Source | LinkedIn : By Len Kendall
The prominent assumption is that you have the right and ability to work until, at least, the age 65. And yet, you’ve probably had a conversation with at least one of the following people:
- The parent or older relative who can’t find a new job because prospective employees don’t want to hire a 60-year-old
- The 40-year-old tech worker who feels like a dinosaur next to their 20-something colleagues in San Francisco, New York, Los Angeles, or Chicago
- The 50-year-old who is an expert in their field but cannot compete with younger prospects who have a better understanding of modern technology
- The 65-year-old driving an Uber or working at Starbucks with the intention of helping his/her kid pay for college
These instances make up a bigger proof point. Current trends are predicting that, if you are a 20- or 30-something today, you will be forced to retire before the age of 65. The following three trends will signal what the latter half of your career may have in store for you.
- The market no longer allows for employing older workers who deserve higher salaries.
This is due to a variety of factors, including changing consumer preferences, disruptive startups, globalization, and ageism. Mega-corporations that used to employ middle-aged and near-retirement workers are now realizing they are spending millions on employees they can no longer afford to have, directly affecting their P&L.
When you see companies like McDonalds making dramatic moves byrelocating their HQ from the suburbs to a young, urban center in Chicago andbuying out Director Level employees who they can no longer afford, you know this trend is real. This is happening, and will continue to happen, across thousands of corporations that are realizing they need to attract younger and cheaper talent. It’s not right but there are very real perceptions that are making it difficult for older folks to find and keep jobs (especially in fields that rely heavily on technology or at companies that didn’t exist 10 or 20 years ago).
- Technology is killing jobs at a very fast pace that will only continue to accelerate.
Thanks to advancements in technology, jobs are becoming more automated. Assuming that we can eventually automate all basic jobs and allow artificial intelligence to conduct more skilled work, there will only be a need for a small group of educated, experienced, but inexpensive workers. What counts as expensive workers?