More than a third of the U.S. workforce is now over 50, and this figure is set to grow.
This statistic is reflective of changes in social security and the decline of traditional defined benefit pensions, both of which mean people are working longer.
Despite this normalcy, the reality is that older people in the workforce are especially vulnerable when it comes to layoffs and rehiring.
Back when employees stayed with a company for decades, older workers were protected more during layoffs, due to the investment made in their training and development.
However, with changes in the average tenure of workers at an organization, the probability of a worker 50-64 being laid off has increased relative to that of a prime-age worker.
Age discrimination
Once these older workers are back job seeking, they often meet age discrimination, despite those years spent accumulating valuable years of experience and perspective.
It was this combination of factors that prompted former HR professional and career consultant, Marie Jerusalem to found Rocket50, a company helping individuals over 50 get hired, and encouraging companies to hire workers over 50.
“I saw firsthand the issues that people experienced in the workplace, where employees over 50 were often put on the top of the list during down-sizing because of cost and career trajectory, along with misconceptions about age and ageism,” she says.
“Then in my own career counseling practice, many of my clients were over 50, so I experienced how they struggled with getting a new job, often for the same reasons they were fired in the first place.”
Jerusalem found that candidates over 50 faced a number of shared challenges, including age discrimination, an inability to afford expensive career coaching, dealing with out-of-date expectations of friends and family who are wondering why they don’t just retire, plus their own understanding of themselves as an older job seeker.
Stereotypes around older workers are also common, she says. “For all the work over the years in DE&I, rarely has anyone openly talked about ageism which is rampant especially in industries such as tech, advertising and fashion where people are pushed out in their 40s already.”
“People are stereotyped, pushed towards early retirement or otherwise just left to drift until they quit or get fired. There is a very outdated understanding in companies that older people need to leave to make room for younger people. This a foundation misconception as there is no huge funnel of younger people, and at any rate they are not likely to stay at the same company for a long period of time.”
What over 50s bring to the table
A shift in caring responsibilities is just one factor that influences how over 50s show up in modern workforces.
“One of the most important things that people in their 50s bring, is their well-rounded perspective that only comes with age and experience.”
“People often have families that require attention but after the kids are independent this wonderful thing happens – more time gets fused with experience and a deep knowledge in a particular function or industry that brings a well rounded perspective to bear. This particular attribute is vital in today’s world of AI where trillions of data bytes need to be quickly interpreted and actioned.”
Industries to focus on
Getting hired at manager-level and other senior roles is easier when over 50, but it is more difficult to get junior and mid-level roles. Jerusalem says this is where bias often sets in and candidates are deemed too expensive, and prevailing stereotypes can be that an older worker won’t fit in with a young team, or aren’t as strong with technology.
“With regards to industries, it is easier – but not easy – to get hired in big industry and family -owned businesses, but almost impossible, as an over 50 or 60, to get into industries such as tech, fashion, publishing, advertising, and PR.”
As older workers face personal challenges, sometimes late-career professionals can benefit from a one-to-one coaching session.
“It could be that someone has a lot of emotions after getting fired or they are re-entering the workforce after a few years, or want to change their industry or roles completely. There is also just the fact that as someone is older they need to accept this fact and see the positive while overcoming bias from others.”
She also advises to become a student of what’s out there.
“Read job descriptions, get familiar with other companies and most importantly, work on expanding their network. They should have regular coffee meetings with people outside their company, grow their connections on LinkedIn, and get involved in associations and other activities. The biggest regret people always have when they get fired or quit a job is the fact that they did not have a better network.”
Also, upskill in AI. “Everyone should be upskilling in AI as it is profoundly changing every aspect of our lives. However, the over 50s in particular need to focus on this because we did not learn about this in school and haven’t had the chance to grow up with this as younger generations have.”
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