Sometime ago, the hot topic in our public discourse was the so-called “sovereign wealth fund” even if most of it went over the head of the Filipino on the street.
According to the generally accepted definition, a sovereign wealth fund is “a state-owned investment fund comprised of money generated by the government, often derived from a country’s surplus reserves.” It is supposed to be used to invest in projects to generate wealth for future generations.
Without getting into the nitty gritties of it, let me just pick out two key phrases from this definition: “wealth fund” and “surplus reserves.”
If you will allow me, I want to shift the focus to a different kind of surplus wealth fund that we can all grasp and understand. It is there sitting idle, and if only we can find a way to tap it right, it can generate future wealth for coming generations.
I’m talking about the millions of retired “pensionados” in their 60s, 70s and even 80s who possess an incredible richness and depth of experience, knowhow and perspective. Most of them have been masters in their chosen careers or professions. Shouldn’t we consider them collectively a surplus valuable resource?
These retired experts are our nation’s existing wealth fund. Unlike the controversial and hastily enacted sovereign wealth fund, we do not have to source this fund from our much needed government coffers. This fund consists of idle surplus assets that are already there, stored away and, like potential energy, it can be released and converted into kinetic energy, which is energy of motion.
All we need to do is pool this valuable capital together, identify the individual retirees and come up with a system that will classify them according to talent and expertise. Once done, by all means, infuse them into existing businesses and enterprises, but pay them well and support their needs, too.
Maybe we can call it “Wisdom Wealth Fund.”
The task is to make this breadth and depth of expertise and experience, this pool of diverse knowhow accessible and applicable, in a way that will enable organizations to find and assess the strengths of these retired seniors and how they will fit with their needs.
They may not be as physically nimble as before, but their minds can still be put to work. Never underestimate the power of a seasoned mind. They are more grounded and realistic. Since they can’t be assigned to tasks that need them to be ambulant and mobile, why not turn them into scholar-specialists who can pursue serious fields with single-minded focus and lots of space to tinker with ideas. This is similar to the “3M Champions” creative, ingenious “lone rangers” who helped turn the company into a creative powerhouse.
Some of them can be employed as advisers, or “consiglieri” to CEOs and senior vice presidents. They can be deployed in education and development—research, teaching, and impact—for different professional contexts.
As far as retired executives go, don’t just kick them upstairs as a way to assuage their egos. Create a working council of elders. Hiring mentally agile retirees can be an enticing option for organizations looking to tap into a wealth of experience and knowledge.
In an article, Forbes magazine lists down a few things older people can teach younger workers: the struggles and setbacks of building a career and the importance of having years of experience, the soft skills that have helped them build the relationships that have made them successful and other teachable things. Tech companies, for instance, face a multitude of ethical and intercultural questions. Older experienced people who have been exposed to the realities of the market can help them think differently about how their products will function in the world.
This is why society, in general, must reframe its perspective and attitude towards the elderly. They should not be treated as subsidy-dependent or virtually disabled sector. From a deficit model to an asset model —seeing all their vitality and wisdom—we have to acknowledge that no matter how frail or cognitively challenged, they still have something to contribute.
I think some countries have realized the folly of mandatory retirement for seniors too soon or indiscriminately. Hiring trends show older workers in demand. One ad wittily posted: “White haired? You’re hired!”
Why are older workers sought? According to US News and World Report, 70 percent of human resource experts believe older workers have a strong work ethic. Furthermore, the Society for Human Resource Management has observed that workers over 50 show greater job engagement than younger workers. Seventy-one percent of employers also said that older workers exhibit greater professionalism. One study, done in 2015, shows that older workers have lower turnover rates and that company cost to train new workers is decreased.
That being said, however, seniors, in turn, should do their part to remain useful, productive and employable. Their biggest drawbacks are feelings of entitlement and their reflex resistance to change. To increase their chances of being hired again, they need to be open-minded and strive to reinvent themselves. They should play the role of a respected synthesizer and reconciler of opinions, promoting harmony not friction or division in the workplace.
But one last important component to consider about this Wisdom Wealth Fund should be a health-insurance net that will subsidize the medical needs of these seniors. After all, they need to keep their brains and bodies in good working condition as long as age would allow it.
So there, I’ve brought this idea to the table. Let others run with it. I will just leave this thought from an anonymous senior citizen retiree who was excited to be useful again: “I feel respected because not only does somebody think I have a brain, they make me use it.”
Rich is the country that knows how to capitalize on the wisdom of its white-haired citizens, a great natural wealth just sitting idly by somewhere near you.