part of an organization and who understand its values, competencies, and challenges will advocate for it in the budget process, promote it in the community, and help to recruit both financial and human resources.

Through partnerships with existing volunteer resources, or by taking the lead where none exist, public libraries can encourage and attract more community members to volunteering — in libraries as well as in other organizations throughout their communities. To assist California public libraries in re-tooling their volunteer programs accordingly, the California State Library launched Get Involved: Powered By Your Library in 2008.