Doubtless, there are many more 50-plus professionals side tracked, pushed out, or retired early, whose stories never become known. This, despite the fact that people have longer, healthier work lives than ever before, and some industries have a serious need for such workers. For displaced employees, the solution could be a new job or a new career with companies in need of their talents,
A Fast-Changing World
The technological revolution has enhanced the quality of people's lives and has served to extend them as well. Although it was once feared that widespread use of computers would put people out of work, the opposite, in fact, has happened. Since 1982, 16 million new jobs have been created, and the number of people employed has reached a record 62 percent of the working-age population (Department of Labor, 1989). In some areas of the country more new jobs have been created than there are people to fill them.
Labor shortages are due largely to demographic factors.
Together with an increase in technology demanding more skilled workers, there has been an increase in demand for products and service from a burgeoning consumer population - the baby boomers born in the 1940s and 1950s. At the same time, there is a smaller work force entering from the population born in the 1960s and 1970s, and a diminishing number of older workers remaining as their cohorts take early retirement.
Company mergers have increased the number of large corporations and reduced the number of mid-sized companies.
Dr. Marvin J. Cetron, president of Forecasting International Inc., writing in the Journal of Career Planning and Development, cites business deregulation as the cause of companies' merging and enlarging. Although companies have become fewer and bigger, many mid-sized businesses have disappeared, and a proliferation of small companies offering special services or products has survived. In this economic environment, the large technological and service industries need knowledgeable employees, but opportunities also exist for the small entrepreneur, temporary worker, consultant, or independent to find a niche. Some of the best openings are in the fields of technology, finance, healthcare, and hospitality.
Social and economic changes are favorable for the over-50 job market. Population growth followed by decline has created a demand for workers. Technological developments call for workers with special knowledge and skills. Additionally, jobs for unskilled and entry-level employees are in demand, but these offer low pay.
Leading the field in employment opportunities are technology, science, and healthcare. The need for financial services, marketing, and sales help on all levels is increasing.
Hospitality and restaurant industries are also in dire need of employees. Service and manufacturing industries need professional, technical, and administrative help, including clerical workers.
Many advantages accrue to the companies that engage older workers: a more efficient and productive workforce, higher employee morale and loyalty, and a stable and reliable work force.
Most companies seek employees with experience in their fields, and many top companies have programs designed to attract and retain older workers: part-time and flexible hours, shared jobs, phased retirement, retiree job banks, job redesign and training, and sabbatical leaves.
