A new study from CareerBuilder found that older workers are beginning to expand their job search to include entry-level positions, internships and even relocating.
The study states that only 28 percent of those 55-years and older who were laid off during the last year found new jobs, which is the lowest of any age group. In comparison, 71 percent of 25 to 24-year-olds who were laid off found jobs.
Of the older workers who were laid off, 63 percent have applied for lower-level jobs than their previous positions and 44 percent have been told they’re overqualified. That’s most likely because older workers are now competing with recent graduates for positions.
About 26 percent of employers have received applications from workers older than 50 who aren’t retired but are looking for entry-level jobs, while an additional 11 percent of employers received entry-level applications from retirees. A good sign, 65 percent of employers say they would consider hiring experienced candidates who might be overqualified.
Many older workers who can’t secure entry-level jobs are turning to internships in hopes of getting a foot in the door. About 7 percent of employers report that older workers have applied for internships, 4 percent have hired older workers and 65 percent would consider older workers for internships.
If they can’t get an entry-level job or an internship, some older workers are simply relocating or starting their own business. Of those older workers laid off during the last year, 41 percent would consider relocating to another city or state to find a job, while 23 percent would consider starting their own business.
“Mature workers offer a wealth of knowledge and experience that has translated into a significant competitive advantage for employers,” Rosemary Haefner, vice president of HR at CareerBuilder, said. “Employers are considering mature job candidates for a variety of positions ranging from entry-level to senior-level to consultants to leverage their intellectual capital and mentor other workers. Twenty-nine percent of employers have hired a worker age 50 or older for a permanent position within their organization over the last six months.”
Of those older workers who were lucky enough to find jobs, 26 percent took a job in another field and 75 percent said they’re enjoying the experience. Among them, 40 percent found positions with similar pay, 13 percent found jobs with higher pay and 48 percent took a pay cut.
As so many older workers are continuing to look for jobs, it’s clear that many are delaying retirement. About 21 percent of employers reported that over the last six months, employees approaching retirement age have asked to postpone retirement. Of those employers, 86 percent said their company is open to that idea.
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