June 2009

Boomers go bust during recession
Workers age 45 and older put retirement plans on hold to find a job

By Ron Hollowell

Mark Gifford: “People my age who are out of work are extremely lucky if they can find a job that pays them close to what they were making before they were downsized.” Photo by Marc Golub

Mark Gifford knows all too well that the odds of him finding a job paying a salary comparable to what he pulled in as an accountant with RMS Management and at Walthall, Drake & Wallace LLP, are stacked against him.

The 53-year-old Mentor resident was downsized at RMS Management in March 2009, yet he’s not discouraged about his job prospects. He is utilizing recruiters and employment agencies in his quest to land a new position.

“It’s tough out there,” said Gifford, a divorced father of two grown sons. “People my age who are out of work are extremely lucky if they can find a job that pays them close to what they were making before they were downsized.”

After spending 21 years as a Wickliffe Post Office employee, Gifford decided to make a career change and become an accountant. He studied at Lakeland Community College in Kirtland and completed his degree at Cleveland State University. Networking with contacts he established while at CSU helped Gifford to land his first accounting job at Walthall, Drake & Wallace.

“At the time I was 45 and I was competing with kids in their 20s for the job,” Gifford said. “I was pretty proud of the fact that I got the job.”

As Gifford intensifies his job search, he said he might consider yet another career change. Moving away from Northeast Ohio to find a job also is a possibility if he doesn’t find local employment in the next six months.

“I made a career change once and I would do it again,” Gifford said. “I’d also advise others in my age range to think about making a career change. Some people think they are stuck in a rut and they don’t think they can do something about it. But they can.”

Ravaged recession
Like many Northeast Ohio job seekers age 45 and older, Gifford is feeling the effects of the recession’s wrath firsthand. The nation’s economy in particular is wreaking havoc on the baby-boom generation, the members of which thought they were just years from retirement and now face the grim reality that they will be working longer than they hoped.

To make matters worse, the Association for the Advancement of Retired Persons reports unemployed baby boomers, many of whom believed they were still in the prime of their careers, are confronting cold, hard facts that they must endure the steepest odds of any job seekers in this dismal market.

Workers age 45 and older form a disproportionate share of the hard-luck recession category, the long-term unemployed — those who have been out of work for six months or longer, according to the Bureau of Labor Statistics. On average, laid-off workers in this age group were out of work 22.2 weeks in 2008, compared with 16.2 weeks for younger workers. Even when boomers finally land jobs, they typically experience a much steeper drop in earnings than their younger counterparts, according to AARP.

Networking is Job One
Michelle Woods, senior professional in human resources and director of human resources for Willoughby-based Fusion Inc., advises workers age 45 and older to start networking. Networking is one of the most effective methods of finding a job, especially for persons who are seasoned in their field or industry.

“Networking can start with friends, family, prior co-workers or colleagues,” Woods said. “Virtually anyone you have met can be a source for networking.”

Woods said the use of professional networking Web sites, such as LinkedIn, provides exceptional opportunities for workers to expand their contacts and to expose their professional profile to thousands of people. Human resources professionals and recruiting firms utilize LinkedIn and other sites more frequently to identify potential job candidates, she said.

Cindy DeVito, human resources manager with Cardinal Community Credit Union in Mentor, receives resumes on a daily basis from people who have spent years in management yet they are willing to start wherever they can in the company as a way to get their foot in the door because of the stability Cardinal Community Credit Union offers.

“With so many people vying for the same position, some applicants may opt to go for less pay if there are other positive factors involved,” DeVito said. “They want health insurance, a matching 401(k) program, a good location from their home and the ability to move up within the company.”
Job seekers should always have their resume ready with relevant work experience, current terminology in their field, and updated information to submit to a potential employer. Woods suggests avoiding unnecessary resume information such as References furnished upon request.

“It is helpful to have resumes in Microsoft Word format as well as plain text for uploading when applying online,” Woods said.

Baby boomers may prove to be advantageous hires for many companies because they know what it is like to work above and beyond for their pay, DeVito said.

Woods has found that older workers tend to exhibit stronger company loyalty and they are more tolerant of a company when it does not immediately recognize and reward employees.

“They don’t have the immediate expectations of their younger colleagues,” she added.

Selling yourself
Without question the most crucial component to a job search is the interview process. Workers age 45 and older should avoid selling themselves short just to get a job. It is important that applicants focus on their relevant work experience and achievements, which will help them to succeed in the position for which they are applying.

“The resume says it all,” DeVito said. “I recommend candidates to tell me as much as possible about their past work experiences because there may be another position we are looking to create for which this individual may be the perfect choice.”

Job seekers should avoid downplaying their experiences if they believe they are overqualified for a position, Woods said. Candidates who have been invited to interview for a position with a company should assume that the company saw something in their resume that might make them a good fit. Therefore, it is important to present their information appropriately.

Looking for a rebound
The unemployment rate in March 2009 for workers ages 45 and older was 6.4 percent, the highest in the U.S. since at least 1948, when the Bureau of Labor Statistics began tracking unemployment on a monthly basis.

By polishing up their resume and proactively seeking jobs, baby boomers are certain to be anything but a bust to their employers once the economy finally rebounds.

Ron Hollowell is a Hambden Township freelance writer.