Why it’s hard for executives to retire, and how they could adjust to post-career life (physically, retired)
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It's less about management or power over others, be it "hard power" or "soft power". It's more about creative and archivally-significant contributions, that are only possible in an institutional setting.
The example that impresses me, is that of a senior physicist, leading a team that's working on a fusion-reactor... one of those giant toroidal magnetic-confinement machines. It's a project that's in the tens of billions of dollars, maybe involving thousands of people and decades of planning. It's thrilling, intellectually intense and has the literal potential to change the world. But it's also grindingly bureaucratic, stressful and beset with all sorts of issues of regulation, struggle to garner funds (instead of doing the actual research!), dealing with headstrong and abrasive personalities, and just burning-out (no pun intended).
Eventually one gets sufficiently aged as to slow down, and sufficiently senior as to no longer be involved in hands-on research. The struggle feels both too draining and too artificial... so, one seriously contemplates retirement. But then obtrude the various opposing factions of thought, the urge to quit and the inevitable regret.
.... As such they got their sense of worth and purpose from what they did,
For myself, I am the complete opposite as my life was never defined by my jobs. I can look back and be happy that I did a lot of meaningful work that impacted a lot of lives for the better. But, my sense of self worth was never tied to my career.
I think we all need to have a self-perception that our work life is productive and measurable in some fashion. Retirement, unless it it structured in some way or there is a certain level of responsibility, is hard to measure in the old familiar ways. That might be why the transition is difficult for some. I worked in state and local government for 37 years in a variety of capacities -- about seven different roles including a Governor's appointee and a Department head assistant, division director, a welfare caseworker, grant writer, and city planner -- that is a broad scope of work for one career. There were times where my self-perception was being "in but not of" a certain organization. Kind of a hired gun. Working in prison systems can mess you up if you don't keep some of that perspective. I think that having a variety of roles with different measures of productivity helped with my transition although it still took longer than I had imagined. After 20 years of retirement, I am the vice president of a non-profit foundation so I still have some of that drive left over from my working days but, at 72, it is low key and fading.
I think the whole article is just a piece of clickbait. Sure it sounds feasible that big time CEOs are egocentric like having others follow their orders so when retirement comes they do not like it.
Note there is not a shred of evidence presented to document this idea. Instead it is well documented that top CEOs have been retiring earlier and earlier. Best guess is they have the money and don't want the stress. The mean retirement age for top CEOs has dropped over the past couple of years from 62 down to 59.
I personally only know one top CEO. I worked many layers down from him but did attend several meetings where he was present and also have an opportunity for a couple of dinners with him and a small group. He was a nice guy, modest without a big ego. I can easily see him retiring early and enjoying it. I also know quite a few successful upper level managers who have retired successfully. One continues to exercise his ego and leadership by running a club of fellow fishing fly tiers.
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A very good role for ex- managers / CEO's to transition to in retirement is owning franchises (that are already well managed).
These people are, in fact, the largest purchasers of franchises, and it is usually a good fit. Can be done in 'retirement'. (and remain retired)... passive investor with decision making authority.
Over the years, I've noticed that many managers, not all, and maybe not even plurality, love being managers not to develop the company or the staff, but simply to control people. They like being able to micromanage and having the power to basically end someone's financial well-being at their own whim.
Power is a addicting. There aren't many who can shed that addiction. A big reason George Washington is still my favorite president is that he anxiously gave up the most powerful position in America without hesitation. He didn't want it. I've done it myself.
Then there is the old saying "power corrupts and absolute power corrupts absolutely".
It is not easy to handle power. It is a corrupting force. Most of us normal Joes would probably succumb. I have been in a lot of small team settings where one of my colleauges became a petty tyrant the moment they were assigned to be a Team Leader.
I am a retired executive who now works for one of the top drug and alcohol rehabs in the country. I bring in patients run them through admissions and get them settled. One of our largest patient pools are retired executives a group that I handle. Many had a few drinks after work and now with too much time on their hands it starts at 3pm, then noon.
Our success rate with these patients is very high. We encourage them to fill their day and use their pre retirement talents to better the world. Once redirected they do very well.
At both large corporations where I worked, I was shocked at the number of Executives who could not use e-mail!
They had their Admins print off all emails, the Execs would hand write a response, and the Admins would then type the response as an email and send the message!
At both large corporations where I worked, I was shocked at the number of Executives who could not use e-mail!
They had their Admins print off all emails, the Execs would hand write a response, and the Admins would then type the response as an email and send the message!
I had a temp who did that. She's an older lady. I asked her if she needed whiteout in case she mistyped on the computer. She did get that joke.
I had an executive that has been announcing his retirement for a long time. I only worked at this place for 7 years, but he told me my first month on the job he had only five years left.
A month before I resigned my position, he told me he had only two years to work. I left the company two months ago. He has no family, he is divorced, and he does not have any friends outside of work. Today, he is 63 years old. He makes six figures, has a great retirement portfolio, but he can’t let the job go. He would have nothing to do.
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