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Rethinking the Second Half of Your Career

The second half of your career is longer than you think

I met James last week. Twelve months ago he made a really big decision. At 48 he returned to college full time to complete a one year MBA.

The journey back to full time education started for James after I worked with him on his Executive Outplacement Programme. His senior global role was made redundant, but he had already become jaded by weekly air travel (he has amassed free air miles for the rest of his life!)

During our one-to-one sessions, he discovered he didn’t want to continue on this corporate global journey nor at the same pace. He budgeted what he needed to put aside and, with his redundancy package as a buffer, he made the decision to go back to full time study – it was his missing link. The light bulb moment happened when I drew his career lifeline on a flipchart. It had three ages on it 18, 48 and 78.

18________________________48________________________78

He was only half way there.

I am turning 50 this month and I know that by the time I reach 78, this will be closer to the official retirement age, not 68. This is the reality of an aging global population, our current lifestyles and insufficient pension funds for the future.

But if we reassess our career game plan, we can look forward to the next 30 year stretch as an opportunity for rebirth and personal growth, rather than something that we have to get through.

At 18 we look forward to the next few years of college life as a time to combine study, carefree fun and independence for the first time; somewhat naive, wide-eyed and hopeful for the future. However, the World of Work is Changingrapidly and one intensive three or four year block of study is no longer adequate. Long-term employability means having diverse and up-to-date knowledge and skills.

The impact of seeing this lifeline prompted James to see the next 30 years as an opportunity rather than a problem. It’s a brave call but he has created a new platform to pivot in a new career direction.  He is now as enthusiastic as a fresh faced college grad of 22.

He sees the future world of work with new eyes and has already built a totally new network. He has been able to bring years of international business experience and marry it to the latest business thinking and models. This fusion of valuable work experience and learning has made his MBA much more relevant and rewarding.

The qualification was something he personally felt was missing but not just on his CV; James also wanted to test himself academically. He is now in the top quartile of the class which has greatly increased his self-confidence. It has given him a second wind for the second half.

There are many people like James who, for whatever reason, are offered a redundancy package to leave in their 40’s or 50’s. But instead of taking the time to reassess and reinvest in themselves, they think about the next 30 days, the quick fix and rush into job seeking mode rather than setting themselves up for the next 30 years.

They find a new job and continue to work hard but it is never as good as where they were. They keep scanning the job sites for the role they hope will take them back to the good old days.  The next 30 years for them will be a continual decline, spiritually, emotionally, financially and physiologically.

Going back full time to college may not be possible for everyone, but learning and upskilling is becoming essential as identified in recent McKinsey research. The opportunity to reassess and recalibrate is always an option. The latter half of your career does not need to be like the first half. In the European championships this month, we will see teams adapt and change their game plan for the second half to get the result they want. The successful teams will use half time to reassess, re-energise and refocus their priorities. They will also have coaches who continually challenge them to be at their best.

The reality is we will all be living and working longer. The second half can be the most rewarding time in our lives but only if we are brave enough to re-evaluate what we have to offer, what will be in demand in the future and what we need to learn and do to bridge that gap.

A consistent feature showing up in our coaching practice is that more and more people in the corporate world feel trapped. They have worked really hard and made significant personal sacrifices to achieve their current Senior Level positions but increasingly they feel trapped. It’s like a bell curve in career satisfaction peaks in their forties and then tapers off if proactive steps are not taken.

Here is a common career journey we are seeing in our coaching programmes:

The Thirty Something’s

These ambitious high fliers are in a rush. They have a track record of recent project successes under their belts and a thirst for career success. They have a corporate career goal in mind – to reach Head of Function or Director Level. They are hungry for new learning; often studying for a masters while also working incredible hours. They are newly married, have just started a mortgage and possibly a new family. Salary increases are common which are often achieved by making frequent job moves.

The Forty Something’s

These ambitious high fliers are talented at what they do. They may have reached Head of or Director Level but are now burned out and consistently tell me privately that their career plan is “once I hit 55 I’m done! I’m out of here. I’ve had enough now but can’t afford to leave“. They have now settled in one organisation and while head-hunters call, they fear leaving what they know. They have also built up a number of year’s tenure and won’t leave without a severance package.

The Fifty Something’s

These are the same people ten years later. They have either taken a redundancy package or reached a comprise agreement to go for fear their role may be at risk from an ambitious thirty something who is the new messiah. They have also now realised they can’t afford to retire early because they have extended themselves too much in their thirties and forties. They hadn’t bargained for the high cost of college education or that their twenty something kids would stay in the nest (and on the payroll!) into their late twenties.

“I’m caught in a trap, I can’t get out”

Through our coaching sessions we have identified three predominant reasons why clients feel the Corporate Career Handcuffs come on.  These are the 3 F’s…

1 – Fears – the fear of changing and failing elsewhere

2 – Finances – they can’t afford to go because of current personal debt levels

3 – Facts – they have not fully researched what else they want to do

What can you do to get out of the trap?

1 – Fear – The fear of not making it somewhere else stems from a small almond shaped object called an ‘amygdala’ in our brains. The amygdala is our inner lighthouse and is constantly scanning for threats at an unconscious level. In ancient times, seeing a dangerous predatory animal we didn’t recognise triggered a fight, flight or freeze reaction. The same process occurs in the brain when making a change and stepping outside our comfort zone into an industry sector or career field unknown to us. Our over vigilant amygdala feels threatened, fearing the worst may happen and chooses an avoid response. The trick is to continually challenge ourselves to take more risks and proactively seek out change. This way, change becomes recognisable to our amygdala; it has scanned something we have encountered before.

The winners in the world of work are those that see change as an everyday occurrence and not something to fear.

2 – Finances – We find most successful people are so busy they take very little time to plan their finances in any great detail. We have met CFO’s with no financial plans. They manage million euro budgets at work but spend little time on the important numbers. In short, they don’t know where they stand in relation to their finances, thus increasing stress at an unconscious level. We provide this invaluable and impartial support as part of our Career and Financial Audit Coaching Programme. Liam Croke, MD of Harmonics Financial, is a trusted financial advisor to hundreds of busy Executives helping them complete a personal and family financial review – see our sister company Harmonics Financial www.harmonicsfinancial.ie.

It is wise to know your numbers, gain clarity and remove the financial uncertainties from your future.

3 – Facts – Busyness gets in the way of facts in my opinion. This happens because we remain busy in roles that don’t satisfy us any longer and go with the flow rather than stepping back to get a clearer picture. At the start of each year, after Christmas and after summer holidays, we get calls from busy people who want to meet and review their career future. They have had time over their holiday break to unwind and promise that they we will definitely do something different this year. When we meet up, they talk about how they hate what they do but don’t have the time to spend on their own career project. They want an instant quick fix.

To be at our career best, we need take the time to stop, know the facts about what we want and how to find it, acknowledge our fears and gain clarity about our future financial goals.

The 3 F’s – Corporate Career Handcuff Release Coaching Questions:

1. Fears – What do I really fear and how can I overcome these fears?
2. Financials – What is my number? How much do I need to target to achieve my retirement age financial goals?
3. Facts – What do I want to do next and how can I make this happen?

True freedom comes from increasing your certainty about the 3F’s and facing up to each of them with the same enthusiastic ambition you had when you were a thirty something.

I will leave you with this quotation from George Bernard Shaw that is worth looking at each morning before you start work.

“Life is no great candle to me……it is a sort of splendid torch which I have got hold of for the moment, and I want to make it burn as brightly as possible before handing it on to future generations.”

Harmonics Career and Financial Audit Programme has been specifically designed with the Senior Business Leader in mind. An increasing number of Organisations are providing this programme for their Executives as part of their reward package. John Fitzgerald and Liam Croke have, between them, worked with well over 500 Executives in enabling them to plot their future career and financial goals.

Testimonial – “The Harmonics Career and Financial Audit Programme was just what I needed to gain a new perspective, it was realistic, refreshing and the kick I needed to take positive action and stop talking about it” – Senior Business Leader