Firms tap retired professionals; competition experts in demand
Jan 20 2013
Study states there are 2.6m retirees in India who can be employed
As per the human resources industry experts, those in high demand include government and regulatory officials with expertise in areas like competition law, investigations, security services and financial markets.
The growing demand for retired personnel at corporate organisations also comes at a time when the country’s demographic profile is highly tilted towards the youth, but concerns are being raised about their employability.
In order to bridge the talent gap, organisations are recruiting retirees who want an active lifestyle and are eager to utilise their time and skills for a meaningful use so that they have post-retirement financial security.
According to FLEXI Careers India, which works extensively in the area of diversity and inclusion, there are 2.6 million retirees in India who can be employed.
Explaining the reason behind hiring of these specialised sections of people FLEXI Careers India AVP (consulting services) Karthik Ekambaram said, “They offer organisations luxury of a trained and experienced talent that can be used for operational, managerial and specialised roles.”
Companies from varied sectors such as banks, financial services, oil and gas, infrastructure, IT and ITeS industries are hiring retired experts from areas like competition law, security and investigations, in addition to those having worked in their respective sectors.
HDFC Standard Life Insurance, Goldman Sachs, ICICI Bank, KEC International are among the companies having treaded this path. Experts say that those having worked in areas like competition law are in higher demand, as there are very limited number of people with expertise in such areas.
The demand for retired personnel also help these people resume their career on a new track.
For example, former chief of fair trade regulator Competition Commission of India, Vinod Dhall, started consulting practices through his own firm, Dhall Law Chambers, after his retirement. Another notable example is that of Amitabh Kumar, the former director general of investigation, who is now working as a partner with J Sagar Associates. Dhall, a former IAS officer, said that if ex-CCI persons enter into consultation, “then it becomes easy for the regulator to dispose of the application as they are aware of its requirement”.
Echoing similar sentiments, Kumar said, “Presently there are few experts in the market to assist the companies in compliance of competition law. If former CCI person joins the consultation market, then situation would improve.”
Executive search company GlobalHunt’s managing director Sunil Goel said, “It is becoming almost the need & mandate for the companies, either to engage competition law specialist and organisations are ready to engage senior talent for full time or part time based on their availability.”
Organisations today are looking at diverse talent pools, which bring with them skills that are unique and different from others and the retired experts help fill the gaps.
“Returnees, be it seniors or second career women, by and large are expected to be mature and stable and can provide balance to organisations which have a predominantly younger workforce who are dynamic in their work and engagement with their employers,” FLEXI Careers’ Ekambaram said.