Employment
Boomer Unemployment
"Unemployment has hit baby-boomers especially hard. For those over 55, the jobless rate has doubled since the recession began, to 6.8 percent. In real terms, that's more than 2 million people..." (cbs evening news 6/13/11). And as reported in early February, 2013 by the New York Times, "Over the last year, the average duration of unemployment for older people was 53 weeks, compared with 19 weeks for teenagers, according to the Labor Department report released Friday (2/1/13)."
Although this comes as no surprise to our fellow Boomers, it seems to continually amaze the kids in the generations beneath us, who think our continued presence in the workforce is stealing jobs from them (we're not... our talents, knowledge, and skill-sets are highly developed, so we're in jobs for which youngsters would not yet qualify).
Although this comes as no surprise to our fellow Boomers, it seems to continually amaze the kids in the generations beneath us, who think our continued presence in the workforce is stealing jobs from them (we're not... our talents, knowledge, and skill-sets are highly developed, so we're in jobs for which youngsters would not yet qualify).
Help for Boomers who are seeking employment
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Dispelling a few myths...
When you interview, no doubt you will encounter a few barriers to being an older worker. The problem is most are based on old information & 20th century models, not our reality.
Penn State health policy and administration professor Diane Spokus exposed the two most damaging myths surrounding older workers left over from the last century therefore based on a very different economic environment, and a generation now long retired with a huge labor force following in their footsteps (Boomers).
Myth #1:
It costs more to retain older workers than it does to recruit younger workers.
Fact:
Many older workers may receive higher salaries, but when replacement costs are factored in for the higher turnover of younger workers during their early years of employment, the cost is actually equal to or can be less than those associated with hiring young.
Myth #2:
The costs for health and other benefits are higher for older workers.
Fact:
Today’s older workers have fewer acute illnesses (not to mention sports injuries), while younger workers also have more dependents. So in reality, overall benefits may work out to be the same for older and younger workers.
In essence, the U.S. would actually be better off by retaining Baby Boomers rather than pushing them out the door.
So, don't let the uninformed (and usually much younger) hiring personnel get you down. Go into the interview supported by the facts about us as employees - it will help both your bruised self-image and, ultimately, their bottom line.
Penn State health policy and administration professor Diane Spokus exposed the two most damaging myths surrounding older workers left over from the last century therefore based on a very different economic environment, and a generation now long retired with a huge labor force following in their footsteps (Boomers).
Myth #1:
It costs more to retain older workers than it does to recruit younger workers.
Fact:
Many older workers may receive higher salaries, but when replacement costs are factored in for the higher turnover of younger workers during their early years of employment, the cost is actually equal to or can be less than those associated with hiring young.
Myth #2:
The costs for health and other benefits are higher for older workers.
Fact:
Today’s older workers have fewer acute illnesses (not to mention sports injuries), while younger workers also have more dependents. So in reality, overall benefits may work out to be the same for older and younger workers.
In essence, the U.S. would actually be better off by retaining Baby Boomers rather than pushing them out the door.
So, don't let the uninformed (and usually much younger) hiring personnel get you down. Go into the interview supported by the facts about us as employees - it will help both your bruised self-image and, ultimately, their bottom line.
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Tips for the job search...
Avoid the mass-market approach:
You aren't saving time; you're wasting everyone's time. Every application has to be customized to the company. When you haven't read each application's requirements fully, for example, job ads that request a statement on your commitment to diversity, you can very likely miss an important factor - and the applications missing that sample response will go directly to the prospective employer's delete file.
Do your homework before sending out an e-mail. Research the company on its web site and on blogs to see what people are saying about it. Do you really want to work there? Is there a particular skill, experience or knowledge you have that ties directly to the business strategy? Give them something about yourself that relates to what they do. In the old days, résumés had to be printed and couldn't be changed. Today, you can and must personalize each résumé and each cover letter.
Make your resume a draw, not a turn-off:
First, don't list your jobs in chronological order (and whether you want to leave out dates is up to you) - instead list them by type of experience (senior management, consulting, etc.).
Then, give just a brief explanation of the company and job duties, followed by your accomplishments/achievements (increased productivity by 50%) - an employer doesn't want your job description ("responsible for staff supervision"), they want to know your value.
Finally, include only positions and activities that are relevant to this position and to the world today. So if you spent five years selling predatory home loans, you don't need to include that. But if you spent five years on the board of a nonprofit foundation or doing community service, don't forget to include that. It shows leadership, values and commitment, which is something companies prize.
Don't pretend to be web savvy if you aren't:
Of course, if you aren't using social media such as Twitter, Facebook and LinkedIn, you need to learn how and start doing it right away. But do not falsely represent yourself as a social-media expert, which is very desirable these days, if you don't know how to tweet.
Be flexible about salary:
It doesn’t matter that you used to earn six figures and have a big mortgage; that isn't a prospective employers' problem. Even though you have decades of experience, you know employers are easily able to find someone younger and much cheaper to do the same job (that’s one of our big problems, in fact). The way around that is to suggest other forms of meaningful compensation that you’re willing to accept in lieu of higher pay, like a flexible work schedule, days working from home, or other non-monetary benefits that are useful to you but won’t cost the company. It doesn't denigrate your value, and actually shows what an asset you can be.
Look in other fields:
Many of our talents & capacities can fit in a variety of industries; it's up to you to demonstrate that. Find new, growing industries (healthcare comes to mind, thanks to the demand from....us), and show how your background & experience will fit beautifully with that employer's needs. The homework on the hiring entity recommended above can include any problems that industry has been experiencing along with the research you do on the business itself. Between the two, you come to the table with a formidable presentation.
Keep yourself in the game:
When you're between full-time jobs, you can keep your skills fresh and at least some of your bills paid with P/T, Temp, or contract employment.
You aren't saving time; you're wasting everyone's time. Every application has to be customized to the company. When you haven't read each application's requirements fully, for example, job ads that request a statement on your commitment to diversity, you can very likely miss an important factor - and the applications missing that sample response will go directly to the prospective employer's delete file.
Do your homework before sending out an e-mail. Research the company on its web site and on blogs to see what people are saying about it. Do you really want to work there? Is there a particular skill, experience or knowledge you have that ties directly to the business strategy? Give them something about yourself that relates to what they do. In the old days, résumés had to be printed and couldn't be changed. Today, you can and must personalize each résumé and each cover letter.
Make your resume a draw, not a turn-off:
First, don't list your jobs in chronological order (and whether you want to leave out dates is up to you) - instead list them by type of experience (senior management, consulting, etc.).
Then, give just a brief explanation of the company and job duties, followed by your accomplishments/achievements (increased productivity by 50%) - an employer doesn't want your job description ("responsible for staff supervision"), they want to know your value.
Finally, include only positions and activities that are relevant to this position and to the world today. So if you spent five years selling predatory home loans, you don't need to include that. But if you spent five years on the board of a nonprofit foundation or doing community service, don't forget to include that. It shows leadership, values and commitment, which is something companies prize.
Don't pretend to be web savvy if you aren't:
Of course, if you aren't using social media such as Twitter, Facebook and LinkedIn, you need to learn how and start doing it right away. But do not falsely represent yourself as a social-media expert, which is very desirable these days, if you don't know how to tweet.
Be flexible about salary:
It doesn’t matter that you used to earn six figures and have a big mortgage; that isn't a prospective employers' problem. Even though you have decades of experience, you know employers are easily able to find someone younger and much cheaper to do the same job (that’s one of our big problems, in fact). The way around that is to suggest other forms of meaningful compensation that you’re willing to accept in lieu of higher pay, like a flexible work schedule, days working from home, or other non-monetary benefits that are useful to you but won’t cost the company. It doesn't denigrate your value, and actually shows what an asset you can be.
Look in other fields:
Many of our talents & capacities can fit in a variety of industries; it's up to you to demonstrate that. Find new, growing industries (healthcare comes to mind, thanks to the demand from....us), and show how your background & experience will fit beautifully with that employer's needs. The homework on the hiring entity recommended above can include any problems that industry has been experiencing along with the research you do on the business itself. Between the two, you come to the table with a formidable presentation.
Keep yourself in the game:
When you're between full-time jobs, you can keep your skills fresh and at least some of your bills paid with P/T, Temp, or contract employment.
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Tips for Employers - Why Keeping Boomer Talent is Good for Bottom-line
How to Keep Baby Boomers on Board: 4 Keys
in Business Management Daily
January 27, 2015
Why Companies Ought to Hold on Tight to Their
Baby Boomers
Forbes
January 28, 2015
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Articles & Info from respected sources
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Finally, I highly recommend these three job search sites just for Boomers:
This free internet job site provides quality employment opportunities and resources targeted to Baby Boomers, with a variety of jobs for older workers. Wiser Worker also features an excellent resource center for both employers and job seekers.
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JobsOver50 is "a free web-based employment service for Baby Boomers & Retirees." They understand the employment needs of 50+ job seekers and built a uniquely powerful job-service portal to support us.
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The services at RetirementJobs are free for job seekers, and great for those seeking part-time employment (thus the name...). They provide the option of upgrading to a premium service (starts at $4.95/mo - quite reasonable) that gives access to seminars and special content, and enables job seekers to easily identify job openings from employers certified or pre-certified as age friendly (see below).
And here's a few more web sites designed specifically for Boomer job/business seekers:
- Monster.com's Careers at 50+ section
- Senior Bank - another site that brings together employers with older job seekers.
- AARP has much good information on career planning
- Quint Careers new job/career change resources & strategies for boomers and older workers
- Seniors 4 Hire lists jobs and other ideas for earning money.
- Workforce 50 Besides age-appropriate career content, from resume writing to job search strategies. they also have a career and education section to assist Boomers who are considering a career or job transition.
- Retired Brains information for both a job search and starting your own business.
- Reboot You articles and resources to help you find a new career after ending your current one.
A list of companies that have received Age-Friendly certification...
RetirementJobs.com has created a Certified Age Friendly Employer program
for employers proven to be friendly to mature
workers. They receive a certification that indicates the company scores highly in factors like older-friendly hiring
practices, compensation and benefits
programs, training opportunities, and work-day flexibility (hours and days an employee can work to accommodate a work-life balance). The
list includes Citizens Financial Group; the Transportation Security Administration; The Fresh Market; H&R Block; and Robert Half International. Go to the retirementjobs.com website for the complete list.
Boomer Entrepreneurship
Changing jobs or laid off...so you're seriously contemplating starting your dream business.
Lay-offs and the desire to do something new have no age boundaries, and certainly if you're now in the position to own that business you've always dreamed of, your age and experience are huge assets!
In fact, the 2011 Kauffman Index of Entrepreneurial Activity found that the percentage of businesses created by those ages 55 to 64 grew more than any other age group, up 6.6 percent to 20.9 percent in 2011 vs. 14.3 percent in 1996.
According to Kauffman, "To increase their odds as founders, baby boomers must carefully consider financing options, establish comfort with social media, and embrace intergenerational thinking in their business ventures. They also are advised to research various firm options, among them true startups, franchises and takeovers of established firms."
That said, the biggest - and most costly - mistake Boomer new business owners make is putting all their capital into the hard items, such as advertising & materials, and none into their own transition to business ownership, unwittingly undermining their own efforts. This is the fastest way to turn personal/professional strengths into liabilities.
When it comes to owning your own business after decades of working for someone else, you no doubt have all the industry related skills you need, but must learn how to be a true entrepreneur, not someone with a JOB that happens to be his/her own boss.... The former is the key to business success; the latter is why so many new businesses fail.
Here are just a few of the skills that must be permanently heightened for any Boomer's new business to get to great! (read "business at its most productive"):
Prepare yourself to successfully handle the major transition from employee to owner
Yes - you love what you do and you do it well - this is why you started your own business in the first place, right?
But now as a business owner, you're the "chief cook and bottle washer" besides being the expert in your particular field. You need to wear all the hats, and wear them well, from HR, to Marketing and Administrative. And most importantly, you must start thinking like an owner, not an employee. Many new businesses fail because the owner took too long to acclimate to this whole new world, and by the time s/he did, the capital ran out. Don't let this happen to you.
Learn the techniques/embrace the proven tools for using your time effectively
Now, more than ever, it's imperative that you waste not a moment, whether it's needing to repeat things that you didn't get right the first time or putting your energies into items and people that are out of alignment with your business development goals. Effectively managing your time and efforts as a business owner has differences from doing so as an employee. We'll show you those differences and give you techniques to use immediately.
Research/Learn from the pros, the pitfalls, and best practices, of business ownership
To get this started for you, listen to Entrepreneur Coach and Consultant to numerous Fortune 500 companies, Rick Anthony, Founder & CEO of The SolutionsNetwork, Inc., in 2 of his expert features on Terri's show:
Lay-offs and the desire to do something new have no age boundaries, and certainly if you're now in the position to own that business you've always dreamed of, your age and experience are huge assets!
In fact, the 2011 Kauffman Index of Entrepreneurial Activity found that the percentage of businesses created by those ages 55 to 64 grew more than any other age group, up 6.6 percent to 20.9 percent in 2011 vs. 14.3 percent in 1996.
According to Kauffman, "To increase their odds as founders, baby boomers must carefully consider financing options, establish comfort with social media, and embrace intergenerational thinking in their business ventures. They also are advised to research various firm options, among them true startups, franchises and takeovers of established firms."
That said, the biggest - and most costly - mistake Boomer new business owners make is putting all their capital into the hard items, such as advertising & materials, and none into their own transition to business ownership, unwittingly undermining their own efforts. This is the fastest way to turn personal/professional strengths into liabilities.
When it comes to owning your own business after decades of working for someone else, you no doubt have all the industry related skills you need, but must learn how to be a true entrepreneur, not someone with a JOB that happens to be his/her own boss.... The former is the key to business success; the latter is why so many new businesses fail.
Here are just a few of the skills that must be permanently heightened for any Boomer's new business to get to great! (read "business at its most productive"):
Prepare yourself to successfully handle the major transition from employee to owner
Yes - you love what you do and you do it well - this is why you started your own business in the first place, right?
But now as a business owner, you're the "chief cook and bottle washer" besides being the expert in your particular field. You need to wear all the hats, and wear them well, from HR, to Marketing and Administrative. And most importantly, you must start thinking like an owner, not an employee. Many new businesses fail because the owner took too long to acclimate to this whole new world, and by the time s/he did, the capital ran out. Don't let this happen to you.
Learn the techniques/embrace the proven tools for using your time effectively
Now, more than ever, it's imperative that you waste not a moment, whether it's needing to repeat things that you didn't get right the first time or putting your energies into items and people that are out of alignment with your business development goals. Effectively managing your time and efforts as a business owner has differences from doing so as an employee. We'll show you those differences and give you techniques to use immediately.
Research/Learn from the pros, the pitfalls, and best practices, of business ownership
To get this started for you, listen to Entrepreneur Coach and Consultant to numerous Fortune 500 companies, Rick Anthony, Founder & CEO of The SolutionsNetwork, Inc., in 2 of his expert features on Terri's show:
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Rick on the 4/24/11 show
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Rick on the 5/1/11 show
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