#7
Invest for the Long-term

Today's aging boomers represent the healthiest generation ever to cross into their 50s and 60s. Many have 20 years or more of active life remaining, making them an attractive investment for additional education and training. Unfortunately, Congress is moving backward in this arena. Legislators recently dropped federal requirements that certain job training programs include funds specifically for older workers.

But some organizations are already recognizing the value of investing in boomers' second careers. The federal Troops to Teachers program provides a $5,000 stipend to retiring military personnel to cover the costs of the classes and exams needed to qualify for a teaching credential, and another $10,000 bonus to those who spend at least three years in a "high-need" school. IBM recently announced a similar program, offering up to $15,000 in subsidies and incentives to retiring engineers and others who want to start second careers as teachers. Dozens of other corporations have expressed interest in emulating IBM's initiative.

The most successful organizations will be the ones that treat their new crop of workers and volunteers as human resources, not just a low-cost labor pool. That means making an investment in training, as well as in a volunteer coordinator or, better yet, a human resources manager. In many cases, such a position can itself be filled by a skilled and experienced boomer, either on a paid or unpaid basis. The costs are more than outweighed by the returns. Independent Sector estimates that in 1998, 15.6 million older adult volunteers gave approximately 2.7 billion hours, or $40 billion worth of time, to non-profit organizations and causes.