While unions are still condemning a moderate raise of the retirement age in Germany, trends in personnel managing reveal that such a raise is not only necessary from an economic point of view, but also often desired. A survey conducted by the international Korn/Ferry International management consultancy among more than 270 international personnel agencies showed that an ever increasing number of executives start a second career or change their professions when they are approaching the retirement age.
This experience was shared by 58% of personnel agents asked. If one compares the number of vacancies being available nowadays for executives in terms of second career options with those of ten years ago, the great majority (84%) of personnel agents say that opportunities have stayed the same or even improved.
According to personnel agencies the main reasons for which executives wish to start a second career are boredom during retirement (22%), the wish to remain productive (21%) and the search for intellectual challenges (20%). Further reasons are insufficient savings for retirement (13%) and the need to have social contacts (13%).
When asked what kind of a second career was looked for, the majority of personnel agents (80%) stated taking up advisory projects followed by the wish to start one´s own business (66%), working as a freelance (56%) and assuming projects limited in time (49%). Personal interests, voluntary work or making money with one´s hobby seemed to be less popular options for a second career.