Hey boomers, it’s not your imagination. Finding a job in today’s COVID economy is harder than ever, especially for “older Americans,” i.e. workers 55 and older.
Let’s start with the grim statistics (just to get them over with).
Older Workers Report" released Aug. 5 by the Schwartz Center for Economic Policy Analysis Retirement Equity Lab (ReLab), nearly 3 million workers ages 55 to 70 — about 7% of workers in that age group — have left the labor force since mid-March, about 50% more than the 1.9 million older workers who left the labor force after the Great Recession began in late 2007. And unless the labor situation changes posthaste, the report expects an additional million "older workers" to be out of a job before the end of the year.” data-reactid=”34″>According to the “Older Workers Report” released Aug. 5 by the Schwartz Center for Economic Policy Analysis Retirement Equity Lab (ReLab), nearly 3 million workers ages 55 to 70 — about 7% of workers in that age group — have left the labor force since mid-March, about 50% more than the 1.9 million older workers who left the labor force after the Great Recession began in late 2007. And unless the labor situation changes posthaste, the report expects an additional million “older workers” to be out of a job before the end of the year.
The sobering prognosis? More than half of unemployed older workers are at risk of “involuntary retirement” due to the pandemic because they can’t find a new job, according to the report, and that spells bad news for all of American society moving forward.
“A total of 4 million people potentially pushed into retirement before they are ready will increase old-age poverty and exacerbate the recession,” the report said, concluding that “Congress should increase and extend unemployment benefits for older workers, discourage withdrawals from 401(k)s and IRAs, lower Medicare eligibility to 50 and create a Federal Older Workers Bureau.”
Nice suggestions, but since Congress has been preoccupied lately with TikTok and deadlocks, maybe it’s best for unemployed older workers to move to Plan B: Improve your chances of getting rehired.
Kerry Hannon can’t do much about congressional action, but she has plenty to say about how the older crowd can improve their chances in the job market.” data-reactid=”42″>Author, speaker and personal finance expert Kerry Hannon can’t do much about congressional action, but she has plenty to say about how the older crowd can improve their chances in the job market.
Great Jobs for Everyone 50+," "Never Too Old To Get Rich," and the soon-to-be-released "Great Pajama Jobs," believes older workers ("I like to say experienced") have taken a bigger hit in COVID-19 furloughs and layoffs in part because they usually have higher pay and beefier benefits than their younger counterparts, making them attractive targets for strapped companies looking to trim their costs.” data-reactid=”43″>The author of “Great Jobs for Everyone 50+,” “Never Too Old To Get Rich,” and the soon-to-be-released “Great Pajama Jobs,” believes older workers (“I like to say experienced”) have taken a bigger hit in COVID-19 furloughs and layoffs in part because they usually have higher pay and beefier benefits than their younger counterparts, making them attractive targets for strapped companies looking to trim their costs.
The good news? When the economy starts recovering, older workers might have an advantage with employers because they will require little or no training and can hit the ground running, especially since employers will likely be working with fewer staff, Hannon said.
May 14 blog Urban Wire: "After the Great Recession, workers ages 62 and older were about half as likely to become reemployed as their counterparts ages 25 to 34. And when unemployed older workers found a new job, they earned barely half as much as they did on their previous job."” data-reactid=”65″>Unfortunately, it’s also likely those experienced workers will be hired at a lower wage than their previous jobs, Hannon said, noting research by Richard Johnson at the Urban Institute, who wrote in his May 14 blog Urban Wire: “After the Great Recession, workers ages 62 and older were about half as likely to become reemployed as their counterparts ages 25 to 34. And when unemployed older workers found a new job, they earned barely half as much as they did on their previous job.”
So what’s an older worker to do?
Plenty, Hannon said. Working remotely could be a boon for employees who want the focus on their work product rather than their looks, and in job interviews older workers can play up their demonstrated work ethic, time management skills and maturity.
No question the challenges are greater for older workers who have lost a job. Employers may worry about their increased vulnerability to COVID-19 if they return to the office, their potential for higher healthcare costs, their ability to work with younger colleagues and whether their technology skills are up to date. But Hannon thinks those issues can be overcome with the right preparation. Here are her 11 tips for success:
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