Fuel the Economy: Hire the “Over-50″ Year-Old!

I am a huge believer in our country’s free enterprise system. I am inspired by entrepreneurial stories, and I am very fond of corporate America. I am fascinated everyday by stories about what makes our economic world go round.

I want to see people, regardless of age, education, and demographics, pursuing meaningful professional goals, making money, employing others, spending money, and contributing to the U.S. and local economies in whatever way they can. To have professional opportunities and viable career paths awaiting American young people injects a healthy enthusiasm and energy into our society.  It concerns me that our young people are discouraged and hindered by the lack of job opportunities that exist today.

And yet, the young adults in this country have the great luxury of time on their side. In time, they will find their way into the professions they were educated to pursue, and into careers that will be complimentary to their talents. They will find ways to make money and to build their futures. They have the time ahead of them.

Contrarily, baby boomers, the 50+ year-old professionals in our culture, do not have time on their side. Many of these professionals never anticipated they would be out of work at this stage in their careers, and no one ever anticipated how difficult it would be to get back to work!  So many boomers have experienced unemployment for 9, 12 and even 24 months at a stretch in this recession.

The “protected” age class in the U.S. is 40 years-old and older. As a Career Transition Coach, I really don’t see many 40 – 49 year-olds being discriminated against. I do, however, see many 50+ year-olds being laid off, flat-out ignored, or disregarded in the job search process.

It is this group of people we need to employ. This is the demographic that needs our attention at this moment in time; they have gone through their savings, and tapped into their 401Ks and IRAs. Whatever financial cushion they had three years ago is seriously threatened or gone.

If boomers were all employed, they would be spending to keep themselves healthy, to put their kids in college, to go on vacation, and essentially to live full lives that fuel our economy.  If Corporate America continues to disregard the talents, contributions, and energy of this demographic, the expense of supporting the baby boomers as they continue to age will be an astronomical burden to our children as they begin their career and wage-earning years. And, yes, the expense will be carried by every other taxpayer as well.

By not employing this demographic group of talent, we can potentially “defuel our economy” by paying later for their lack of financial solvency now.  And do you want to know the real kicker about this situation? BOOMERS WANT TO WORK! They have always believed that hard work would pay off for them. They have always planned to create a retirement for themselves through their own efforts. The average boomer today is  knowledgable, tech-savvy, and counting on being productive for many more years.

Please come back to keep reading as I blog about why it is advantageous for a company to hire from the 50+ year-old talent pool.

This is just one of the entries in my blog that is part of the Fuel The Economy series.  I believe that each of us with decision-making influence can help fuel our local economy.  By helping our local economy, we can help lift America out of the economic ditch, and back onto the road to recovery.  If each of us does our part to help make this happen, a difference will surely be made.

Susan Howington, Founder and CEO, Power Connections Executive Coaching, Leadership Development, and Outplacement Service