Lately, when I talk with job seekers, the one thing I hear the most is “No one will hire me because I'm too old.” At first, I thought that this couldn't possibly be true. Although it may be more difficult for a person over 50 to start a new career, I thought that any bias would be minimal. As a woman, I have found that it is more difficult to find a job than it is for a male with similar qualifications; however the difference isn't extremely large, and the employers who are hesitant or unwilling to hire a woman aren't people I would want to work for anyway.
That being said, I've come to see that age bias is real and posing a huge problem for job seekers as young as 40. Because of the extremely tight job market of the past few years, employers are able to be as picky as they'd like and not have to worry that they won't be able to find the right candidate. They can search for someone under 30, who speaks 3 languages fluently, who has a degree and is willing to accept entry-level pay and be reasonably confident that they will find that person.
This employer-sided job market is making it extremely easy for older job seekers to find themselves locked out of the workforce. In fact, a report titled “The New Unemployables” published by Boston College showed a disturbing trend of age discrimination across the board in corporate America. Here's some of the things they found when surveying job seekers over 50:
- 40% rated their financial situation as poor, and 61% said they have adjusted their plans for retirement.
- 41% of older workers (employed and unemployed) indicated they have no health care benefits.
- Over half (51%) of older workers reported foregoing medical care for themselves or their families, compared to 35% of younger workers.
- 30% of older workers indicated that they had more in credit card debt than retirement savings.
- Fully two thirds (67%) reported using money from savings to make ends meet.
- Willingness to adapt to the depressed job market by changing careers (69%).
- Willingness to take a pay cut (77%), compared to 64% of prime age job seekers.
- However, only 12% of older workers had taken a class or training course for skills to get a new job, compared to 20% of younger workers.
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