The Boomers are Coming - Part 2

With the pending retirement of the Baby boom generation, we are about to lose a lot of hard won experience. Many of the Boomers are retiring early. They have the money they need. Why stay in the daily grind if you don't need to? But let's not write them off too quickly. We need to find ways to use their knowledge to help the next generation.

Let me give you an example. Recently, I was in a meeting with some bright young web developers. They were struggling with a client's requirements. Their problem was that a limitation in their web tools was forcing them to do a lot of customization for the client, customization that the client didn't want to pay for. Of course, the original deadline for the project had passed. There was a lot of tension in the room. The team lead wanted to scrap the work already done and go with a new tool. Recognizing that they shared some responsibility for the project, he was recommending that the costs of going back to square one be shared equally with the client. It was turning into a lose/lose situation.

Someone with years of development experience would recognize that this situation was actually normal. The software tool looks like a good fit during the initial phases of the project, but when you find out more about the client's needs and how the software works, inevitably you find some requirements that don't fit. Faced with this dilemma, a normal human reaction is to look to the newest software thinking that it will fix the problem. The risk is that the new system will have other areas where it won't meet the client requirements.

A seasoned project manager might make these recommendations:

1. Talk to the current web tools developer - is this a known issue? Are they already working on it? Are there known work arounds?
2. Talk to the client - is this issue major or minor for them? Are they willing to defer this requirement? Can they change their processes to do this work another way?

You will notice that the project manager does not have to be a whiz with this software in order to make these recommendations. All (s)he needs is experience.

Let's not let the experience of a whole generation go to waste. If you know a seasoned executive who is retiring, do your best to connect them with someone young. Too many of us go through our careers without a mentor and that's a shame.

The Boomers are Coming - Part 1

Modern day Paul Reveres are shouting, "The Boomers are coming!" from every digital rooftop. Magazines proclaim the changes to healthcare, investments, retirement homes etc. etc. that will accompany the retirement of the Baby boom generation. While there is a lot of hype surrounding this issue, there is a real opportunity for the accounting profession we need to address.

Have you tried to find a volunteer treasurer for a charity recently? Maybe they are plentiful in your area, but in mine they are scarce. Need someone to do a volunteer audit? They're even harder to find. Unfortunately, the situation is getting worse. Increasing professional liability insurance premiums combined with more stringent regulations make it more difficult to be a non-profit auditor.

We, the members of the accounting profession, need to put our heads together and come up with a way for retired professional accountants to volunteer their services to charities.

Good For Accountants

Many retired people are looking for work that is inspirational. They want to use their skills to make a change in the world. What better way than to find a charity in an area that is meaningful, using the skills developed over a lifetime?

Good for Charities

Time was when having a seat on a volunteer Board or giving a significant amount of time to a charity was an accepted use of an executive / professional's time. Currently there just seems to be less time for additional activities during the work day. Family time in two career households can be similarly squeezed. Charities need the time, skills and experienced that retired volunteers can bring.

Changing the Profession

What can we do to make it easier for retired accountants to:
* Stay current on professional development?
* Maintain an appropriate level of Errors & Omissions insurance?
* Keep their license to practice?

Could we establish a limited license that would allow the accountant to perform audits on a voluntary basis only, providing a certain level of professional development and peer review was maintained? Could professional practice firms set up a way for retired members to contribute their skills to charity?

What do you think we should do? Please put your ideas in the comments.