Are Baby Boomers the Answer to Today’s Talent Shortage?
By Steve Flook, President & CEO, iHire

Have you ever been subjected to ageism in your workplace? New research shows that you aren’t alone.

According to our survey of 1,265 baby boomer job seekers, 52.5% of respondents said they have experienced age discrimination by an employer or potential employer. Similarly, 44.5% of baby boomers surveyed believe their generation is unfairly stereotyped by employers.

As more boomers delay retirement or return to the workforce after a career hiatus – due to financial reasons, lifestyle choices or a mix of both – employers must put aside their biases if they want to thrive in today’s tight labor market. With record-low unemployment rates coupled with a skills gap, hiring has become more complex than ever. In fact, more than half of U.S. employers cite receiving too many unqualified and irrelevant applicants as their top challenge when recruiting through a job board, website or community, according to iHire’s 2019 State of Online Recruiting report.

Often with years of experience and a deep understanding of a specific industry or career path, baby boomers are uniquely positioned to help address employers’ talent shortage woes. But aside from facing age discrimination, how is this generation fairing in its job search? Here are a few additional highlights from our survey:

  1. Baby boomers are seeking new career options: 40.8% of baby boomers surveyed are unemployed and actively searching for a job or open to new opportunities. This not only provides evidence of interest in returning to the workforce, but also suggests a rise in boomer layoffs – more than half of older U.S. workers are pushed out of long-time jobs before they choose to retire, a recent ProPublica study found. At the same time, 56% of baby boomers said they are currently employed, supporting the upward trend of postponing retirement.
  2. Baby boomers are highly confident in their qualifications: 82.9% of boomers feel either “very qualified” or “overqualified” for the jobs for which they are applying. Less than 5% feel “somewhat” or “not at all” qualified. This confidence should be encouraging to employers who struggle to find qualified talent. Interestingly, 69.9% of baby boomers who said they feel overqualified for jobs believe they’ve experienced ageism, implying that companies are more apt to hire and train younger, less experienced workers at lower salaries.
  3. Baby boomers are finding work in the healthcare and education industries: While results spanned more than 50 industries, respondents said they currently work or have most recently worked in the healthcare (19.3%) and education (6.9%) sectors. Runners-up included manufacturing (6.2%), administrative/professional services (5.7%), financial services (5.6%) and food service/hospitality (4.6%). Many of these industries provide options for part-time or freelance work (such as substitute teaching or financial consulting), which are alluring to baby boomers who aren’t ready for full-time retirement.
  4. Baby boomers value salary most in a potential employer: More than 73.5% of respondents selected “fair salary/compensation” as one of their top three most desired workplace offerings. This reinforces the need to augment retirement savings. Other popular responses comprised health benefits, work/life balance, 401(k) options and flexibility (telecommute/set your own schedule). Needless to say, employers should ensure these items are on their menu if they want to hire and retain boomer talent.

Advice for baby boomer job seekers

Despite ageism, the good news for baby boomers is that the current job market is, well, booming. Those who are ready and willing to work (or go back to work), have no shortage of opportunities. To get started or accelerate your job search, keep these tips in mind:

  1. Revamp your resume: If you’re still using a resume from 10 or 20 years ago, it’s time for a refresh. Ensure your resume has the most up-to-date information, follows consistent formatting and highlights experience directly related to the positions you’re pursuing.  
  2. Consider returnships: If you’re feeling a little rusty, look for companies who offer returnship programs. Like adult internships, returnships are designed to equip those reentering the workforce with the necessary skills to hold longer term roles.
  3. Opt for part-time work: Part-time, consulting, freelance and gig economy positions all provide a source of supplemental income and job satisfaction without requiring a commitment to a full-time career.  
  4. Try an industry-specific job board: Employers who use these recruiting platforms tend to seek seasoned, reliable and career-driven individuals with experience in a particular sector. They focus on the quality of candidates and not necessarily their age, upping the chances of landing your ideal job.
  5. Be a leader: Don’t be afraid to show initiative and put your experience into practice beyond typical job duties – especially if you are already employed and are worried about layoffs. Offer to mentor or train younger workers and assist with knowledge transfer. Make yourself valuable and irreplaceable until you’re ready to hang up your work boots for good.

 

About our survey

A total of 1,265 job seekers self-identifying as baby boomers responded to iHire’s survey in April 2019. Surveys were sent to our candidate base across 56 industries. Check out the full findings in the eBook, “Baby Boomers: The Missing Link in Addressing the Talent Shortage,” available here: https://go.ihire.com/4q5f.  

 




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