Executives Plan to Delay Retirement

According to a Society for Human Resource Management report, The U.S. Recession and Its Impact on Employee Retirement, 68% of human resource professionals have observed an increase in employees extending their planned retirement date due to the current economic conditions. This agrees with ExecuNet observations from their research, indicating that executives as of 2008 planned to retire at an average age of 76.9 (if health allows them to work that long, and finances allow for retirement even then). This is in contrast to 2006, when the average targeted age was 65.8.


Combining the above statistics with the fact that executive tenure in each job has been shrinking to as little as 1.5-2 years, an executive at 50 could easily have another 25 years of career left (nearly as much as he or she has accumulated thus far) and multiple remaining job changes.


I write executive resumes every day for clients who come to me at age 50 or 55 with the attitude that this next career move will probably be their last, and many express fears even at age 45 that they are losing their luster as a candidate due to age. The mindset that you are over the hill as far as your appeal in the job market at age 50 to 55 obviously needs to change. Continue to polish your skills and increase your knowledge, and shine up that executive resume for an extended stay in the world of work--and possibly several more challenging job experiences at different companies!

Are You Over the Job Market Hill?

A concern frequently expressed by my executive clients and prospects is regarding the age factor. Many fear that they are going to be subject to age discrimination as early as age 40, and either be let go by a current employer in favor of a younger hire or passed over by potential employers who want fresh, young talent that they can mold in the company’s approach and methods. Just this afternoon, I spoke with a dynamic young executive who was concerned that his age at 45 was going to close the doors to many opportunities.

A recent Herman Trend Alert explores the age issue, with news that I think should provide some encouragement to job seekers who fear they may be “over the hill.”

Approximately one million people reach age 60 each month, and as the baby boomer generation ages, it is estimated that the number of workers in the U.S. between the ages of 55 and 64 will increase by more than 50% by 2010. With life expectancy now at 77 and many enjoying better health during their increased longevity, many more people are staying in the workforce long past the traditional retirement age of 65. This is driven in good part by boomers’ realization of the potentially high health care costs they face as they age and the fact that many have insufficient savings to fund a lengthy retirement.

Both government and industry do appear to be waking up to this reality, with AARP observing that an increasing number of major employers and government agencies are actively seeking to hire candidates 50 years plus. The wealth of experience and skills that older workers can bring to a workplace are seen as increasingly valuable, as well as their maturity of judgment, stability, and turnover rates lower than typical of younger workers.

It would seem that employers' increasing interest in and appreciation of these older workers combined with the smaller pool of talent in the “baby bust” generation cannot help but benefit those workers in their 40s and 50s by altering perceptions of exactly when one makes that trek “over the hill.” According to an AARP-commissioned report from last year cited by Workforce Management, "Replacing an experienced worker of any age can cost 50 percent or more of the individual's annual salary in turnover-related costs, with increased costs for jobs requiring specialized skills, advanced training or extensive experience--qualifications often possessed by 50-plus workers." That’s a powerful financial incentive to keep aging workers on the payroll.

How to Sabotage Your Job Search with Your Resume

An article entitled "25 Things You Should Never Include on a Resume" published a few days ago over on HR World's blog made me chuckle. Not because most of the items on the list seemed so unbelievably obvious and stupid for a job candidate to include in a resume, but because of the fact that I have actually seen most of them at one time or another in the thousands of executive resumes I have reviewed over the years. I notice that HR World's blog writers took some flack in a few of the comments on that blog entry because of the common sense nature of their advice. It's unfortunate, but I think that most of the "don'ts" mentioned seem to somehow escape the "common sense radar" of a fair number of folks out there.

About the only category I would disagree on is hobbies. Certainly you do not want to clutter your resume with irrelevant or frivolous interests. But many a door has been opened and many an interview set on the right track, prompted by the interviewer's noticing that the candidate has a similar interest to theirs (for example, avid amateur golfer) or particularly unusual or outstanding hobby or skill that is a good conversation starter (such as climbing Mt. Everest, circumnavigating the globe in your own sailboat, competing and placing in triathalon events, etc.).

The only one out of the 25 that I cannot recall having seen in a resume is blatant expression of a prejudice. So, while the items on this list may be obvious to most, clearly there are some folks out there who would do well to pay them heed. You can view the full list at HR World.

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Executive Job Search Length Shrinking

According to ExecuNet, now may be the best time in the last 15 years for executives to launch a search for a new position. Their 1992 survey results showed that on average 13 months were required to land a new job, and the situation seemed to be approximately the same as of 2004. For quite some time it has been the conventional wisdom that an executive could expect to wait at minimum one month for every $10,000 of annual compensation, which of course for the $120K executive meant a long year of searching and for the $300K+ executive painted a pretty discouraging picture.

Executives can take heart, because the trend appears to be on a downswing. According to ExecuNet research, “it now takes under 10 months to find comparable positions” for high earners at director level and above. With a tightening employment market where the candidate seems to have taken the driver’s seat and companies seem to be losing their fascination with young hotshots and waking up to the value of baby boomers, your prospects appear brighter than they have in some time. Now may be the time to start working that network and circulating your executive resume.

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Is Age Discrimination a Self-Fulfilling Prophecy?

A December 28 article in eWeek.com reported that almost 40% of those in the employment market believe that their age rather than economic forces is keeping them from landing a new position. Another 6% feel that other forms of discrimination are presenting obstacles in their search. But as John A. Challenger of Challenger, Gray & Christmas (a global outplacement consulting firm in New York) points out: "Age is typically a self-made obstacle. There is no doubt that age discrimination still exists, but the rate at which people over 45 are finding jobs is not consistent with a widespread problem. The problem we find with many older job seekers is that they enter the process with preconceived, negative notions about their age and employers' reaction to it, and it seriously affects the way they perform in an interview."

I agree with Mr. Challenger, and believe that drastic measures used by some to disguise age in executive resumes is counterproductive. Is age discrimination in executive employment real? To a certain extent, but assuredly not at the level imagined by some executives. For accomplished and capable individuals, any minuses in the prospective employer's perception that could be attributed to the age factor are generally counterbalanced by the pluses of maturity, experience, and leadership skills that are not to be found in younger candidates.

Wary of Age-ism in the Executive Job Market?

Manyof my executive clients express concern about their longevity in the workplace as is generally apparent at least to a degree in their executive resume. A recent article on Weddles.com discusses how to best work around the issue of age discrimination. It would seem that the trend is favorable for older workers, in that the U.S. Bureau of Labor Statistics observes that the participation of older workers in the workforce is increasing (unemployment among those 55 and older decreased to 3.4% in 2005, from 4.1% in 1985). However, many still find themselves passed over when the final cut is made. This is because, as we all know, statistics can be deceiving. While the strict percentage unemployed went down, the number of candidates looking for work in that age category went up, way up: by nearly 40%!

It's not a lack of jobs that is the source of the problem. There's a virtual war for talent going on out there. So what gives? It would seem that age discrimination is alive and well, despite legislation outlawing it and the fact that many enlightened employers have come to realize the true value of seasoning and experience in employees, especially those at higher level, strategic positions. Yet research shows that age bias often begins as early as 45 years of age!

The article suggests 4 excellent strategies to position yourself as strongly as possible to combat age bias. To paraphrase their suggestions in brief:

1) Keep your skills at the forefront of your profession. Dedicate yourself to state-of-the-art knowledge acquisition as a way of life.

2) Market yourself based on the ROI you can offer the employer, results you can deliver, not "X" number of years of experience. Make sure your executive resume writer forcefully describes the contributions you have made and can make going forward.

3) Position yourself as invaluable by working above and beyond the call of duty... step outside the parameters of your job description.

4) Keep physically fit and look as youthful as you can. Exude vitality, stamina, and a "can-do" attitude.

When you think about it, these should be steps EVERY employment candidate should take, not only those fearing potential age discrimination!

Employers Finally Realizing Foolishness of Putting Executives Out to Pasture?

The Herman Trend Alert
More Employers Will Seek Older Workers
April 6, 2005

"As the labor market continues to tighten, employers will intensify their competitive search for qualified workers. They will seek competent, experienced, dependable people with a strong work ethic and proven ability to take care of business. Employers will be eager to hire skilled workers who understand the true meaning of customer service, who can communicate well with others, and who can draw on their experience to solve problems and make progress. Workers who can take initiative, follow through, and coach others will be in high demand.

Older workers meet these qualifications--and more. Employers prefer seniors' ability to initiate sales and demonstrate dependability, their varied work experience, a higher capacity to work with mature clientele, and an old-fashioned work ethic. They describe appreciation for punctuality, positive attitudes, commitment to quality, lower absenteeism, and less likelihood to change jobs."

Laurie's Comments:

I cannot tell you how many prospective clients for my executive resume writing services express pessimism, dismay, discouragement, and even fear of encountering age discrimination in their search for executive employment. The spectre of age discrimination seems to be haunting ever younger and younger candidates, to the point that it has become a concern as early as age 38-40.

The absurdity and foolishness of this trend has been demonstrated in so many ways throughout corporate America. The potential consequences of large-scale rejection of older, more experienced, and frankly wiser talent in favor of cheaper but almost inevitably less experienced and more naive up-and-comers are dire. Older executives, by and large, possess a blend of dependability, maturity, old-fashioned work ethic, and ability to draw on extensive experience to solve problems that is generally lacking in younger workers.

The good news is that employers and recruiters alike report difficulty in finding workers with the right set of skills and that growth in employment of workers 55 and older has outpaced all other sectors since 2001. This is in line with an overall trend in which employers are Feeling the Pinch of a tight labor market, where finding qualified people is steadily becoming more challenging.

What does all of this mean for the older executive in career transition? It means that you can enter the market more confidently than before. It also means that you must vividly demonstrate in your executive resume and in interviews the depth of experience, initiative, wisdom, leadership, and mentoring skills you offer that cannot be found in your younger counterparts.