- Boredom With Retirement and a Need for Challenge Top List of Reasons for
Rise in Retirement Careers -
LOS ANGELES, March 29 /CNW/ -- Although the demand for talent continues
to escalate as millions of Baby Boomers reach retirement age, a growing number
of these professionals are "re-careering," or changing professions mid to late
in their careers, according to more than 270 international recruiters who
completed the 11th edition of the quarterly Executive Recruiter Index,
released today by Korn/Ferry International (NYSE: KFY), a premier global
provider of talent management solutions.
Nearly six in 10 recruiters (58 percent) reported seeing a rise in the
number of executives who are changing professions when faced with the prospect
of impending retirement. In comparing the number of job opportunities
available today to re-careering executives versus a decade ago, a vast
majority of recruiters (84 percent) indicated there are at least the same
number, if not more, of such opportunities.
Leading reasons for executives to re-career, according to recruiters, are
boredom with retirement (22 percent), a sense of productivity (21 percent) and
intellectual challenge (20 percent). Other motivators include insufficient
retirement savings (13 percent) and the need for personal interaction with
others (13 percent).
"Increasingly, retirement no longer marks the end of an executive's
desire or ability to be an active contributor in the business community," said
Joe Griesedieck, vice chairman of Korn/Ferry International. "Re-careering
executives are finding and seizing the opportunity later in their careers to
change course, be it through entrepreneurship, consulting, volunteering or
some combination of pursuits. While this won't cure the impending talent
crunch, it will provide more opportunity for younger executives to learn from
Baby Boomers before they retire completely."
When asked to identify which types of re-careering executives are
pursuing, the largest percentage of recruiters (80 percent) cited consulting
projects, followed by starting a business (66 percent), working as a
freelancer (56 percent) and taking temporary assignments (49 percent).
Personal interests, including volunteer work and pursuing a hobby, ranked
The Executive Recruiter Index is based on a quarterly survey of 273
Korn/Ferry International consultants, who serve the world's largest
corporations and not-for-profit organizations. This survey was conducted
online within the Americas, Asia Pacific, Europe, the Middle East and Africa
from January 9-22, 2007.
About Korn/Ferry International
Korn/Ferry International, with more than 70 offices in 40 countries, is a
premier global provider of talent management solutions. Based in Los Angeles,
the firm delivers an array of solutions that help clients to identify, deploy,
develop, retain and reward their talent. For more information on the
Korn/Ferry International family of companies, visit www.kornferry.com.
For further information:
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