Financial Reflections

With the first grey hairs appearing on my head, I’m forced to think about the future of my career - perhaps 10 years sooner than I really should.  I’ve been the sad witness of 50-somethings (and perhaps one 40-something) who have lost their jobs and have had a very hard time regaining employment.  The hard thing is that they are mostly talented bright people who could contribute to any organization.

Strangely enough, what sparked my interest in this situation is a 50-something who still has a job, but is afraid to put his college graduation date on his resume.  His theory is that his resume will be tossed aside once the math is done and a guestimate of his age is made.  That’s right he fears the ugly idea of age discrimination.

Leaving any hint of his age off of his resume might get him in the door.  But if age discrimination is really is happening at a future employer, he won’t get far.  Eventually his age will be found out, or at least estimated and he will be considered “overqualified” or “not the best match” - nice ways of saying “hit the street, grandpa.”

Others have faced layoffs only to find the return to work difficult.  Were they all let go for purely age reasons?  I doubt it, but I think it probably played a factor.  Here’s my short list of reasons why I think some employers are giving older people the cold shoulder:

• Health care costs.  These are constantly rising, and employers fear an older employee will only drive up costs.
• Pensions.  I fear this might be the biggest reason.  Pensions are dying off at an unprecedented rate.  I’ve known more than one person who was let go just prior to the time they would have fully vested.
• Technology.  My fear is that older people (and by older I mean “over forty”) are unfairly considered out of the loop with technology.

That might just be the start.  And I might be wrong.  Maybe we live in a world where age discrimination doesn’t exist.  But from what I have read, age discrimination is real enough that people make plans to fight it.

However gloomy this sounds, I have another theory about how the situation might resolve itself.  The age demographic is changing, our population is getting older.  With relatively fewer younger people entering the workforce, those who are older and need or chose to work, will have a smaller pool of talent to compete with.  Time will tell.