In the next 5 years 3 million executives will leave their positions. Companies will experience a distressing lack of talent at the upper levels. Some companies are well aware of this and planning for the problem by hiring consultants for a wide variety of tasks. They do so to bring in expertise that is not available in their organization, to solve specific problems or lead a project, to bring new ideas, to train existing staff.
Hiring part-time consultants is often more cost-effective to the company because they don't have the overhead and don't have to make a long-term commitment to a full time employee. With consultants, companies can set the optimal length of employment for the project they have in mind, place talent in just the place where it's needed, and limit expenditures.
Retired executives are keen to find challenging work that will continue to engage them for years after they leave their mid-years' careers. According to a report from the Executive Brain Trust, "fewer than 1/3 expect to engage in leisure activities only during retirement." Seventy percent expect to seek consulting positions.
52% of companies use consultants and more than 2/3 of that group use independent consultants, most often found through personal contacts or networking. Types of expertise in demand, the report found, are: IT, market research, audits, e-commerce implementation, government regulations, selection of senior management and many other business specialties.
Of those companies surveyed, more than half hired retired executives. And more than 2/3 thirds hire independent consultants, not consulting firms.
If you are a retired or almost retired executive who would like to continue to contribute your expertise and land lucrative consulting positions, these are available and attractive. Retired execs who were surveyed indicate that the rewards of being productive and getting a sense of accomplishment are the greatest benefits.
ExecBrainTrust.com is a new online social network for retired executives to share experiences about finding interesting consulting in their field of expertise. You can join, list your preferences, and pay a small percentage when you do get a position through the site.
I have no personal financial stake in this site, but thought it was an interesting service. There may be other similar ones.
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