Neeraj Sagar: Relevance Is What Drives A Second Innnings

Neeraj Sagar, founder and CEO of WisdomCircle, shared his thoughts with Silver Talkies about their technology-enabled marketplace for 55+ retirees to find meaningful work opportunities. Their term for this segment is "WisGen” or short for the “Wisdom Generation.” The idea being that this wisdom pool can serve as experts, mentors or consultants to organizations that need them. Excerpts from an interview:

Question: Why did you start Wisdom Circle? 

Answer: I started in 2022. A lot of people reached out to me regarding what they should do after retiring from work. There's a huge mismatch between the potential opportunities for organizations to utilize the skills and experience of retirees and the desire of many retirees to continue working in some capacity. Therefore, each one needs to identify their unique skill sets and determine what they can offer to potential employers. We are solving for the hard-working middle-class person who has spent their entire life working for their family, developing their skill, and professional expertise, has been asked to retire, and has no hobbies. 

Question: What do people looking for work after retirement need to remember? Are these good times to look at a second innings?

Answer: It's important to remember that having a specific expertise in a field can make it easier to find meaningful opportunities. Inclusion and diversity are becoming increasingly important worldwide, and companies are focusing on age-inclusivity overseas. In India, organizations struggle with flexibility in talent acquisition but prioritise speed and cost savings over discussion and talent development. If you have a specific skill set and the intent to work, there are opportunities available. Our focus is on professionals who have left the workforce but still want to work part-time. Who are the organizations coming to us? Startups come to us, MSMEs come to us. 

Question: When companies come to you is there an age cap there for this segment? 

Answer: Once you're open to retirees there is no age cap. Eighty per cent of people on our platform are between 55-70. We've not had any client who's come back and said that's too old. This is a segment whose requirement changes every five years. They are also less fussed about salary. They're more fussed about the process around them to be consistent with what they want. Two hours means two hours but the commitment is always more. The commitment levels of this segment are amazing. The bigger mindset we are trying to bring in is moving away from full-time to part-time roles. We tell clients, that the more you say full-time, many retirees won't apply. We are looking at part-time roles that range from a few months to a couple of years for people wanting to work say, a few hours per day or 2-3 days per week. And very importantly, we tell them, if you list a job, please do not make the compensation negotiable. This segment prefers a listed compensation and does not want to negotiate. 

Question: What is the salary range like?

 Answer: To give an idea, it would typically fall in the range of Rs 1000 to Rs 3000, per hour with the average being around Rs 2500 per hour. However, there is a significant variation in rates, going from as low as Rs 500 to even Rs 10000 per hour, based on our internal metric. 

Question: What are the work opportunities you are seeing offered?

Answer: Industry and functional experience are in demand. Also, a lifetime of experience in specific areas is valued, whether it's specific tech experience, supply chain management, marketing, or any other area in which you have spent an entire lifetime to become proficient. Emphasize those skills when showcasing your qualifications.

Question: What are the main reasons that drive a second innings?

 Answer: Relevance is the word here. It is a deep word that points to one's purpose in the world and the reason for their existence. With people living longer, cognitive decline is becoming a real concern. Therefore, it is important to stay mentally active to lead a fulfilling life as we age. What is the point of living longer if there is nothing to do?

Question: Are older adults in competition with younger people in a limited job market?

Answer: I don't see it that way. We are creating a separate market - the wisdom market - which is not meant to replace anybody. I divide it into wisdom and execution. Wisdom only comes with age and experience. This segment should not compete on the execution front. To your point, many segments are coming back to the workforce, such as women returning. From a supply-demand perspective, there are resources available, and there is math that needs to happen. The wisdom folks need to solve a part of it.

Question: What kind of ageism have you come across when it comes to older adults at work?

Answer: Ageism is there but also, sometimes it is not ageism, it is also because older adults too don’t want to do many things. Like many will not want to do prepare an Excel sheet. They’ll say instead ask us what we know and what we can leverage for you. Sometimes the problem is because the organization doesn’t understand the segment. We placed a lady with 40+ years of experience in a marketing role and they asked her to make photocopies. Why did they ask her to do it? Because they had thought of her as a cheap resource. She was getting low pay from them because she was trying to help a startup by taking compensation at a lower level. She did it but was unhappy and left the job.  

Question: What do older adults’ resumes need to reflect?

Answer: * To show the world that you are capable, you need to focus on what you are building and achieving in your portfolio life. * It's important to distil what you know into three or four key points, rather than talking for hours about a topic. For instance, my father is an excellent structural engineer who can look at a building and tell you what is the issue with it. That’s experience. That’s what you need to distil it down to for the employers. Not what you did in which year.  * Conciseness is key in being able to convince someone to hire you. * Focus on distilling the core of what you know and learning to communicate it effectively to others

Question: What are your suggestions to someone looking for a second innings?

Answer: Firstly, it is important to ensure that your finances are in order as this enables you to have a broader perspective on things. Secondly, it is essential to continue learning and to engage in intergenerational work with younger people, regardless of the field you choose to pursue. Consider learning a new language or musical instrument to expand your knowledge and skills. It's important to stay up to date in your field by exploring new developments and advancements. For example, if you are a civil engineer, you should be aware of how generative AI will impact civil engineering. It's crucial to remain curious and open to learning, rather than adopting a stagnant mindset that hinders growth. There is always more to learn! It all depends on what you want to be updated about. You have to push yourself to stay updated and relevant. Engage in debates and discussions to get your brain working. Force yourself to be curious about anything and everything around you. On the work front, read journals, write and contribute. Write your life story, and write about what you have learned. Older adults need to remember that they are representing this segment at work. Their actions can have an impact on how this segment is viewed and how the market would be for them.

For more, watch this fireside conversation between Nidhi Chawla, Co-founder of Silver Talkies and Neeraj Sagar, Founder of @wisdomcirclehq to understand the landscape of post-retirement work opportunities emerging in India on our YouTube channel

https://www.youtube.com/watch?v=AVYXEVdK-Aw&t=394s

Cover Image credit: Pixabay