Baby Boomers Becoming More Transient In Employment
For most Baby Boomers, job security has been a cornerstone of the American Dream
. Historically, workers from earlier generations tended to stay at one company for many years, even decades. When they retired, they were rewarded with ample pensions and health coverage that kept them comfortable throughout their later years. Future generations, however""especially those who joined the workforce after the emergence of the Digital Age""are not nearly as married to their companies. In fact, staying too long in one position is now often perceived as stagnating, particularly in competitive fields such as finance or IT. New research indicates that since the recession began in 2007, more and more Baby Boomers may be adopting that same employment mentality.In the last four years more than eight million jobs were lost as the economy shrank and the housing market underwent a drastic, near-catastrophic correction. The fallout has caused older workers to adjust the way they approach employment, both in the short and long terms.
A report by SmartMoney found that American workers over the age of 55 were particularly affected by the recession. As profit margins fell and shareholders demanded their investment be protected, companies tended to let go of older workers because they tended to have higher salaries with full benefit packages. By opting for younger workers and offering more modest benefits, companies saved a lot of money. The average duration of unemployment for 55+ workers is currently more than 12 months, and finding new employment can be difficult. In another era, these workers may have opted for retirement, but with lower house values and devastated investment portfolios, many Boomers feel compelled to keep on working.
Unlike past generations, today"s older workers also want to work well past traditional retirement age. A study conducted by the Boston College Center for Retirement Research concluded that the reasons for staying in the workplace were varied, and included concern over an uncertain economic future, changing incentives surrounding Social Security, and employer-sponsored healthcare plans.
The Boston College study also discovered that the over-55 American workers were changing jobs much more often than ever before. The finding was striking because previous recessions, such as the one in 1987, failed to prompt such significant changes in the United States labor force.
What"s interesting is that the job changes are not necessarily made for financial reasons. To the contrary, most of the new jobs older workers are taking pay less, and tend not to offer pensions or health insurance coverage. But what the positions did offer was increased job satisfaction and less stress. The upshot is that it"s not so much a change in circumstance driving older workers to change jobs more frequently, but rather a change in attitude.
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