July 2008
ABLE and Willing
Ability Based on Long Experience (ABLE)
How Baby Boomers Want to be Regarded in the Workplace
By
President of Workforce Associates
July 2008
ABLE and Willing
Ability Based on Long Experience (ABLE)
How Baby Boomers Want to be Regarded in the Workplace
By
President of Workforce Associates
Americans are going to have to retire later, Boomers are often told. They live longer than their ancestors. They are healthier than their grandparents. But their extravagant spending and too little savings cannot support the traditional retirement that starts at 65.
Americans are working longer, reversing a long trend toward earlier retirement. The nation's typical worker now retires at age 62, up from 60 a decade ago, according to the Employee Benefit Research Institute. About 60% of men between 60 and 64 are in the labor force, and 20% of men over 65, up from 55% and 17%, respectively, a decade ago, according to the Bureau of Labor Statistics. The pattern is similar for women.
But do employers want to recruit and retain older workers? "There's a lot of happy talk around that we're going to have slowing in the rate of growth in young workers and, therefore, employers are going to want to hire older workers just at the time that older workers are going to want to work," says Boston College economist Alicia Munnell, co-author of Working Longer, a book to be published this month by the Brookings Institution. "We think it's much less clear than that."
This optimistic view relies on the demographic fact that the ranks of prime-age workers will shrink as the huge baby boom generation ages and on the logic that employers will have no alternative to older workers. Plus, today's jobs require less of the physical stamina that lead to mandatory retirement ages. Changes in pension plans have diluted economic incentives for employers to encourage retirement, and age discrimination against workers over the age of 40 was banned in 1967.
A significant minority of employers sees this demographic reality, broadcast affection for “mature workers” and wins plaudits from AARP, an advocacy group for the 50+ crowd. Its website is filled with lots of information about workplace and retirement issues, where to upgrade one’s technology skills, and other important information such as workplace challenges state by state.
In addition, AARP has a comprehensive list of "featured employers” who have demonstrated their willingness to hire and keep talent over the age of 50. You will find companies such as CVS that advertises for older workers with the slogan: "Abilities are ageless." Of its 190,000 employees, 18% are over 50, up from 7% in the early 1990s. More than 1,200 snowbirds, mainly older workers, work at CVS in the north in the summer and in Florida in the winter
Bookstore chain Borders Group is also on AARP’s preferred list. It finds "mature workers" appealing because half of its customers are over 45 and turnover among older workers is one-sixth that of under-30 workers. This coveted list also offers opportunities at federal government agencies and many staffing agencies that value Ability Based on Long Experience!
For all the heart-warming pictures that these A+ AARP companies represent, they appear to be exceptions. Buyouts of graying colleagues and early-retirement parties are common in many workplaces. "Relatively few companies thus far have fully positioned themselves for the coming work-force demographic shifts," consulting firm Towers Perrin said in a 2005 report prepared for AARP.
Recent surveys by Boston College's Center for Retirement Research reported by the Wall Street Journal found that employers expect about a quarter of employees currently in their 50’s will want to work two to four years longer. However, when employers were asked if they would accommodate half those who wanted to work later, the median response was a lukewarm 6 out of 10, the researchers say.
While employers are "reasonably comfortable" with the older workers they currently employ, "they are not keen on retaining even half who want to stay on to age 67 or 69," the Boston researchers concluded. They predict "a messy and uncomfortable mismatch with large numbers of older workers wanting to stay on while employers prefer that they do not."
Why? Employers fear older workers cost too much, lack current skills, have more rigid views about how work should be done, and want flexible schedules to handle older parents and children, Ms. Munnell and co-author Steven Sass write. Wages tend to rise with seniority. Health costs for older workers are higher. Older workers are viewed, rightly or not, as less supple in dealing with new technologies. And old workers tend to be in older industries and occupations in which employment is growing slowly if at all.
So what can you do if youíre in your fifties, your savings are meager, your health is good, and you want and need to work for another 15 to 20 years? Here are some solid tips to help you through the maze:
Make your resume look as young as you feel. Use your long experience to act smart in the face of your career stalling or a possible lay-off. Many of my clients make themselves “old” by including every single job they have ever done. This adds years to their lives and makes them vulnerable to not being hired because the potential employer thinks that they have too many years of experience for what he is willing to pay or what his current employees will tolerate from an oldster in their midst!Remember the new reality in the world of work. The image of companies loyally retaining scarce, seasoned workers is at odds with reality. Among male workers between 58 and 62, only 44% still work for the outfit that employed them at 50, down from 70% two decades ago. You are ultimately your own boss and therefore responsible for your continued success in the workplace!
Eliminate the aging wrinkle lines from your job search by focusing on the last ten to fifteen years of your job experiences and your active participation in your community and professional association as well as classes you’ve taken to upgrade your computer skills.
Consider working with a career coach. Career coaches are like your family doctor or dentist, whom you use on a regular basis to monitor your physical health. With a career coach, you’re counting on her as a regular sounding board. Coaches can be found through your professional association or through their own groups such as the International Career Foundation that has chapters around the country. If you’re working toward a promotion, ask if the coach has a history of coaching people to successful ones. Check to see if a coach has worked with other professionals in your industry and/or successfully guided folks to new industries.
Update your skills and your contacts. Be honest with yourself. How many excuses have you made lately that you don’t have time to get a certain technical certification or take an online class that will make your resume stand out? Have you allowed yourself to become old looking with dowdy clothes and a hairdo that dates you. Consignment shops are great places to find business attire that is fairly recent. Lose 5 pounds by spending more time at lunch walking and getting fresh air. You’ll look and feel much better to yourself and to younger employer and younger colleagues.
Use Google and the resources at your local library to read in your field. Local business papers, your Chamber of Commerce, and an infinite number of business publications should be a regular part of your working day. Many libraries have business specialists who can help you put together your reading lists from online and print sources.
Stay in touch with your references. Let the people who have been helpful to you during your professional life know that you may be looking for new opportunities. Stay in touch with them often so they can champion your cause when they are with their own colleagues and contacts.
Engage in information interviews. Do your homework to gather details about a profession, job or employer that can help with your career transition and perhaps gain referrals to others you can contact. When requesting an informational meeting, be clear that you aren't asking to be considered for a job or expecting an offer. Make it clear that you only want a few minutes with this person and be ready to leave when your time is up.
Research the field, industry or company before your informational meeting, so you will informed about the topic. Prepare questions in advance and email them to your contact. Ask questions about their company's culture, environment and future prospects, what it's really like to work there, this person's own career path, trends affecting the field or industry, what companies look for when hiring someone like you and any advice they might have to give you. Ask for referrals to other people who might help. Use Hoovers.com and Vault.com and as online guides.
Consider hanging out your own shingle. Entrepreneurism is the heart and soul of American business. Parlay your experience into consulting. Use the informational interviews to find out details regarding the pro’s and cons of becoming your own boss. Check out the entrepreneurial groups in your town. The Small Business Administration is a great place to start. They offer classes in starting up your own business. They’ll know about venture clubs and SCORE. Become involved in your local Junior Achievement to meet fellow business folks. The Kauffman Foundation offers training materials and countless resources to entrepreneurial wannabees.
Please continue to send me your resumes to review. I love helping folks and will be glad to give yours a boost. Happy Fourth of July holiday!
I can always be reached at jlommel@WorkforceAssociates.com
Jane M. Lommel, Ph.D.
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