Unretiring to Consulting

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Are you planning a post-retirement or unretirement career? The number of people who are considering it grows each year. The old standard of retiring at 65 is gone. Not only do more people work beyond 65, but many people retire well before 65 to an unretirement.

There is a growing trend towards shifting employment to consulting and coaching.  Harvard Business Review says that this desire to stay employed is about personal and professional fulfillment. You may be surprised that the wealthiest people were the most likely to want to keep working. 80% of retirees who work say they are doing so because they want to, rather than because they have to.

I made this move in 2013 well before my still-to-come-65th birthday. (The majority of consultant/coaches are 50+.)Like many of those in the 2016 ICF Global Coaching Study, the majority of senior professionals don’t want to “retire.” They like what they are doing, but don’t like the pace and amount of work required at a corporate job. Clearly some of the appeal is  more flexible hours, possibly higher rates, working virtually and from your own location.

But you would not be the only person to have come to this decision. Another HBR article discusses some things to consider and I agree with most of them.

One tip is to “Give yourself sufficient runway. ” They suggest 1-2 years to prepare. Circumstances pushed me to make my decision in less than a year and at the start of my unretirement I didn’t have clients waiting. You also need to be sure you can handle the financial changes that occur with going independent.

It is recommended that you give your company plenty of time for succession planning. You don’t want to burn a bridge behind you, especially since you will probably be building this new career off your experiences, reputation and possibly even your past clients. As long as it is done in a legitimate and ethical way, you want to start lining up clients early. This doesn’t mean pilfering current clients but it does mean using a network you’ve built over the years. I had many colleagues in education at all levels and I used those contacts as entry point into new clients.

I spoke with small business counselors at my bank, opened business accounts, obtained a business/vendor number (rather than using my own Social Security number) and formed an LLC.

Dorie Clark, who writes about this topic, suggests that you do a skills self- analysis to evaluate your  entrepreneurial abilities along with your subject matter expertise. She even offers a tool to do that analysis. I picked up her book Reinventing You which got me thinking a lot more about personal branding.

If you do an honest skill analysis, you may determine that this new venture requires some new skills or updating existing skills. Examples might be social media, technical communications, online training or web services, digital marketing and design skills. You may not need another degree, but many colleges offer certifications and targeted courses on these and other topics. There are also hundreds of free MOOCs (Massive Open Online Courses) that can sometimes serve the same goals. Some of these courses are offered by the world’s leading universities and may also offer certificates of successful completion.

I have taught, and continue to teach, in several graduate certificate programs at New Jersey Institute of Technology. The majority of my students have been people either working in a field and seeking to upgrade skills for advancement, or people hoping to shift careers. A few have been moving towards consulting, but most are still hoping to work for their employer or another company in a new capacity. Don’t feel bad if you turn out to have a skills gap, because that is very much the norm in business today.

You will need a web presence. Business cards alone won’t cut it. A website and a social media presence for you and for your company should be on your To Do list early on. You will need to market yourself and your brand. I would add to that list – but much further down – things like creating a logo.

If social media hasn’t been your thing professionally, you could begin with having a personal and company presence on LinkedIn and even using that as a “blogging” platform. It is one way to connect your professional contacts with what you are doing.

On the  upside, consulting and coaching offer flexible, interesting, and sometimes well paid opportunities for second careers for active or retired professionals. On the downside, the competition is definitely out there, so be prepared.

 

Why Teach Social Media?

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I teach social media courses. They are graduate courses in a communications program and most of the students are working in some related field (technical writing, graphic and web design). Some older friends who are not educators have expressed surprise that there are courses in social media (SM). They view social media as something “all kids know about” these days and don’t think of SM as a very serious subject.

Of course, SM is very serious business in the marketing and advertising sense. I have written earlier about what some feel is a social media skills gap. That term, “skills gap,” is itself an important one for colleges. The Chronicle of Higher Education has called it “The Idea That Launched a Thousand Strategic Plans” (the article is unfortunately for subscriber access only) because trying to fill in gaps in skills that employers say they need has become a way to build programs and therefore colleges’ plans for the future.

There are educators that question that kind of planning because it makes assumptions about the role and purpose of a college education. Is college meant to train employees in skills and job-specific areas, or is the mission something much larger?

Some social media consultants have said that 90% of workers don’t have the skills to leverage social media as a business tool, so it would seem logical that there would be a “market” and interest in higher education to fill in that gap.

Yes, more social media courses are being offered at colleges – generally in marketing and communications programs. But for just-in-time training, current employees are also looking to online courses, MOOC offerings and free on-demand resources.

Hootsuite is one of those providers, but it also offers a Student Program that provides educators and their classrooms free access to social media tools and resources. They have a Hootsuite Academy, which obviously uses their own Hootsuite dashboard which is a widely used platform for social media management. They also offer free certification for students who complete the program.

Because I teach social media courses at a university, and I also do social media consulting, I looked into the Hootsuite Student Program as another way to integrate hands-on activities into NJIT’s online MA program and also its graduate certificate programs.

Social media is just one part of this larger gap, but the “meteoric rise” of social in U.S. over the past decade to more than 2.3 billion active social media users worldwide can’t be ignored.

Some of the materials in the Hootsuite program were topics that I have always included in my curriculum for designing social media. For example, having students conduct an online reputation audit on a real local gives students a better idea of creating a strategy for a brand versus their personal accounts. Students do research and present an analysis in order to create a strategy to improve their client’s social marketing. They research target audience, popular content channels and types, competitor social media use, and make recommendations for future social media marketing activities.

I have students create a social media campaign with objectives, target audience, and metrics. It no longer surprises me that my students often make very little sophisticated use of social media themselves, and have a very limited understanding of how organizations are using it.

One gap I have been attempting to bridge this past year is the lack of knowledge (and interest) in social media ethics and law. That gap is not only in students but in those currently working in social media.

I also see frequent mentions online about a broader “digital skills gap” with employees who don’t know how to use, or are not aware of, the technology available to them. According to a Harris poll survey in Entrepreneur, only one in 10 American workers have mastered their employers’ tools and this gap “Bleeds $1.3 Trillion a Year From US Businesses.”  I believe that this learning process in my social media courses has value beyond making students just being able to do marketing via social media. Activities like creating a social strategy through research, analysis and application, and doing it in a digital world can help bridge a number of skills gaps.

The Social Media Skills Gap

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Gap? What gap? Using social media for marketing, customer service and sales has fully arrived. eMarketer says there is 90% adoption. That’s not the gap.

The gap occurs in training and resources for employees. Some companies rely on a small team or even an individual to handle their social media. Of course, many companies outsource their SM management. There is nothing inherently wrong in that approach, but it is important for almost all employees to have a background in SM and an understanding of the organization’s strategies for using it. This is particularly true for companies that use/encourage/allow many employees to use social media for their work.

Employees have been largely ignored. Research from management consulting firm Capgemini Consulting says Some consultants have said that 90% of workers don’t have the skills to leverage social media as a business tool.

If you’re hiring, more social media courses are being offered at colleges (generally in marketing and communications programs), but there are also online courses available for current employees, including MOOC offerings and free on-demand resources from places like Hootsuite.