From the NYTimes - Unemployment Fears for Older Workers

First up, this post is based on an article published 19 September 2010 in the NYTimes written by Motoko Rich. You can read the original here.

Here we see an interesting paradox. Individuals with education and / or years of experience are having at least as hard of a time finding a job (usually after a layoff or some other corporate misfortune) as those lacking an education and similar experience. Why is it so hard for these individuals to find gainful employment?

One theory i would posit is that employers simply do not want to invest the recruitment / training costs into individuals who will likely retire in less than a decade. But, given the counter point to this that most Gen-Y'ers do not see employment in the same manner as their baby-boomer parents / grandparents and are more comfortable changing jobs frequently and rarely view an employer / employee relationship as a lifetime commitment - this argument seems unlikely to hold water.

Perhaps older job seekers are seen as less technologically adapt? As the article states: "Others discover that their job-seeking skills — as well as some technical skills sought by employers — are rusty after years of working for the same company". Many individuals are trying to stave off both of those effects by attending workshops and classes to learn how to use specific software or equipment, but even with this effort, it seems as though they are still being passed over.

Another problem is that many of these job seekers are shackled to an anchor, figuratively, of course. Homeownership is a huge correlate with unemployment (I've spent the past 2hrs searching for the article I was thinking of for this, if I come across it, I'll post it later - in the meantime, here's a renting vs. buying article I like). But basically, the theory here is that individuals get saddled into a 30yr commitment to pay for a house, but thanks to the the current housing market, they can't get rid of their houses to move to a locale where there are jobs, or they will lose a ton of money because the house is now worth less than they owe.

Perhaps the cold hard fact is that employers want someone with as little previous experience / training as possible so they can train the new employees exactly as they want them & just think that these older candidates come with too much "baggage" to untrain and retrain...

Regardless of the reasons that the older unemployed job seekers cannot obtain new, meaningful employment, the sheer number of boomers that are in this age bracket, getting laid off and cannot find new jobs presents a huge problem. These individuals are unable to draw on their retirement accounts without huge penalties, they're too young to collect social security and they're unable to find gainful employment to prevent foreclosure, loss of residence, pay other bills and even eat (in some cases). This will likely lead to an increased reliance on welfare programs requiring payment from those who are employed - further reducing their real income.

This is a complicated situation, one that I freely admit that I don't know what the appropriate solution is. But as a recent grad school graduate trying to find meaningful employment in my field - I feel their pain and hope that a solution is on the horizon for these workers who are desirous of employment for the twilight of their careers.

Until next time, my dear readers - what solutions would you suggest for these older unemployed job seekers? Post your ideas in the comment section below & be sure to follow this blog if you like reading it!