People over 50 can find rewarding work. It just takes a few adjustments.
In the minds of a growing number of employers, age is correlated with higher salary expectations but conversely fewer relevant skills, especially for the over-50 crowd. This phenomenon is exacerbated by the heightened pace of technological change.
Data and digital are where it’s at for many industries, from banking to marketing and beyond. The hottest profession out there right now is machine learning engineer, with tech execs saying that the biggest pain point is the lack of talent with tangible experience in areas like this. Very few people in the mid to latter stages of their careers possess the relevant skills as it relates to these newer specialized fields. Guess what, neither do younger workers! Why? The fields are just too new. But, the danger is that people assume that there is some age-related incapability and extrapolate this into broader generalizations.
Age is also correlated with experience. But, sometimes, this can be viewed as “too much” experience. The implication is that, if five years of experience is needed for a position, anything above that is non-value added. Overkill. In other words, the employer does not need or intend to pay a premium if a candidate brings more than five years to the table.
There is nothing wrong with that. The job market is, after all, a market! As someone with a finance and economics background, I believe that markets are generally efficient in the long run, if not always in the short run. There is a fair price for talent at just about any level of skill and experience. Age and aptitude both start with an ‘A’, but confuse them at your own peril. The savvier, more progressive employers will find that “market-clearing” price and tap into talent that many others miss.
Same as on Wall Street, exploiting arbitrages can be good for business. For those who focus on the real qualifications — experience, skill, and motivation, as opposed to allowing themselves to focus on preconceptions — there can be a big benefit.
This requires an adjustment on the part of the candidate as well. Can you be motivated and productive earning less than your past peak? Absolutely. Many of our alumni can attest to that. It is a lot easier to make this adjustment than many think. People want to extend their careers well past traditional norms. They want to do great work. Their goals are different than at the beginning or middle of their careers.
From the individual’s perspective, if you become unemployed at 50 or beyond, do not let your age define you. Let your skills and experience do the talking. If there is a skills gap, identify it and plug it. There are so many accessible ways to do that now.
The best advice I can give you is to get the support you need. If you are investing more in your tennis swing than in your career, you may want to rethink that. And, certainly, we can help. Guiding people through their job search is what we do. Our step-by-step method has helped a whole lot of people.
Oh, and one more thing. If you don’t have a presence on LinkedIn including a professional profile image, you are sending a message to recruiters that you may not have acquired basic social media skills and you are playing into the age-related stereotype. Don’t expect the market to make an exception for you.
For more on our career transition offerings, hop over to the Career Insider page. We know that finding yourself unemployed at 50 and beyond is unsettling. But my team is the best in the business. We’ve got you.
