Organisations the world over are faced with a dilemma: their ageing leadership is rich in knowledge and experience with plenty to give, yet they have reached retirement age. In fact, many show no signs of slowing down and are in an explosive second act of their lives, and may even be looking to a meaningful third act as people increasingly live longer, healthier lives.
On the flipside is the ongoing hunt for new talent in a fiercely competitive arena where highly skilled millennials, particularly in South Africa, are sought after, in low supply and quick to company-hop or opt to work independently. Not a generation to stay in one position forever in the hope of getting the proverbial golden wristwatch, today’s younger talent actively seek meaningful employment with prestigious, reputable employers that will fast-track their careers while feeding their hunger for knowledge and work/life balance.
What to do?
Organisations in the US and UK have come up with a solution: turn your retiring baby boomers into mentors for millennials and Gen Xers. ‘Retirees offer so much more than their extensive technical or industry-specific skills, they provide a wealth of experience – nuances that can only be acquired through the ups and downs of life,’ says industrial psychologist Gillian Donà of Career Craft.
‘It is the insights that they have found through their own heroic journeys that can spark enthusiasm, motivation and purpose in others.’
A double win
Because good business depends on good managers and great leaders, there is value in knowledge transfer via mentoring.
Mentoring is an interesting gambit. It is not supervision with the accompanying power imbalance, nor is it necessarily the transfer of technical knowledge, which is often readily available in manuals. Instead, it is a relationship of psychosocial and career support and role modelling based on mutual trust, respect and knowledge sharing. It’s widely considered to be a win-win solution for all, including the bottom line.
However, mentoring should not be imposed, says Linda Ronnie, a professor at the University of Cape Town’s Faculty of Commerce. ‘It is an arrangement that should be agreed between mentor and mentee, who should have been allowed to choose each other. Mentor and mentee need to accept and respect each other, and both should be learning fromone another,’ says Ronnie.
If you get this mix right, good things follow. ‘If the mentor is a baby boomer – typically a mainstream executive manager – they will be someone with significant knowledge and experience who still wishes to make a contribution. The mentee, in turn, brings a fresh perspective and a wealth of technological savvy to the mentor.’
It is an arrangement well suited to the South African millennial and born-free generation, who keenly appreciate the opportunity to have someone to ask advice from. Not only that, but the retiree gets to feel needed, which is vital to our wellbeing.
‘We are living longer and we are not ready for retirement [at the normal retirement age]. We still feel we have so much to give,’ says Ronnie.
Retirement, after all, is not always everything it’s cracked up to be. The sudden loss of one’s job can be traumatic as the satisfaction gained from contributing, being appreciated, colleagues and problem-solving are whipped away. Returning to the company one worked for as a mentor to younger ex-coworkers can change that.
There’s another advantage, too. ‘It is good for families,’ says Ronnie with a laugh. ‘Not everyone looks forward to having their partners at home with nothing to do.’
Thinking of becoming a mentor?
Sharing your skills can be a great way to give back and give new meaning to your retirement, but not everyone is built to be a mentor. Being a leader is a singular, lonely place and mentoring creates a close personal relationship. Should, however, mentoring be your answer, it raises two questions: do you go back to your old business or field, and should you volunteer or seek payment?
‘You could be very useful in a fresh setting,’ says Ronnie. ‘In a different context, the mentor stands to get something out of the experience, too. In a new setting, you automatically have to shift how you approach things. It is no longer about what you did and what you know, but what you can offer in a more generic way.’
When it comes to payment, regardless of whether you need the money or not, don’t volunteer, say experts, including Ronnie and Donà. If you are charging, a company is more likely to see you as contributing value.
This article originally appeared in MiNDSPACE issue 2 2018 magazine. To read the full issue, click here.