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Transitions
More older workers redefining retirement

By Nathan Hurst, Globe Correspondent, 1/1/06

Fred Baughman isn't crunching numbers as the controller and chief accounting officer for State Street Corp. anymore, but the former executive and baby boomer isn't packing away his financial prowess for the lazy days of retirement.

He left his office in the Financial District last year, and after taking some time off Baughman decided a traditional retirement of relaxation wasn't cutting it. So last fall he took on duties with the finance committee for the Town of Kingston.

Baughman, 59, is just one of millions of workers of his generation quickly approaching retirement age in the next few years. And increasingly, middle-aged workers like Baughman are finding that redefining retirement is more personally rewarding than simply leaving their office chairs for rocking chairs.

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"I've found I need to have a lot of different things going on to stay happy," Baughman said last week. "I've still got plenty of time to play golf and do some outside gardening — things I never had time to do before."

He isn't alone.

"I think the word retirement ought to be retired," said Jeff Redmond, the president of New Directions, a Boston career advice and development firm specializing in helping executives make a smooth transition to an active retirement. "People are much more interested in maintaining a healthy and active retirement."

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Redmond said his company has been helping an increasing number of senior executives over the past several years, as more boomer generation workers approach retirement. He said it used to be enough for retiring executives to simply find activities to fill their time as they got older.

But now more are looking for volunteer opportunities that mimic what they used to do, just without the high salaries and accompanying headaches, such as long hours and stress.

Baughman, for example, said he is responsible for checking up on the financial status of a number of departments throughout Kingston. And on top of the rush of holiday responsibilities with his family, he's in crunch time balancing budgets, auditing spending, and preparing reports for Kingston's Town Meeting, held in April of each year.

"I'm sort of the liaison between the town and various town departments," Baughman said of his work. "So far, I've been working with the fire and police departments, and next, I'll be taking on the budgets in the school districts this year."

Baughman has also found additional volunteer work as the treasurer of the Jones River Village Historical Society, which takes care of the historic Bradford House in Kingston, among other historic preservation duties.

Even though he's busy, Baughman said his new antiretirement-style retirement is working well for him and his family. "I'm never bored, definitely," Baughman said. "It seems like my schedule can fill up faster than I'd want it to sometimes."

Redmond said former executives such as Baughman exemplify the "new retirement," where seniors aren't less active than before.

"Many times, it's simply an older worker saying, 'Now I'm ready for the next stage of life,'?" Redmond said. "Middle age has been extended by at least 10 years in many cases today and people are finding different ways to meaningfully occupy themselves."

How that takes place is getting increasingly diverse. Some older executives follow Baughman's path, while others like to keep a foot in the "real" work world.

"Corporations really like the ability and talent recently retired executives bring to the table," Redmond said.

Challenger, Gray & Christmas, the New York outplacement and workplace research firm, released a report early last month that projected 2005 to have the highest number of chief executives leaving office.

Redmond said such a climate means firms are thinking more about having seasoned seniors step into the positions opened by departing executives.

Baughman cited "heavy job demands" and a sometimes hellish commute to Boston as top reasons why he decided to leave his full-time post. Some of his older former banking and investing colleagues shouldn't be surprised if they're asked to stay aboard part time, either at their current employers or at competing firms.

Compensation
Many hiring managers willing to negotiate

Got a new job and looking to get the best compensation package possible?

Be ready to negotiate, but know what hiring managers are looking for, a recent survey released by CareerBuilder.com concluded.

The nationwide study looked at how hiring managers viewed negotiation tactics by potential workers. While 58 percent said they would be willing to negotiate compensation packages, most would like to see solid reasons why a better package should be offered.

About one-third of the hiring managers questioned said showing off specific and relevant accomplishments was the best way for prospective employees to get more money out of a potential employer. Another third said the strength of a candidate's references played a big role in willingness to offer a better package.

Only 13 percent said talking about an offer from another company would prove effective in trying to get a better package of wages and benefits.

"Attempting to negotiate a better offer is almost always in a candidate's best interest," said Richard Castellini, vice president of consumer marketing and senior career adviser for CareerBuilder.com. "Salary negotiations demonstrate a candidate's determination, persistence, and recognition of the value he or she brings to an employer."

Jobs
Retail, service sectors expected to fuel growth

The service and retail industries will fuel the majority of the nation's job growth through 2014, according to a report released in December by the Department of Labor's Bureau of Labor Statistics.

Positions in retail sales and general customer service are expected to grow by hundreds of thousands over the next nine years. Retail sales associate jobs alone will account for over 700,000 new positions, the most of any jobs included.

Most professional jobs with more extensive education requirements weren't on the list. But some jobs for highly skilled workers, such as registered nurses and postsecondary school teachers, are expected to provide ample job growth opportunities until 2014 as well, the report said.

Nathan Hurst can be reached at nhurst@globe.com

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