With this much talent leaving the workforce, it would most certainly have a serious effect on the economy. The wealth of knowledge and experience held by retirees is so valuable that it has given rise to the term “the Expert Economy”.
The term refers to a sector of retired experts in their respective industries who generally hire out their skills and knowledge on a consultancy or interim management basis during their retirement days.
With the ongoing struggle among employers to identify, hire, and retain top talent, the thought of tapping into the “expert economy” and bringing experts back to the workplace but on a consultancy or “associate” basis is now a popular option.
One such company taking advantage of this hiring trend is Exeo Capital, an Africa-focused private equity firm working with retired and semi-retired senior executives, from across Africa, with successful track records to assist as “associate executives” on their investee company’s growth strategies.