28 July 2010

Are you thinking of delaying retirement? Have you been laid off recently and need to find work, perhaps in a new field? Or are you a midlife career changer in search of a meaningful way to make a difference? You, or someone you know, is not alone.

What’s an “Encore” Career?

According to Civic Ventures, an organization that promotes employment and career opportunities for older workers,“[a]n encore career provides personal fulfillment, social impact, and continued income, enabling people to put their passion to work for the greater good.”  Encore workers are people who wish to find meaningful work in the second half of their life. It could be a new career for someone who has been laid off and can’t find work in their field or a transition from one career to another. An encore career may also be for someone who has come out of retirement to earn income. A study conducted by Civic Ventures and MetLife determined that over half of people surveyed between the ages of 44 and 70 who are not already in encore careers want these kinds of careers; in fact, millions of Americans have already launched an encore career.

Older workers in the job market can meet shortages in the healthcare workforce

According to the Bureau of Labor Statistics, despite record unemployment, older workers are well-represented in the job market. The labor force participation rate, or the proportion of population that is either employed or looking for work, for persons aged 55 and older rose during the recession. In May 2009, the participation rate was 40.4 percent, the highest rate since March 1962. In February 2010, the labor force participation rate remained largely unchanged at 40 percent. The reasons for this phenomenon are multi-faceted. The collapse in financial markets and asset values are contributing factors but do not tell the entire story. Changes in retirement funding have also had a significant impact on participation rates for this population.

The Bureau of Labor Statistics projects that the healthcare industry will generate 3.2 million new wage and salary jobs between 2008 and 2018. In addition to new jobs being created, workforce shortages exist for current positions.

The demand for mature and skilled workers to meet shortages in the healthcare industry has never been higher. The U.S. Department of Health and Human Services, Health Resources and Services Administration, Health Workforce Studies projects that there will be a nationwide shortage of almost 100,000 physicians, one million nurses, and 250,000 public health professionals by 2020. Shortages exist in other health professions as well, particularly in the allied health professions. By 2014, it is anticipated that there will be anywhere from 40,000 to 82,000 job openings in these fields. Healthcare is a great field to consider and older workers can help alleviate shortages in these fields.

What kinds of resources are available to help older workers stay in the job market or re-enter after retirement?

Resources vary, from local and state programs that help the older worker find training and re-enter the workforce, to service, learning and leadership programs. The concept for an encore career was created by founder and CEO, Marc Freeman of Civic Ventures, whose vision was to help workers find a calling in the second half of life.

To advance the concept of encore workers, Civic Ventures and MetLife awarded $25,000 Community College Encore Career Grants to 25 community colleges to help older workers prepare for encore careers in education, health, social service, and the new green economy. A Philadelphia-based national initiative called Coming of Age was created to promote age 50+ workers in service, learning, and leadership. In 2002, Temple University’s Intergenerational Center partnered with the United Way of Southeastern Pennsylvania, Philadelphia PBS/NPR station WHYY, and the AARP of Pennsylvania.

Choose a healthcare career as an encore career

Many mid-career changers and older workers have spent their life working in unfulfilling jobs. Now they want to find their calling and give back in a meaningful way. Nick Lore, founder of the Rockport Institute in Rockville, Maryland says “instead of thinking how far you may change from your present work, think of yourself as a designer, an inventor, the author of your life.”

If you want to be in an encore career, it’s never too late to chart a new path for yourself. Consider choosing a career in healthcare as an encore career…you will do something that matters, for yourself and for others.