Older people searching for jobs have long fought back stereotypes that they lack the speed, technology skills and dynamism of younger applicants. But as a wave of baby boomers seeks to stay on the job later in life, some employers are finding that older workers are precisely what they need.
“There’s no experience like experience,” said David Mintz, CEO of dairy-free products maker Tofutti, where about one-third of the workers are over 50. “I can’t put an ad saying, ‘Older people wanted,’ but there’s no comparison.”
Surveys consistently show older people believe they experience age discrimination on the job market, and although unemployment is lower among older workers, long-term unemployment is far higher. As the American population and its labor force reshape, though, with a larger chunk of older workers, some employers are slowly recognizing their skill and experience.
About 200 employers, as varied as Google, AT&T and MetLife, have signed an AARP pledge recognizing the value of experienced workers and vowing to consider applicants 50 and older.
One of them, New York-based KPMG, has found success with a high proportion of older workers, who bring experience that the company says adds credibility. The auditing, tax and advisory firm says older workers also tend to be more dedicated to staying with the company, a plus for clients who like to build a relationship with a consultant they can count on to be around for years.
“Some Gen Ys and Millennials have this notion of, ‘I will have five jobs in 10 years,’ ” said Sig Shirodkar, a human resources consultant with KPMG. “We’re looking for ways to tame that beast.”
The embrace of older workers by some companies comes as the country’s demographics shift and a greater number of people stay on the job later in life, some because of personal choice, others out of necessity .
Between 1977 and 2007, employment of workers 65 and older doubled, a trend that has stayed on track and is projected to continue as the massive baby boom generation moves toward old age. But long-term unemployment has plagued older adults: Nearly half of those 55 and up who find themselves jobless remain out of work for 27 weeks or more.
Many companies still tend to overlook older applicants. Peter Cappelli, a University of Pennsylvania professor who co-authored “Managing the Older Worker,” said because the economy has remained relatively weak and demand for jobs has been so high, many employers haven’t been pressed to directly recruit older individuals.
Stereotypes have prevailed. Hiring managers often still view older applicants as having lower job performance, higher absenteeism rates, less ability to solve problems and adapt to changes. But Capelli said research has found that older workers outpace younger ones in nearly every metric. “The evidence is overwhelming that they’re better,” he said. “But the hiring managers are going with their guts, and our guts are full of prejudice.”
But older workers are just what Michelle Benjamin, CEO of TalentREADY, a New York-based consulting firm, is looking for. About three-quarters of the company’s senior employees are over 50. They often cost more to hire, Benjamin said, but they don’t require much training or supervision, and end up paying for themselves with the quality of work.