According to statistics, the over 50 job market is improving drastically as more and more companies are recognizing the sheer value of maturity in the workplace and are reaching out to individuals that fall in the 50+ demographic when seeking to fill positions. Based on information pulled from the Bureau of Labor Statistics, the unemployment rate associated with individuals 50 and older measured in at 4.1%. This figure is in contrast to the unemployment rate of those from 35 years old to 49, which measured in at 4.4% and, for those ages 25 to 34, the unemployment rate measured in at a whopping 5.9%. The unemployment rate is 18.8% for individuals under the age of 25.
As organizations start to realize the overall value of older employees in the workplace, the over 50 job market will continue to expand. The unemployment rate increased quickly during the recession and numerous older workers found themselves without a job; however, the issue of age discrimination has quickly started to diminish in the past six years. As the job market, in general, takes on new life, more employers are seeking to attract individuals 50 and older by offering formal-based training programs, and other retraining options. If you are part of the over 50 jobs market today, chances are, there will be an employment opportunity for you as quickly as tomorrow!
Today, millions of people that are part of the over 50s jobs market are drifting, quickly, into the dreaded intersection of the unemployed, the underemployed, and the retired. While the unemployment rate for the over 50s job market is falling, it is still exceptionally higher than it was two and a half decades before the Great Recession. Older individuals typically remain unemployed for approximately one year before finding a job. In fact, half of all people ages 55 and older remain unemployed for a period of at least six months. That means, at any given time, approximately 800,000 people that are part of the over 50s job market do not have a job and are having a challenging time discovering a job. All of that is now changing, and fast!
There are many reasons why the over 50s job market is starting to experience a new level of appreciation and a new level of growth. The following outlines the top reasons why companies such as Wal-Mart, Scripps Health, MetLife, and others are starting to target individuals that are part of the over 50s jobs market:
- Individuals over the age of 50 have had to learn how to properly adjust to the circumstances of life. As a result, they have developed adaptation techniques that younger employees have not yet developed.
- People over the age of 50 are considered to be a loyal market, which is made up of 25% of the total population and controls approximately 77% of all of the financial resources within the nation. By hiring people over 50, it displays that a company is willing to serve people over 50.
- Individuals that are over the age of 50 are considered to be more reliable than those that are younger. These people are way past their “job-hopping” stage and are typically no longer burdened by raising children. As a result, they are better able to meet the demands of their workplace schedule and miss fewer days of work.
- One main characteristic associated with most that are part of the over 50s job market is that they highly appreciate their positions. They know and understand how difficult it is to obtain work. As a result, the turnover rate is much lower. Because of this, less money is required for employee training services and employee acquisition techniques.
- People over the age of 50 are considered to have a higher rate of emotional intelligence and stability than younger employees. As a result, companies are not burdened with loss productivity as a result of romance in the workplace, gossip, hurt feelings, and other complications that are similar in nature. In fact, it was found that most over 50 do not engage in the workplace drama that is common among younger employees.
- Those over the age of 50 have a higher evolved work ethic. They know and understand what it takes to attract and retain customers and work hard to do those things.
- This age group appreciates the fact that their customers are the reason for their job. As a result, they display higher levels of common courtesy and optimal levels of customer service.
- Older employees often lack the strength and speed of younger employees; however, given the proper tools for a job, they are likely get a job done more quickly and with less supervision than younger employees.
- It is cheaper to hire those that are part of the over 50s jobs market, as far as insurance is concerned. Most need a supplemental insurance policy and do not require a full and/or comprehensive insurance policy.
- People over 50 have learned many valuable lessons throughout their life that result in higher levels of appreciation for their work, their company, and for other people, whereas, the younger employees lack the experience in their lives to have learned these valuable lessons.
The benefits of hiring those in the over 50s jobs market far outweigh the benefits of those that are part of the younger job market. Employers are starting to appreciate the knowledge, experience, and work ethics of those that are 50 or older. If you are part of a seasoned workforce, a newfound appreciation for your skills and experiences is quickly opening up. While age discrimination is still an issue among many companies within the nation, each day, more businesses are starting to develop an appreciation for employees that are over 50 and the experience, values, and ethics that these individuals possess. Now is the time to take full advantage of the over 50s jobs market.