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A second beginning: Work after retirement

Published on Wed, Jul 12, 2006 at 13:04 | Source : Moneycontrol.com

Updated at Mon, Sep 18, 2006 at 17:03

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Most of us work hard all our life. Leisure is an activity planned for the distant retirement. We repeat the mantra, 'When I retire, I will go for a world tour,' 'When I retire, I will see all the movies I have missed out on,' 'When I retire, I will learn to scuba dive'. But when they loom near, these years terrify us. None of us want to be retired; it is equated with being useless and dependent.

The second innings

Even if we have planned well and will be comfortable off financially, the need to work and get the satisfaction of a good job done is overwhelming. And why not? At 60 you are just a year older than 59 when you were putting in a full day of highly productive work. You are actually just richer in experience by a year. At 60 or 65, it is time for your second innings. Corporate India is on a growth path and is need of experienced people just as much they need young ones. The days of spending the rest of your life in your hometown puttering around the garden like their father before them is not acceptable to today's senior executives. They are dynamic and are ready to put their years of experience to use.

Say Purvi Sheth, Vice President, Shilputsi Consultants, "After the traditional retirement age, it is possible to find opportunities depending on one's areas of expertise & specialization. It is important to remember that the role may or may not carry the same impact as previous positions held. The role could either be 'hands on' or advisory in nature."

Making things fall in place

� Plan in advance: Planning for the post retirement tenure should start well before retirement. Look around atleast 2-3 years before your retirement and assess the options available. For instance if you wish to teach in a management institute, it is good time to start teaching now so that you can slip into your new career with ease.

� Use your network: Networking is the name of the game to put your future plans into action. Your network can help you scent out the opportunity that you are looking for. Send out feelers to your friends and colleagues. Many senior executives get advisory roles due to their vast network of contacts and goodwill.

� Explore the market place: There are many opportunities available, so explore each one of them in depth to find the right one for you. Also take cues for people who have already started their second careers.

� Use your resources prudently: You have probably a sizable nest egg saved. Try your best not to dip into it if you are planning to start a business. This money is for contingencies and starting a business does not qualify as one. Aim at a low capital business. Rope in your latent recourses. Get your spouse to handle the office paperwork and administration. It will get her out of retirement too.

Five golden opportunities for the recently retired

The key to finding the right job for you is to introspection. What are your strengths and what can you offer the market place? It is essential to determine if how much time you wish to put into your work at this stage of life. It is your retirement after all you may want to slow down from the 12 hour day before you wife divorces you.

Here is a list (not exhaustive) of opportunities for people at retirement age and where to find them.

1. Consultant in your own firm

The first place you should look is closest to home. Your company may not want to lose your valuable presence although the require you to retire as per regulations. Many a companies offer their senior employees roles as consultants. The main advantage to this role is that it is a familiar set up and you do not have to reprove your capabilities.

Beware -It may be at a lower pay and responsibility level. It will also mean a whole lot of benefits which you receive as an employee may not be available to you.

Where to look: In your own organization. Talk to your colleagues/boss and send out feelers to understand their outlook.

2. Non-executive director

According to Security and Exchange Board of India (SEBI) norms, 50% of the non executive directors on board should not be related to the promoters of the company. This has opened a vast field of positions for senior level people. Says Mr. E. Balaji, Chief Operating Officer, Mafoi Consultants, "Now a days many of them are in demand to occupy the NED (Non-Executive Director) position lot of companies are creating at the board level to bring the corporate governance."

Where to Look: Look and send out feelers in corporates in a similar field where you have already worked in, this is where your expertise will be in demand.

3. Sunrise sectors - Telecom, ITES, Insurance etc.

Be where the action is. There is tremendous demand for experienced people in these sectors. "Mid level managers with niche skills in the areas of telecom, insurance are also able to secure some good assignments. Senior managers from public sector insurance companies in the areas of underwriting and actuarial skills found lucrative assignments in many private sector insurance companies. Similarly, at the start of the telecom boom many technical managers from Mahanagar Telecom Nigam Ltd (MTNL) and Bharat Sanchar Nigam Ltd (BSNL) got jobs with private sector telecom service providers.

Where to look: Find out which industry has a rising job trend, which will complement your skills. For instance, if you are a banker then maybe an Information Technology Enabled Services (ITES) with banking application may be where your future is.

4. Small is beautiful

Many entrepreneurial small firms look for mentors who have the expertise to guide them through the murky waters. The job may not have the pay and perks of the largest firms but give tremendous satisfaction and self worth. Advices Purvi Sheth, "Any entrepreneurial business looking for mentors, advisory and so on, would also be interesting places to explore."

Where to look: Look for upcoming new ventures, which will benefit from your years of experience and skill.

5. Teaching positions

Management colleges are sprouting like mushrooms. They require professors - visiting and full time. The best way to keep yourself young is to be around young people. So go ahead and find an area of interest where you would like to share you knowledge with the young guns.