Generations ago it was unusual to bounce around from employer to employer, as the working world was very different and people had a strong sense of loyalty. In 2019, all of that has been turned on its head, and sticking with the same organization for several decades is practically unheard of. Even if someone doesn’t want to leave their place of employment, the desire to bring in younger and cheaper help is something that employers have to evaluate regularly.
Unfortunately, this new dynamic means that people in the latter parts of their career journey end up getting the short end of the stick. A study conducted by ProPublica and the Urban Institute found shocking results that support this claim: of the people they evaluated over the age of 50, a whopping 56% of them were laid off before retirement.
Being forced to find new employment is never fun or easy no matter what age you are, but for individuals who are nearing 65, it can be particularly challenging – especially if they rely on a certain level of income to make ends meet. Far too often, those who were laid off after 50 had a difficult time obtaining employment that gave them the same level of financial security. In fact, only 10% of those in the study were able to make just as much at their new job as they did at their previous one.
What’s more, getting a college degree today is practically a prerequisite for most decent paying jobs, and as people in their 20s graduate with a completely fresh and updated set of skills, they become major competition for older folks. While you’d think that nothing beats 30 years of experience, employers also have to look at their bottom line and determine which candidates offer the most overall value.
Stopping The Bleeding
Unless you can predict the future, you never really know when you might be in the position of finding a new job later in life. Aside from careful financial planning to ensure you have backup funds in the event your new job doesn’t pay as well, it’s important to take other actions to set yourself up for success. Above all else, networking will be one of your most important tools to rely on when looking for other opportunities.
Source: “Assessing Job Security For Those Over 50,” https://completed.com/