September 22nd, 2008
The Week on Wall Street: More Reason to Believe in ‘The Talent Shortage Myth’
Need any more evidence that there’s not going to be any mass retirement of baby boomers or a talent shortage anytime soon? Just take a look at last week’s events on Wall Street and some of the comments from average people on the near-meltdown of our financial system and you’ll see what I mean.
“Bob Conrad, a 59-year-old budget director at the U.S. District Court in Dallas, sees his chance for retirement next year slipping further away,” according to a story in The Wall Street Journal. “After his nest egg lost 10 percent of its value, he moved his money a few months ago out of stocks. He thought he was set, but soaring food prices and seesawing energy prices already had him worried. And now, ‘this thing looks like it’s going to get worse before it gets better,’ he said. ‘That’s just my luck. Looks like I’ll be working awhile longer.’ ”
Another worker the Journal talked to, Bradford Roth, the 56-year-old chairman of a Chicago law firm, said his strategy for dealing with the market downturn was to make a deposit to his cash-management account but to pointedly avoid checking the balance of his retirement account. “The less you know,” he told the Journal, “the better you feel. There’s nothing wrong with working in your 80s.”
These are only two stories from two individuals, but they very much follow what I have been saying for a long time: We aren’t going to have any shortage of workers anytime soon. The prognostications of a massive outflow of boomers into retirement and a subsequent gigantic talent shortage across the American workplace will not come to pass. This week’s events on Wall Street and throughout the financial markets underscore that.
I’m one of those aging boomers, and, frankly, I’m reassessing my own future in the wake of what happened last week. I can identify with Bob Conrad and Bradford Roth because I’ve had many of those “looks like I’ll be working awhile longer” moments, too.
In fact, I think the biggest challenge for all workers, from Millennials to boomers and everyone in between, is just holding on to their current jobs in such a turbulent economy. It’s a tough job market for everyone, and unless the efforts by the federal government to help stabilize the financial system take hold and calm things down, people might find themselves wishing they could put off retirement and work into their 80s. That would certainly beat an impoverished life of unemployment.
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