The New Retirement Story in Paris (9) By Peter de Kuster End of the Work/Retire Ultimatum. The Paris Fashion Week. Yves Saint Laurent, Coco Chanel, Karl Lagerfeld. Valentino. The babyboomer generation was followed by a birth dearth that is going to place an even higher premium on senior working skills for the next 20 years. Talent shortages may become a fact of life. Valentino retired at ‘78’. Still active though with a movie and other business plans
By the year 2020 there will be fewer people aged 35 to 54 than we have today. The law of supply and demand may be moving to the side of the ‘talent’ for many years to come. What this spells for the individuals looking forward to working retirement years is the ability to write their own ticket in terms of job flexibility and responsibilities. Your workplace will need you experience, and it will grow increasingly willing to let you work on your terms. Karl Lagerfeld is not thinking about retirement. On the contrary As stated earlier, two things must change to extend our working lives; those things are our story and the story of our corporations. Having read this far in the travel guide of Paris I hope you are convinced that work will always be an integral, even if reduced, part of your life. Our corporations are beginning to see that they will need to change their attitude and culture toward an aging workforce if they hope to compete in the next decades. Companies that do not begin to respond to the new age working realities are in for a rude wake-‐up call. The models of hiring, developing, and retiring employees that have worked in the past will backfire if used in the next decade.
Two simple facts point to this looming employer crisis. First, the baby boom generation, the largest segment of the workforce is aging fast. Second, the shortage of young talent is growing more accute with each passing day. These unstoppable demographic trends will have very profound implications for how companies manage their people. These trends will force companies to: Yves Saint Laurent retired only for health reasons. • Rethink how they attract and retain people. • Change how they motivate and reward their help. • Work out how an aging workforce will affect innovation and productivity.
Coco Chanel never retired. The companies that begin to adress these demographic realities and begin catering to the valuable, but aging employee will thrive in the coming years as they attract the best talent available. Employers are beginning to feel the first tremors of a talent shortage that will reach “workquake” proportions within the next 20 years.