Seeking joy and freedom at 50

I attended the virtual conference ”Leaders Who Make a Difference” hosted by Harvard Business Review this week. Many interesting speakers, loads of food for thought and aha-moments. The one that really resonated with me though, was Herminia Ibarra, Professor of Organizational change at London Business School.

Her session was about career transition, and why so many of us do, plan, or long for change at this time. My parents’ generation had one employer throughout their career, whilst my generation (born in the 70s) has had several… and counting! Having had different employers gives you perspective, and a wider view of how things can be done. I find this very positive, both from an experience point of view, as well as from a mental health point of view. If you are miserable at your current job, it is OK to leave.

However, something that is still a bit of an issue is shifting industry. As a CEO of 14 yrs this is still a bit of a mystery to me. A company wants change, they want to transform their business, new ideas, new energy, empowering and inspirational leadership. Some business owners and Directors are valuing industry knowledge too high in my opinion. Nothing is rocket science, except rocket science. If you have been a successful CEO for +10 years you are intelligent and receptive enough to understand what drives top line in any line of business.

Let us look at the statistics Herminia Ibarras shared in her session on career change

• 70 % define that personal purpose through work is important, but not finding it
• 226 000 lay-offs in tech in 2023
• 100 million people will need to find new jobs as a result of AI
• Average time a professional stay in one job in the US is 5 yrs
• 40 % of people are unhappy at work (according to McKinsey, 2022)
• Average age in the US for a career change is 39 yrs

Based on above, and the fact that we live longer, really calls for a more open-minded recruitment process to C-suite positions. Longevity has changed the playing field. Back in the day we died at 40… a few hundred years later we retired at 65, but now we are living longer, hence people are more inclined to keep working, contributing, and creating meaning for themselves and their communities. Research shows that people that are healthy at the age of 50 have an average working life expectancy of 73. That is 8 years past the retirement age in Sweden.

Herminia Ibarra also refers to a shift in social change. More and more people seek meaning. In younger ages most people tend to focus on pay and career paths. But once you get older purpose, meaning and joy takes center stage. I think people mistake being retired with seeking freedom. Do you really want to retire at 50, or do you want to be free and independent at 50? Still being professionally active and contributing to the world, on your own terms.

I will leave you with hands-on advice Herminia Ibarra shared in her session, and that is to do some mind mapping. There is no “one true self” (i.e. I am only a media executive, I am only a sales guy etc.) You have so many options that you would enjoy and flourish in. Make a list of all the number of “possible selves” that you can adhere to. Like type of organization (limited company, organization, start your own enterprise) managerial role (yes/no), industries (all industries you are comfortable in feeling you can contribute), geographical focus (country, region, remote work), interests (hobbies) That is your starting point. I will guarantee you that you will find a lot of new fresh exciting leads from that exercise! Good luck!