Better With Age Smart Money (05/03) Vol. 12, No. 5 p.110; Breckenridge, Sarah
According to the Bureau of Labor Statistics, unemployed persons between the ages of 25 and 34 last year took an average 16 weeks to land a new job, but those aged 55 and over were circulating the job market for 21.6 weeks. While many baby boomers may feel like the odds are stacked against them in today's job market, experts believe their age can be an advantage with employers. Older employees should emphasize their skills without dating themselves, point out the many contacts they have in the industry and what sets them apart from younger candidates, and inform potential employers that they do not have as many familial obligations as younger workers may have, which can translate into longer working hours and increased productivity. Older workers have more time to devote to their jobs, and are more willing to travel than younger workers with young children. Finally, experts suggest that those with benefits from a previous employer use it to their advantage, pointing out that the new company can save on health care and other benefits-related costs.