April 17, 2007 > Baby Boomer execs are making late career switches
Baby Boomer execs are making late career switches
A growing number of Baby Boomers are changing professions late in their careers, according to a study released Thursday.
More than 270 international recruiters completed the 11th edition of the quarterly Executive Recruiter Index by Los Angeles-based Korn/Ferry International (NYSE: KFY), and 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 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).
When asked to identify which types of re-careering that 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 lower.
The 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 in January.