Is 50 and over too late to change your life?
Making a career or life change at this age can be daunting. In this article, I explain how it is possible to embrace change and to thrive over the age of 50.
The purpose of the article is to provide generations nearing or at retirement age (Baby Boomers and Gen X) guidance and possible solutions, for not only overcoming the challenges of this phase of life, but also for embracing what used to be called the ‘golden years’ as a productive, creative and successful period.
Many opportunities come with the changing new world, such as:
- Multigenerational workforces stimulating cross-cultural learnings (to learn from each other)
- Extended life expectancy changing the landscape of work
- Baby Boomers shifting their thinking and overcoming their fears to reinvent themselves
As a transition coach and talent consultant, I have helped and guided many individuals, including those of 50-plus, to embrace change. An agile and curious mindset, with a willingness to continually adapt and upskill, and a desire to learn from other generations, has often proven to be a successful recipe in the process of change.
Multigenerational workforces stimulate cross-cultural learnings
Embracing multigenerational workforces has become a new global trend. However, according to recent research by Deloitte, while 70% of organisations acknowledge that a multigenerational workforce is critical to their future success, only 10% of organisations say they are actually ready to address it. Source: Builtin.com, 10 May 2021
Diagram 1: Generations making up the multigeneration workforce -2021
There are five generations making up today’s workforce, ranging from the Silent Generation to Baby Boomers, Gen X, Millennials and Gen Z.
Every generation in today’s workforce brings something uniquely valuable to the workplace and can benefit from learning from each other. Age diversity offers different perspectives, life experiences and new work and communications styles to boost productivity, while also promoting outside-the-box thinking.
Instead of feeling threatened, generations should rather utilise mutual learning and growth opportunities where generations share experiences, skills, and knowledge with each other.
Millennials and Gen Z-ers bring a valuable perspective on markets and what “digital native” customers want and expect. The younger generations can expose Baby Boomers and teach them how to embrace new technology like artificial intelligence (AI), social media, and more.
On the other hand, Baby Boomers have a wealth of both business and life experience to share. Together, these generations have the potential to create an adaptive, future-proof organisation. But it will require a curious, open mind, a willingness to learn, adapt and explore new approaches, especially for those over 50.
Successful business leaders and organisations in the new world of work are starting to incorporate practices that inspire and upskill a multigenerational workforce to harness diverse levels of talent and experience.
Conscious efforts by some companies to support all generations in the workplace, by creating an environment where employees of all ages feel empowered to contribute their unique skills to the betterment of the company, have already led to thriving team collaboration and improved project results.
Those frontrunners include the likes of Skillshare, Notarize, Paro, CSC Corpatax, GRO, and more. Source: Builtin.com, 10 May 2021.
Extended life expectancy is changing the landscape of work
Extended longevity presents more opportunities to pivot and reinvent yourself after 50, which is crucial to the success of a multigenerational workforce.
Across the Organisation for Economic Co-operation and Development (38 member countries of the OECD), the ratio of older people aged 65 and over to people of working age (15-64), is projected to reach 2 in 5 by 2050, from 1 in 4 in 2018. As the world’s population is projected to reach 9.9 billion in 2050, about 21% (2.1 billion) will then be over 60. Source: WeForum, 20 May 2021
Graph 1 (*2030 projected)
Source: Author’s tabulations of Census Bureau Current Population Survey – files and estimates based on Social Security Administration population forecasts.
Due to the extended life expectancy, the aging employed population faces new challenges in a changing economy, which requires organisations to accommodate employees of 50 and over by facilitating a continued contribution to the workforce.
“The growing complexity of the future of work demands a lifelong learning system that provides opportunities for older workers to strengthen their adaptability and resilience. Investments in reskilling and upskilling efforts should be adapted to older persons’ unique needs, motivations, preferences and diverse identities. In addition, investments should enhance older people’s ability to stay employed or move easily between the job market. Reskilling efforts also heighten one’s sense of self-worth, dignity and fulfilment”, according to Amal Abou Rafeh, Department of Economic and Social Affairs (DESA), United Nations. Source: We Forum, 20 May 2021.
Diagram 2 A new economy accelerated by technology. Source: Get Smarter
Many countries in Europe and across the world are tackling transformation of an extended work life span head-on by gradually raising the retirement age and considering creating friendly policies for the older generation (Baby Boomers), providing more flexible work options and offering reskilling and upskilling programmes to enhance their skills in the digitised new world of work. This improves their employability well over the age of 50 and presents more opportunities to continue lifelong learning as a full or part-time employee, mentor, consultant, or gig-worker.
The gig economy provides more opportunities for openminded Baby Boomers
The gig economy offers the flexibility of a dream “retirement job” with continued learning, across a variety of different positions, industries, and projects, or in combination with volunteering.
Gig economy jobs are short term in nature, with little or no benefits commitment from the employer, removing a key hurdle Boomers face when applying for jobs.
Overcoming fears to embrace change over 50
People tend to avoid embracing change after 50 due to a fear of failure. The fast pace, always-on, new world of work, with accelerated digitalisation, can become a scary, overwhelming place, especially alongside a younger generation that is much more comfortable with the increased technological reliance of the future world.
People over 50 may be anxious about big life changes, especially when they no longer feel acknowledged as a significant authority figure or feel threatened or not appreciated enough to continue to thrive.
As a transition coach, I have noticed that the most common drivers for successful career and life changes include:
- A yearning to learn new things
- A lack of satisfaction in your current career
- An aspiration to give back (you do not need an abundance of money to sustain you and realise there is more to life than just money)
- An upcoming redundancy
- A desire to reignite (and follow) your passion, renewing your energy and excitement to find purpose in aging
- A need to decrease your stress levels by taking on a less demanding job
- A wish for a gradual transition to retirement, by reducing your work hours or fewer workdays, to provide more bandwidth to enjoy life outside work while being physically and mentally stimulated
- A want to be more satisfied by work
- A passion to contribute to a better world, and
- An urge to look for opportunities to combine work with volunteering.
Through a process of self-discovery, I work with individuals to help them uncover their drivers, redefine their purpose, identify the changes they want to make, and support them on their journey to make those changes happen, and thrive.
How to reinvent yourself over 50
In conclusion
We live in a continuously changing world, requiring people of all ages to reinvent themselves and adapt to change. Although it might seem more challenging to change as we get older, each of us can embrace change and thrive, no matter our age.
Opportunities are plentiful for those who have an open mind and show a willingness to adapt and learn.
I invite you to contact me if you are considering life or career changes and feel uncertain about where to start; or, if you would like to have a mirror and sparring partner to work with you through your transition. I will provide you with practical tools and techniques to achieve more clarity. In addition, I will create a safe space to increase your self-awareness to enable you to become the best version of yourself.
Embrace change and thrive over 50!
