Phil Jackson, Rookie President, at 68

In The New York Knickerbocker’s press conference last week, Phil Jackson was announced as the Knick’s new president. Jackson immediately started to define his new role in this statement, "I'm too old to play, and I'm too lame to coach."

While Jackson has an iconic basketball mind, it is no secret that the New York Knickerbockers have not won an NBA championship since 1973. In that year, Jackson was a reserve forward/center, and Willis Reed was the team’s center. Walt “Clyde” Frazier was the team’s star guard. He earned the nickname “Clyde” because his 1930′s-style attire reminded a teammate of Clyde Barrow’s dress. And because Walt “stole” basketballs the way Clyde robbed banks.

With Jackson, the Knicks are certainly going to try to steal another championship. And in a society of instant gratification, the Knicks are also going to have to steal time. I doubt they will be on a five-year rebuilding program. Their outlook might be shorter, like five months.

So, why am I referencing this? The reason is that I am seeing this same surge in hiring and “holding on” to senior talent at major companies. The surge is to hire the proven 67-year old Chief Marketing Officer, or the slam-dunk 69-year Chief Financial Officer.

In fact, according to Gallup's Economy and Personal Finance survey, the average U.S. retirement age has climbed to 61, up from 57 two decades ago, and it's likely to go higher.

The rise in the age of retirement is what I mean by “holding on.” People are living longer. They are postponing their retirement. Many can’t leave the workforce because pension plans have been eliminated. Plus, many remain in the workforce simply because they want to work. For many companies, these seasoned workers are proven and trustworthy.

The other driving force is that companies, like the Knicks, need a winner fast. And, they can’t wait. They can’t wait to train younger workers. So, they are hiring older, more experienced employees. These workers are in their late 50s, 60s, and some even 70. All are on a perceived short career fuse – at the other end of the candle. And we have great examples of vibrant people doing big things later in life – think about President Reagan, Sumner Redstone and, of course, Warren Buffet.

So, why the pressure? Why the hurry? Because companies are struggling to hit their growth numbers. This is the same story since the 2007-8 meltdown. Since then, driving top-line growth for companies is more difficult than ever.

The fuel for top line growth is consumer spending. The fuel for spending is employment.

Executives we polled have said that the number one macro-economic factor that would be a catalyst to increase U.S. hiring is “increasing consumer demand worldwide.”

We are in a fast change, slow growth economy. So, companies are challenged to find leaders to create growth opportunities that far outstrip the potential of the global economy.

Demand is growing for leaders who think and act very differently – who can adapt and have learning agility. These leaders are not always easy to find. Companies feel safe to hire experienced, proven executives. In many cases, it is the right choice. And the most successful executives - no matter what age - are learning agile.

But, besides companies seeking the proven entity, people are simply working longer because they can. The mandatory retirement age at companies is also starting to dissipate. Most often, we see a forced retirement age at the major consulting firms, or jobs that require physical skills such as firefighters – but not as much at corporations.

We are in a world where there are no easy answers when we consider the pressure on companies for growth, the plight of older workers, and the need for new young, blood in the workforce.

However, I am looking forward to two things in the next couple of years. First to see if the current sluggish hiring will be reversed. And, second to see if Phil Jackson, too old to play and too lame to coach, is just smart enough to bring the NBA title back to the Big Apple.

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