This booklet, which is intended for practitioners in continuing higher education, examines the role of higher education in retraining displaced professionals. The booklet begins with brief descriptions of four innovative university programs for displaced professionals and an exploration of higher education's role in retraining displaced professionals. Other topics discussed include: the concept of a career and the role of family, friends, education, and workplace in career development; implications of downsizing for the traditional model of continuous career development; new models for education and training in response to changing business demands and the special needs of displaced professionals; features of exemplary retraining programs (counseling, career development skills, small class format, job search strategies, networking, certification, short courses, computer literacy, select faculty, orientation toward assessment, and commitment to continuous learning); and opportunities for partnerships with federal/state government agencies, business, and unions. Eight model programs are profiled that illustrate the following possible program approaches: comprehensive approach addressing the full range of problems facing displaced professionals, focus on transitioning after downsizing, and focus on adapting to new industries. Concluding the booklet are recommendations to program developers, 23 references/suggested readings, and 19 continuing education programs of interest to displaced professionals. (MN)