Over 50 and "Over the Hill"? How to Save the Displaced Older Executive
Over 50 and "Over the Hill"? How to Save the Displaced Older Executive
“I was hit with a double-whammy!” Henry lamented. Henry, 53, was not only let go at the peak of his earning years as a telecommunications executive, but also at a time when his industry was in a grooms cakes fondant decline.
At first he wasn’t really worried: he’d weathered similar reverses before. This too would pass, he thought. Unfortunately, it didn’t … and many months later he was still looking, his savings running out as fast as his hopes.
Henry, alas, is not alone. As noted in a recent Fortune magazine article (“50 and Fired,” May 10, 2005), more and more executives like Henry are faced with longer and longer job hunts. And more than a few are driven out of the job market completely. The Bureau of Labor Statistics in a recent survey covering 2001-2003 stated установка магнитол that those 55 – 64 were less likely to find new jobs than 25 - 54-year-olds [57% vs. 69%] and 9% more likely to drop out of the workforce 2007 Saturn Sky altogether. Furthermore, the survey observed, older workers’ pay is often significantly reduced. Even more disturbing, perhaps, the number of older workers aged 55 – радиотелефон B&O 64 will вытяжки Hansa have increased by 18 million by 2012—just that much more competition among our older population!
Why such gloomy predictions? Because older executives are being hit with a gaggle of negative factors:
• Age discrimination
• The continuing rise in health care costs (older workers cost уничтожители бумаг PRO Intellect more)
• The availability of cheaper labor from abroad
• Their sometimes obsolescent technical knowledge
• Slower economic growth
The Reasons Don’t Really Matter
All of the above explanations are of little comfort to executives like Henry. He and his peers are interested not so much in causes as they are in solutions for their state of unemployment or underemployment. So what are you
(more…)