E-Source Says, E-Tips, Industry News
Take control of your destiny as you prepare for Your Career 2.0® by turning to career ownership to provide job security and meet your financial goals during this unique time.
The outbreak of COVID-19 in the United States had a staggering impact on the job market and the economy. Governors across the country issued stay-at-home orders to stem the spread of the virus, shuttering many businesses that were forced to furlough or lay off employees. One group that is particularly vulnerable to cutbacks are older employees. The unemployment rate for workers 55 and older jumped to 13.6 percent in April, as workplaces shed jobs during the pandemic, up from 3.3 percent in March, according to the U.S. Bureau of Labor Statistics.
Older workers need to ensure they will have enough money when they retire to live the lifestyle they desire, said Terry Powell, visionary and founder of The Entrepreneur’s Source®, the nation’s leading career ownership coaching franchise. “I think this pandemic has taught us that things can change overnight, and if you are not in control of your career, you can suddenly be stuck in a very difficult position.”
Pandemic Layoffs Hit Aging Workers Hard
As layoffs from the novel coronavirus hit all sectors of the economy, aging workers may feel job security slipping away. At a time when health and safety should be a top priority, older workers are facing the added stress of searching for a new job.
The job search can be especially difficult for aging workers. The longer you are out of work, the chances of getting hired drops. Approximately 33 percent of job seekers ages 55 and older are long-term unemployed, reported the AARP, a nonprofit dedicated to empowering people over age 50. As unemployment numbers continue to climb, aging workers face an uphill battle with a flooded labor market. Three-quarters of older workers blame age discrimination for their lack of confidence in finding a new job, according to an AARP survey of 3,900 adults.
Conquer Battered Career Syndrome®
A huge number of workers who are still working in corporate America are unhappy at their jobs and suffer from battered career syndrome. Approximately three out of five people over age 45 report seeing age discrimination in the workplace, according to AARP. Of those older workers who have observed or experienced discrimination firsthand, 91 percent believe it is common. About 24 percent of older workers report being subjected to negative comments about their age from a boss or a coworker, AARP revealed. Many of these workers report being passed over for promotions or fear aging out of their position. Some report being denied access to training or professional development opportunities because of their age. More than half are forced out of their job before they plan to retire, according to the AARP.
“It’s time for aging workers to stop settling with working longer hours for less,” Powell said. “Becoming your own boss can provide financial security for your retirement.”
Career ownership coaching™ can help you consider your short and long-term goals as you build yourself a path to the future you want. The Entrepreneur’s Source® has more than 35 years of experience helping people achieve their potential and find job security. Our highly-trained career ownership coaches can help you on your path to self-sufficiency by offering education, awareness, and discovery to achieve your goals.
Franchising provides an opportunity to invest in a profitable business. While the stock market takes investors on a wild ride, aging workers can put some of their investments in a proven business model by investing in a franchise business.
Are you tired of sending out resumes and feeling defeated at a time when you should be focusing on your health and safety? Visit the Career 2.0 launchpad to learn how to take control of your career.