Older workers snapping up all the jobs

(MoneyWatch) Getting a job is challenging in today's economy, but the older you are, the less challenging it gets, according to a new analysis of jobs data by Challenger, Gray & Christmas, a Chicago-based outplacement consulting firm.

Indeed, of the 4.3 million jobs created in the past three years, nearly 3 million have gone to people over the age of 55. To be sure, the unemployment rate remains naggingly high for all workers, including those 55 and over. But the unemployment rate drops sharply for seasoned workers over the age of 44 and remains comparatively low for those a decade older. The unemployment rate among those 44 and older is between 6.4% and 6.5%, according to this analysis of Department of Labor data. Comparatively, the unemployment rate among 20 to 24 year olds is 12.9% and those between the ages of 24 and 34 suffer a 8.2% unemployment rate.

Because the economy remains tenuous, older workers are in demand because their wealth of experience allows them to take on multiple tasks without the need for additional training, speculates John Challenger, CEO of Challenger, Gray & Christmas.

"For employers, one experienced candidate is worth two or three younger, greener candidates, in terms of the ability to make immediate and meaningful contributions to output and the bottom line," says Challenger. "In this environment, a seasoned candidate who brings a wide variety of skills and experience to the table is going to have an advantage over younger candidates."

And the notion that older candidates are only finding low-paying jobs in retail and service-oriented industries is also belied by the statistics, he says. As of May 2012, there were 6.3 million 55-plus year-olds working in management, business and financial operations. That's up 12% from May of 2010, he says. The number working in professional and related occupations has increased 10% to 7.5 million from 6.8 million, he added.

[Sandybel24]

I do NOT believe this! In my area especially California, I do NOT see people getting jobs in that age group. I think its pure ******** and I wonder where are you getting these numbers from??? The biggest majority that are struggling right now is that age group. We cannot retire, because we are too young to qualify.If we lost our jobs or were hit by the housing crisis and were working in that industry we are screwed.We have lost or been cheated out of retirement by wall street and are constantly PASSED over because of our age. Lets do a REAL poll and find out EXACTLY how many people in the US have been hired in the last say 2 years and what percentage of ALL of them is REALLY over 55. Where is this so called propaganda coming from??? My 17 year old has a better shot of getting a job over me.

[lillyhorton]

I am concerned with a select age group supporting everyone. These people have trouble retiring due to debt. They send their kids to college and aquire debt. They help their folks out. Now adult kids are moving back in. Many people are without jobs and are drawing from a community fund already stressed by slackers. These select workers will continue till they die. They can't stop. The burdon is on them. I want to live therefore I work 2 jobs and have a garden. In the end parents and I will be dead and my kids will say "we should demand more from our government". REALLY?

[babbo0]

Lily: If you are concerned about a select age group supporting everyone, tell your government to do something about unemployment. I'm 27 years old, have a four year degree in business, and I'm currently living on my own and paying my own bills, but I've been unemployed since October and haven't gotten a single offer despite having applied for 110 different positions as required by the unemployment program. Unless I can find something in the next 6 weeks, I'm going to have to move back in with my folks too, or live out on the street and be homeless. It doesn't make me feel good to accept handouts, but it's that or starve. There's nothing else I can do when no one will hire me.

[over55really]

Don't know where you are getting your info from but I am 58, been on and off unemployement for the last 9 months and I am lucky. I have had a dozen very good interviews and rejected for younger workers. The only work I can find is contract, for about 1/3 the salary I use to make. When I say contract, 6 months, good bye, now on a 10week contact, this will be good bye also. So you tell me who is hiring seniors and paying them for what their job skills are worth. I am in IT, was a Systems Engineer, now lucky to find help desk work.

[credibility2]

..this is misleading..I know many over 55, including myself who haven't been able to find work..also the quoted source isn't the be-all on related topics..I used them as an out-placement agency in the 1990s..not very effective..

[Florian_Schach]

This is an interesting problem to have. The fact that older people are getting jobs ahead of younger ones is definitely a problem in this economic recovery. With the unemployment rate as high as it is, we can't really afford to have the labor all go in one direction. The United States needs to take some routes that haven't been explored before so we can create more job opportunities.

[smithy07]

In today's job market, younger people want weekends off, no working nights, not too early in the morning, and have to listen and follow orders. Today's youth have no work ethic, whereas my generation was brought up to work, finish the job on time and not ask questions. I hate to see how things are 20 years down the road.

[lillyhorton]

I am not sure about the days and hours. I do know that the milliniums place tanning or friends equal to work which means they will quit if their job interfers with social life. They have to be micro managed and can't think for themselves. They are group orientated. In baseball the coach told his team that the reason they lost was due to bad umpiring. Each lost game is blamed on everything but the fact they suck. These young men will grow up throwing blame on everything but themselves. It really is ok to play ball bad but it isn't ok to blame others for it.

[johnlockesghost]

If it is true that older workers seem to be getting the jobs ahead of younger workers, it is appropriate since they have less time in which to recover from a bad economy.

[formerlyluvnut]

Ah yes, employers want people to "multi-task" but they won't "multi-pay". GAWD I'm glad I'm retired.

[retiredgustav]

Amen to that.

[JWinATL]

Amen squared!

[Henri_Rochard]

Entry-level techie jobs are being sent 'off-shore'. This is the status quo at my company, i.e., a bailed-out bank.

I'm an 'auld fahrt' techie who would have never gotten his foot in the door 30 years ago if this had been the case then.

Seasoned workers are more likely to ignore bad management and just work around stupidity in order to get the job done. Younger folks take less kindly to fools -- and I speak from experience here as I was the same way as a neophyte techie.

[signseeker1717]

Seems encouraging for older workers on its surface, but according to Challenger, Gray & Christmas' own web site:

"In order to enter one of our outplacement programs, we require SPONSORSHIP BY AN EMPLOYEE'S COMPANY. (CAPS mine) The reason we cannot accept people without corporate sponsorship is that we cannot overcome the awkward ethical/functional dilemma inherent in working with an 'unsponsored' individual."

Thus, you must ALREADY be employed AND sponsored by a current corporate employer to be considered a client for their outplacement services. And what exactly do they mean by an "awkward ethical/functional dilemma" if they helped place those who do NOT fit these circumstances?

If they are basing their data analysis even partly on their OWN criteria, one may wonder how "real world" their numbers really are.