February 11, 2010

Scared employee vs. daring entrepreneur: The two faces of older workers

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Gene's story is by now a familiar one. A reader of this blog in his late fifties, Gene was laid off from his creative agency job last spring. After looking for work for a year, Gene came to the disheartening conclusion that "corporate America just isn't interested." So rather than continue to beat his head against the wall, Gene reinvented himself as a self-employed communications professional and has been doing project-based work for several months now.

Last spring, the New York Times reported that laid-off workers over age 45 made up "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."

Given such headlines, it's no surprise that midlifers who still have a job are feeling a tad insecure. In a November survey conducted by work-life services organization Workplace Options, more than a third of U.S. adults over age 46 polled said they didn't feel secure in their job. By contrast, 80 percent of Generation Y workers polled said they weren't worried about losing their current position.

Again, not entirely shocking. Those of us forty-something and up have a mountain of retirement savings to try to recoup, courtesy of the 2008 stock market crash. Twenty-somethings, on the other hand, have time on their side.

Still, I wouldn't have expected to hear that older Americans (those ages 44 to 99) significantly increased their entrepreneurial efforts in 2008 while their younger counterparts (ages 18 to 44) shied away from entrepreneurship. But according to the Global Entrepreneurship Monitor, a study developed by Babson College and Baruch College, that's exactly what happened, despite the fact that younger adults are usually the ones more likely to step into the entrepreneurial ring.

None of this is to say that older workers are doomed to total marginalization the traditional workplace and will be forced to strike out on their own. Much has been written about how many sensible employers recognize the value of experience when they see it. And the Web is rife with tips about how to win over a new employer or change careers midlife or later. 

If you're approaching AARP age or have already celebrated spending half a century on the planet, what's your take on the topic? Are you keeping your head down at work and hoping no one notices your 40th birthday was almost a decade ago? Are you getting the respect you deserve on the job and in interviews? Have you decided to chuck corporate life altogether and go into business for yourself? Do tell.

Michelle Goodman is the author of "My So-Called Freelance Life" and "The Anti 9-to-5 Guide." E-mail Michelle at mgoodman@nwjobs.com

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2 Comments

Joseph on February 16, 2010 4:49 AM | Reply

Well I m 46 and just do not feel I can work in the new corp world.
I just finished my masters in Organizational Development and Change.
I have been out of the corp world now for 6 yrs , just had jobs that were a pay check while finishing my BS and Masters.
Most of my work experience was from the 80's and early 90's.
It took me till I was 43 to finish my BS then went into my Masters.
Now I look for a new job and I can not compete with people that have a proven track record of accomplishments.
At this point I do not even feel like trying.

tmp on February 16, 2010 2:56 PM | Reply

I am 57 years old and started my job at a large software company at age 52. I turned my back on a PhD in Psychology at age 28, and for the next 20 years, worked part time in the graphics production, technical communications, and teaching professions while raising my kids. Since returning to work fulltime, my career trajectory has been straight up. My employer, coworkers, and customers seem to appreciate my experience and perspective. I learn new things every day and feel like I'm barely getting started. Retirement isn't in my plans. I only hope I can live long enough to accomplish everything I want to do. I've been extremely lucky, but there's no substitute for having work you're suited to and love to do. And of course, success seems to build on itself as does failure...

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