Never Age Out of the Workforce
Combat the ageism that affects all professionals +get my tips to stay relevant in the workforce based on my years of experience in corporate and beyond.
By Ken Morico on There's increased chatter regarding "aging out" of the workforce. There's a number of reasons why this issue can affect professionals of all ages. Let's go through a few:
- Older workers' salary requirements are too high for the current economic environment
- Skills developed earlier in a career are too far behind modern requirements
- Healthcare costs are too high for employers - older workers can cost employers more money
- Higher healthcare utilization: Older workers tend to have more chronic conditions and require more frequent medical treatments.
- Prescription drug costs: Medication needs typically increase with age, contributing to higher healthcare expenses.
- Layoffs and tech changes
- Rise of AI replacing white-collar jobs of any skill and experience level
Now, "older worker" can be relative. I've heard in the tech field older can mean 35.
Throughout my career, I've noticed employers preferring younger professionals. I, in fact, was once a young professional. I remember working for a large Japanese auto manufacturer and my co-worker, around her early to mid 50s, complained about her back pain, and she frequently missed a few work days here and there. Our supervisor was not happy about this, and looked to me for a steady hand.
As I've gotten older, I've seen that back pain can really ruin your day. Past research has shown that back pain — specifically lower back pain — is the “leading cause of activity limitation and work absence throughout much of the world.”
Older workers can also be subject to hateful ageism. I've heard co-workers gossip and call older workers "grandpa" and make fun of their work methods and recreational activities.
Of course, some people decide that the demands of staying current with in-demand, necessary work skills force their hand they acquiesce to early retirement - if they have enough retirement savings. In fact, my father retired just a touch early when he was pressured to use computers for his job (which is funny, because I've made working with computers a career).
It's not all gloom and doom. Like most things, planning is key for successful outcomes.
I see four ways to combat potential ageism and remain resilient in challenging economic times:
- Increase Your Skills
- Be a Consultant
- Stay Healthy
- Buy Tech Stocks
Increase Your Skills - online learning makes skill acquisition easy (online courses, YouTube tutorials, LinkedIn Learning, etc.). If you have the right skillset, and follow the recruiter formula (You can do the job; you will do the job; you fit in the corporate culture) you should have no problem getting a job, though it may be at a lower pay scale then you've had before.
Be a Consultant - This is my favorite. Exit the corporate experience and operate on your own terms and with clients that want your services and appreciate the experience you bring. That's why digital marketing is so important - as a consultant, I help influencers, startups, and Fortune 500 companies solve lead generation problems with Web, PPC, and e-commerce solutions.
Stay Healthy - everyone knows an older person that doesn't seem old. Why do they seem youthful? Usually it's because they take care of themselves. They go to the gym. They eat healthy to keep their energy levels up. They might even have cosmetic procedures to keep a youthful appearance. I once had a supervisor get botox injections and a hair transplant, "I've had some work done," he confided in me. Money well spent in my opinion and a positive ROI for sure.
Buy Tech Stocks - Be the vulture, not the meat. You can hedge the effects of technology by buying shares of companies that are building automation tools. I'll recommend the stock ETF QQQ (though not now... it's too high).
Remote work also enables older workers to continue working while accommodating health or caregiving responsibilities. The pool of potential employers is much larger than years ago.
With a little planning, we can all stay essential professionals.
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So, have you seen ageism where you work? Do you have a plan for the later years of your professional life? Let me know.