Early season snow storms are dangerous things. Not only for driving but also when you take a long walk and your brain slips into thought experiments. For example, when you are walking along and your brain says – hey you could potentially retire in a few years and do something outside the public service where you currently work.
In other words the snow and my brain conspired to ponder the question, ‘How do you monetize your career as a public servant?’.
Monetizing the Problem
First a definition, what is monetization? There are a swack of definitions but they all generally boil down to trying to convert something to ready cash. The following extract from Wikipedia’s definition provides a good example:
… attempting to make money on goods or services that were previously unprofitable or had been considered to have the potential to earn profits.
So, what exactly are we monetizing in this context? How to have a career post public service that commands a similar level of pay, respect and respect. Not to put too fine of a point on it, but public servants have a (not)/justifiable reputation of being unemployable post government.
The Obvious Methods
So, after a career of say 25, 30 or more years, how do you convert that experience into a second career or even part-time income? The obvious answers that came to me include:
- Maximize a Public Sector Pension and/or Semi-Retirement
- Gain Unique Experience of Value to Someone
- Retire from a Senior Position that has Cache and Contacts
- Keep Your Toe in the Real World
Maximize a Public Sector Pension and/or Semi-Retirement
This is the most obvious method is that you enjoy the government backed annuity otherwise known as a public sector pension. Sure, maybe you will do some greeting at Wal-Mart or try to convert a hobby into a paying proposition – but generally you don’t monetize the experience.
There is of course a cliché here that public servants have gold-plated pensions and to certain extent it is true (to learn more about this subject, see the post-conference notes on public sector retirement by the FMI). The other side of this cliché of course is the lack of stock options, bonus and other non-monetary factors related to be a public servant. Nevertheless, a thirty-five year pension is a pretty sweet bit of monetization!
Gain Unique Experience of Value to Someone
The fellow who spent his career as a spot-mountain-frog-lip-taster-technician may discover that he has a very unique skill set. Governments do things that business and organizations don’t so this is definitely a consideration for monetization – assuming there is a market for the specialization – and there is the rub. No other organization may want to pay for (thus monetize) frog-lip-tasting. However there are some less obvious examples of converting experience into post-retirement careers.
If you work in an administrative function, likely the experience can be monetized – to a point. A human resource consultant, accounting clerk or procurement specialist can find (if they want) post-retirement employment. Unfortunately, the more senior the public sector experience the less likely of making a lateral leap. As an accountant, I have managed to avoid dealing with taxes, shareholder accounting and the like because I have focused on budgets, systems and governance. As a result, most controller roles are closed to me because I lack this basic for-profit experience. The same examples can be made for other administrative functions in human resources, procurement, etc.
Retire from a Senior Position that has Cache
Retiring as a Deputy Minister or City Manager may open up future opportunities. Think of the senior politicians, for example, who have gone back into law firms or think tanks. Alas often the value you can bring to an organization are the contacts and systems knowledge of the recently departed government. This knowledge is perishable in the extreme, particularly if there is a subsequent change in government or significant re-organization.
Mandatory cooling off periods may further diminish the relative value of recent experience if one needs to wait six to twenty-four months before cashing in. Nevertheless, if you got to be a senior civil servant, you probably have skills of value beyond a government context.
Keep Your Toe in the Real World
One method of ensuring the ability to work in the real world post public service is to not really ever leave it. A toe in may range from owning real estate property, working part-time (e.g. doing taxes if you are an accountant) or teaching courses. In this way you have non-government experience to point to. A further upside is having additional income of doing some or all of these things. A downside is working more than one job during your career.
Monetization May Mean More than Money
If you are willing to stretch the definition of monetization, there is more to life than a second (third, fourth or fifth) career. You can also use your experience in a volunteer capacity helping our or other societies. For example Canadian Executive Services Overseas takes retired executives and places them globally and here at home (e.g helping first nation communities). Churches, non-profit boards and community leagues are other potential beneficiaries of a life time in the service of the public.
Not all of these will pay the bills if one’s pension is not fully maximized. However if money is not a primary driver (hey, you did take a government job after all), then you may be paid in post-retirement experiences!
Thank you snow storm for helping me clear my thoughts whilst walking… now back to work because I am not quite at the point of being able to start monetizing….