50 and going strong: The journey from 'mid-life career
crisis' to 'mid-life career opportunity
The employees in
their 50s are not necessarily sitting back and preparing for a relaxed life
after retirement. Many wish to explore new careers, some wish to work longer
and for some working for more years is more of a necessity, given the increased
life expectancy. So, what does this mean for business and HR?
Research shows nearly a third of
those aged 50-65 are unemployed. A million of them lost their jobs due to
layoffs, caring responsibilities, or illness. Whereas the trend is most
prevalent in western countries like the US and UK, many Asians in their 50s
experience a mid-life crisis, such as in Japan, Singapore, and India. Some are
tired of working for years and want a break, while others want to keep working
but try something new.
Retirement has evolved dramatically
over time. In the 50s, people are switching careers and looking for new
employment opportunities for another undefined number of years.
Even business and HR leaders must now
change their approach to retirement and succession planning. HR policies, from
hiring to learning and development, need to be reviewed and made flexible
enough to accommodate the changing needs of employees in their 50s.
Aging Population
Sri Lanka's population is changing generationally, with the elderly
population growing faster than the working-age population. More specialized
medical facilities and longer life expectancy as a result of declining birth
rates, the elderly population has grown relative to the working-age population.
Sri Lanka's population over 60 accounted for 12.4% (2.68 Mn) of the total in
2018 and is expected to reach a quarter by 2041. This is a higher percentage
than other South Asian nations.
In particular, the sustained rise in life expectancy over recent decades and the steep fall in the birth rate have accelerated the process of population ageing, generating powerful, worldwide effects (Lutz et al. 2008 ).
Figure: Over 60 age group as a % of total population in SL (Source: World Bank - Demographic Trends,2018)
Redesigning recruitment: For employees switching careers in 50s
Most 50-year-old employees are from the Baby Boomer generation. Traditionally, baby boomers entered the workforce out of necessity, or they discovered their passion later in life, or their interests changed as their careers progressed. However, these stereotypes could apply to any generation.
Conclusion
Leaders like Bill Gates and Warren Buffett show that age is irrelevant
and that the desire to make a difference is paramount. These leaders have
progressed through hard work. They have updated their skills and adapted to a
rapidly changing environment to not only keep up but sometimes even lead the way.
In most developed nations, the official retirement age is around 65 years, although the female retirement
age is lower in some countries like Italy, Japan, Brazil, and Chile where women
can retire at 60, or China and Russia, where they can retire at 55 (Peiró et
al. 2013 ).
Video link: Warren Buffett's Life
Advice Will Leave You SPEECHLESS (MUST WATCH) - YouTube https://www.youtube.com/watch?v=zfP9OQhcwdY
Source : Motivation Madness, Jan 4, 2021
Reference
Article: 50 and going strong: The journey from 'mid-life career crisis' to 'mid-life career opportunity — People Matters (peoplemattersglobal.com)
Available at : (online) Accessed on 20th August 2021
https://www.peoplemattersglobal.com/article/life-at-work/50-and-going-strong-the-journey-from-mid-life-career-crisis-to-mid-life-career-opportunity-24363?media_type=article&subcat=employee-relations&title=50-and-going-strong-the-journey-from-mid-life-career-crisis-to-mid-life-career-opportunity&id=24363
How To Reinvent Your Career After 40 (forbes.com)
Available at : (online) Accessed on 20th August 2021
https://www.forbes.com/sites/carolinecastrillon/2019/11/17/how-to-reinvent-your-career-after-40/?sh=3c4ce363386d
Changing Careers After 50: Advice & Things to Consider | Monster.com
Available at : (online) Accessed on 20th August 2021
https://www.monster.com/career-advice/article/the-after-50-career-change
(PDF) Bridge Employment: Transitions from Career Employment to Retirement and Beyond (researchgate.net)
Available at : (online) Accessed on 20th August 2021
https://www.researchgate.net/publication/312007066_Bridge_Employment_Transitions_from_Career_Employment_to_Retirement_and_Beyond
Interesting article Kanchana. adopting to new trends and technologies is the best way to address midlife carrier crisis. Further being flexible and keep track about new trends by update our self’s is great way to midlife carried opportunities. Very important article.
ReplyDeleteThe changing environment is the real challenge for the older working population. To cope upto the expectation of the younger generation is the other challenge. In the banking sector, adapting to the new changing digital era is the challenge i believe.
ReplyDeleteOne of the most noticeable aspects of recent demographic trends is the current growth rate of the elderly population. Many countries are grappling with changing demographics, which have ramifications at the population level and affect workforce composition and labor skill shortages (Schalk et al., 2010).
ReplyDeleteImportant article when considering global trend, thanks for sharing.
Thank you for the article Kanchana, Sensitive but important topic.
ReplyDeleteAlthough older employees may be viewed as slower or more resistive to computers and the Internet since they did not grow up with them. Older employees provide a degree of experience, critical thinking, and pure knowledge that can't be taught, especially in some unique businesses such as the jewelers, embroiderers and cabinet builders (Columbia Public Health, 2019)
Very interesting article Kanchana. Studies show that although experienced older employees may be at risk in the office environment with the inevitable effects of aging on vision, hearing, posture, memory, balance and distraction, they often compensate with intelligence, experience and decision making. Therefore, there should be a proper mechanism to get the use of their talent and experience even after their retirement. Thankyou for sharing.
ReplyDeleteHello, Kanchana. At this time, there is a important topic to discuss. When it comes to job or life experience, Generation X has made a significant contribution to society.
ReplyDeleteThe human brain began to be controlled as a result of technological developments and innovations. Various scientists found many innovations with minimal technology between 1950 and 1980. During that time, the human brain outperforms the computer. Machines currently regulate and restrict the human brain.
Best example if you look at Inspiring life story of KFC's.Colonel Harland Sanders was the one who did it. He was discovered to be addicted to Kentucky Fried Chicken. He never let failure get the best of him, and he always saw failure as an opportunity to learn as well as achieve. Many people have to overcome various difficulties behind closed doors in order to achieve great success. These people have to continue through hardships as well as work hard to achieve their life goals.
Thank you for sharing. all the best
ReplyDeleteWhat A great article, Yes kanchana, A midlife crisis can be an uncomfortable period of transition in your career. As you try to find your new place within your current career field or change to another career altogether, keep in mind that many people may come out of a midlife (career-related) crisis feeling more accomplished than they did before. However, you have mentioned and described the opportunities on this. very very informative.
Interesting article Kanchana,growing older impacts management in numerous distinctive approaches, relying on the private ideals and viewpoints of the getting old leader. a few people turn out to be extra powerful leaders as they become older and a few come to be much less effective.
ReplyDeleteIt is customary for every employee to hear this phrase. Accepting the challenge and determining tactical measurements will be necessary as you progress. Every employee should not view it as a negative, but an opportunity to discuss how the world's phenomenal characters have overcome this issue. Always consider the amount of experience you can bring to the table before doing anything else.
ReplyDeleteMidlife career crises are more and more common in our fast-paced world. Such crises may manifest in the loss of a job, being passed over for promotion, or in simple dissatisfaction with a career and looking for change. Perception still exists among employers that older workers are more costly than younger workers because of higher absenteeism, higher wages, higher pensions, and increased use of health care and other benefits. Regardless of these perceptions, most employers do not hiring or keeping older workers in the job. But Kanchana, you have describe the importance of aging population and value of their experience from the article very well.
ReplyDeleteInteresting article to visit and understand. Thanks for sharing this Kanchana.
ReplyDeleteGetting older mean not the loosing of ability to perform. With the age, human adding values to their life and that further strengthen to show great performance. Level of experience, talent on expertise, mastery on the subject are the key indicators that has been improved with the age. Therefore, give opportunity to people, who still capable on delivering result would be a wise decision to have an aggressive growth.,
Really interesting article Kanchana, thank you for sharing, as you have explained even through maturity & age we should be flexible & open to accept new opportunities and it will sometimes help to get to a much better position than we occupy now, as you have well said, from a crisis to an opportunity.
ReplyDelete