Steve Butler is the author of new book The Midlife Review: A Guide to Work, Wealth and Wellbeing, here he talks about how to retain that 50+ year old talent in your business.
In England when you turn 40, you receive a notice summoning you for an NHS Health Check. It’s like an official notification that you’re getting older! But the idea behind the health check-ups, which are offered to adults in England aged 40-74 every 5 years, is very sensible. As you approach mid-life, you need to periodically stop and take a holistic view of your health. I believe that when we hit our late 40s, we should take a similar approach to all areas of our life, not just our health. We should have an annual life planning session or midlife review to make the most of our potential in the years running up to retirement.
It’s a transitional time of life, but you still might have 10-20 of work ahead of you, so how do you make the most of these years, so that you are living well and not just treading water until you retire (which may, in any case, come a lot later than you imagine)? All these questions will, I believe, be magnified following the Coronavirus crisis, which will prompt many of us to re-evaluate what we really want out of life and how we lead our lives.
Companies should facilitate the midlife review for their employees
As life expectancy rises and pension provision becomes less generous, there is the very real prospect that working for 50 to 60 years will make it ever more difficult to stay on one career trajectory. It is only natural that people working for that long will want, at some point, to stop, re-evaluate, take time out to pursue other interests or explore other avenues. Given the ability to do so, many individuals will choose to change their role, work less and/or take more time to pursue personal passions in our later working years, or to care for other family members. Research by Carers UK showed that 2.6 million people have left their job to care for a loved one who is older, disabled or seriously ill, and nearly half a million of those have left their job in the last two years.
This will lead to companies to experience an exodus of talent and experience, just as the pipeline of younger people coming through dwindles. Should your recruitment strategy change if it becomes normal for people in their 40s and 50s to temporarily drop out, wind down or retrain? What about retention: how can you keep your best people under these circumstances? And what kinds of skills will you need to give your staff to help them through this part of their career?
Working this out isn’t easy
Many people don’t stop to think about their future at all, which is how they end up feeling trapped and frustrated, in roles and situations which no longer suit them, but without the skills and resources necessary to change. Others start imagining the life they would really like to lead during this period of their life.
They would love to take on a different role at work (one which is both fulfilling and allows them to spend less time travelling), or take on a volunteering role, or take a sabbatical to refresh themselves and learn some new skills, but they have no plan to make any of this happen.
They don’t even know where to start, so it remains a dream. And they may become less productive, motivated, and happy as a result. It’s likely to be a waste of their talent and potential and might also come at a big cost for the companies they continue to work for. Similar to the NHS Health Check, the Midlife Review is an opportunity to bring all these issues out into the open. Helping people take stock of where they are and where they want to go.
A good midlife review will focus on 4 areas
Career. What do they still want to accomplish over the next 10-20 years? How do they see their role changing and what new skills might they need to make this happen?
Wealth. Do they have the funds necessary to make their pre-retirement lifestyle possible, for example if they want to reduce their hours? If not, what do they need to do to afford the life they want?
Pension. They need to understand when they will eventually be able to afford to retire, wind down work, based on the pensions or other savings they have available.
Health. To continue being productive for another 10-20 years, you need to stay as fit and healthy as possible. What steps can you take, to make this more likely?
The discussion won’t give them all the answers they need far from it, but it should trigger a process of reflection and planning, which will help them unlock their potential at this crucial time and help them stay productive employees for as long as necessary.
Steve Butler is the author of new book The Midlife Review: A Guide to Work, Wealth and Wellbeing, published by ReThink Press and available in paperback and ebook from amazon.co.uk, priced at £12.99
