Working in Retirement

This picture from Indexed gave me pause to reflect on the long-term impact on our workforce of this weeks continued financial services industry meltdown.
Aside from the obvious fact that many experienced and highly skilled people are going to lose their jobs as a result of the bankruptcies and mergers, I believe the effects on our workforce will be even more far reaching. At a fundamental level this is going to accelerate the trend towards the flexible workforce, as more knowledge workers realize the benefits of increased flexibility and opportunity to be found in consulting.

Almost every investor in today’s market is seeing a considerable decline in their retirement assets. Mentally, it makes everyone more conservative, especially those near retirement. To replenish their savings (or defer drawing down their retirement funds) many Baby Boomers will elect to continue working in some fashion. Some will postpone retirement and remain as full-time employees with their current employer. Others will work out part-time or flexible working arrangements. Still others will exit their current employment situation and re-enter the workforce in interim positions or as project professionals.

At M Squared Consulting these workforce trends have a huge impact on our business. We depend on seasoned consultants to staff our projects and deliver results for our clients. Given that the overall talent shortage is going to exist long after this current economic turmoil passes, more companies are going to see the benefits of bringing in targeted expertise to deliver defined project results.



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