Transcripts

"Money File" -Older Workers & Layoffs

SUSIE GHARIB: As we continue our month-long focus on jobs, tonight's "Money File" has some tips for older workers facing layoffs. Here's Eric Schurenberg, editorial director of Bnet Moneywatch.

ERIC SCHURENBERG, EDITORIAL DIRECTOR, BNET MONEYWATCH: Worried about your job? If you're over 50, that isn't just paranoia. These days, employers don't see you for the font of wisdom you are. They see you instead as technologically backward, a health cost overrun waiting to happen and a way to reach their budget goal in one easy stroke. In short, this is no economy for old men or women. The odds of being laid off are about 40 percent higher than for comparable 40-year-olds. Get laid off and you can expect to spend almost twice as long out of the work force and to have to take a larger pay cut when you do get re-hired. The best way to avoid the nightmare is to make sure your boss knows you are as committed to work as your younger colleagues. Volunteer for projects, learn new things, arrive early, stay late. Make it so clear you're a gamer, that age bias can't enter your boss' little mind. But if the worst happens anyway? Acknowledge the hand you've been dealt. The odds are your human capital is worth less on the open market than inside the old firm, where you were getting a premium for understanding the culture. So be realistic. Then build yourself a support team. You can do this the expensive way, by hiring a career coach, who may charge up to 10 grand to pilot your job search. But outfits like the Five O' Clock Club provide perfectly useful coaching for a fraction of the cost. Finally, be open. Yes it's a cliche, but this can be your chance to do what you've always wanted. Think about it. You want a competitive edge? Go into the interview with your decades of experience and the conviction that this is the job that's secretly been yours your whole life. You'll be unbeatable. I'm Eric Schurenberg.