According to the recent BeNext survey, 75% of Australians aged 50 to 70 want jobs that contribute to the greater good both now and in retirement. 2010 is just around the corner, and it means that older baby boomers are just one year away from 65 (the traditional age of retirement). 

What changes are you going to make to make sure you are doing what you want in retirement? 

The institution of retirement, which AARP International describes as "the cultural agreement that, at a certain age, one stops working" is deeply entrenched across the developed world, including Australia.

But the concept of retirement is relatively new in historical terms. It’s only been the past 50 years or so that developed countries have introduced publicly funded pensions and adopted policies encouraging private pensions, which have provided retirees with a degree of economic security.

Along with policies that impose a mandatory retirement age (which has recently been adjusted to 67 years) the pension programs have been important in helping to ensure full employment by encouraging older workers to leave the workforce to make room for younger workers. And in recent decades, the concept of early retirement has gained popularity as a corporate tool for cutting costs – further entrenching the notion that a person is not productive beyond retirement age.

 The notion of retirement is changing

In recent years, the vast majority of baby boomers and pre-boomers have told family friends, researchers and pollsters that unlike previous generations, they plan to work in retirement, they need continued income, and they want greater flexibility in retirement jobs

This, coupled with a rising concern for their health and how this will affect their work needs, has seen the rise in ‘fusion careers’ – careers that seeks to blend both an income and the greater satisfaction of giving something back. 

Findings from the BeNext survey This survey of over 550 Australians, is the first to ask those in their 50s (baby boomers) and 60s and 70s (pre-boomers) what type of work they aspire to, what work is attractive and why they want to do it.

The BeNext Future of Work Survey results are in and the top level observations reveal three main facts regarding Australians over the age of 50 and their work preferences: 

1. Australians over 50 prefer fusion careers. A forecasted 75% of pre/ boomer Australians desire career and work opportunities that fuses personal financial benefits with social impact and community benefit.

 







2. NGO, health and community service organisations, and companies with a strong community and environmental focus, who are actively practicing what they preach, are the most attractive employers.
 

 




3. Australians want greater opportunity and flexibility to pursue leisure and lifestyle coupled with work opportunities that fuse purpose, passion and community. A large proportion of Australians want to start their own business and take control of the work life balance to be with family. Volunteer work is also important.

 How can you change to a fusion career?

Changing to a fusion career can be done with a little planning:

1. Research the types of industries that may offer part-time and flexible work, but that also give something back to the community. (See below for some ideas.) Or, take the plunge and look at starting your own business. There are some great examples of older entrepreneurs on the BBC website- Too young to retire.

 




2. Have a think about how you want to work, so you are prepared to negotiate with employers about your workplace conditions. Consider your working hours, ability to take leave without pay (for the next travel adventure), and the opportunity to do volunteer work as part of your job.
 

 




3. Get the next job through the BeNext Job Search tool for opportunities in your preferred area.

What are the implications of the shift to fusion careers?

According to the Australian Bureau of Statistics Survey of Employment Arrangements, Retirement and Superannuation: “The industries which had a relatively large proportion of their workforce intending to retire within 10 years included education and training (14% of people whose main job was in this industry intended to retire before 2017), electricity, gas, water and waste services (13%); and public administration and safety (12%). 

These industries tended to have higher proportions of older staff than other industries. At least 40% of staff in all three industries were aged 45 or over and around 15% of staff were aged 55 or over." 

This will mean two things:

1. There is likely to be a skill and labour shortage as those industries with older workers start losing their staff to retirement.

 

 

2. There will be a great opportunity for those looking for casual or part-time work to find something in these industries.

So take the plunge, get prepared and find yourself a fusion career. Let us know how you go because we’d love to share your story with everyone else. What job do you think would make the perfect fusion career?

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