As I reflect on the economic situation in the United States and the impact that it is having on a specific group of people who unfortunately do not have 20 to 30 years to recover their lives, I am hoping my words will inspire others to take action to the benefit of all.
Many of the Baby Boomer generation are coping with the harsh realities of an economy that was fueled by too much speculation and not enough real value. They have seen their life savings dwindle to half the amount they thought they would have forcing them to delay their retirement plans or to look for supplemental income, and in some cases sell the properties that they had hoped would be their homes in their later years.
Many of the younger boomers have lost their jobs as a direct result of the economic downturn. Anticipating several more years of employment to help them build for their retirement funds, they are now forced to spend their savings to avoid losing their homes until they can reinstate themselves in the workforce. And still there are others who did not appreciate the cost of retiring to the lifestyle to which they had become accustomed and they too are victims of economic hardship looking to come out of retirement and reenter the workforce.
Caught with rising costs, eroding savings, and decreasing job opportunities is a reality that many boomers did not anticipate and are thus ill prepared. For those who have the knowledge, skills, and financial wherewithal, buying a job by purchasing a small, established business. However, not everyone has the knowledge, skills, or the financial or emotional wherewithal to run their own business and thus this is not a solution for everyone.
For those seeking employment, another harsh lesson is being learned, getting hired for any job position when you are over 55 years of age is a challenge. It does not matter that you have many years of experience that can translate into lower ramp up and a higher level of contribution. It does not matter that you are willing to work for much less than the value of your contribution. There are younger, highly capable people who hold an unstated promise of greater return value for companies because they have much longer to contribute. Given that most people don’t stay in a job more than 3 years these days, I am not sure why this perceived value proposition exists, but I believe that it does.
Over the last two years I have met several very highly qualified people who until recently were salaried employees, anticipating a position of employment until they were ready to retire. Not expecting the “rainy” day, they were unprepared for the change that was thrust upon them. They are all struggling with the financial and emotional stresses of being among the unemployed. They updated their resumes and enthusiastically went in search of new employment, but after several months of rejections their enthusiasm and confidence has been eroded and the heartbreak of what they have experienced is written in their faces.
Were there a magic spell we could invoke to make things better, I am sure none would hesitate to cast it. But there are no magic solutions. And though unemployment knows no age boundaries, I believe that company leaders are missing an opportunity to so quickly dismiss the ranks of our experienced workforce and the values they can bring to the work environment. I urge all companies, large and small, to look at the work that needs to be done and to seek opportunities to put some of our more experienced back to work. Let’s work to put our economy back on track.
I invite all who read this article to comment, share your thoughts, and if you feel as I do, a strong sense of commitment to make change happen, then share this article with others.
There’s a very important statistic hidden in Gordon’s post: the AVERAGE TENURE in a job is ONLY 3 YEARS! That should negate the lingering and entirely irrational bias in favor of younger job candidates. The fact that this bias persists is one more example of how impotent reason can be in the face of entrenched and unexamined patterns of behavior. It seems that the kicker here is the probability that older candidates would be the ones most likely to remain in place and be productive for more years than the typical younger (and more restlessly ambitious) job candidate.
Gordon’s right: Wake up, recognize the unmatched value of baby boomer candidates, make the rational decision. Offer a boomer the job!