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Yahoo reported yesterday that starting tomorrow, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years.”
That is not good news.
We boomers are not our parents’ retirees. We are not thinking Carnival Cruise Lines (CCL) or scrap booking at Vail (MTN) while our grandchildren learn to ski.
We are thinking unemployment, foreclosure, and bankruptcy. We are wondering where the money for our Plavix (SNY) will come from.
Women Particularly Hard Hit
For those women who have spent their lifetimes in jobs, the retirement outlook is particularly bleak with long-term job prospects worsening.
Economics professor and investment advisor, Douglas Rice, citing the most recent Bureau of Labor Statistics for the over-55 set, says that the employment scene appears to be better for women (6.2%) than for men (8.1%). “When you compare unemployment figures for today’s boomer women with their numbers at the beginning of the recession,” says Rice, “the picture is far gloomier. Only 2.9% of women over 55 were unemployed year-end 2007, so the numbers of boomer women looking for work has doubled since the beginning of the downturn.”
Add to that an average period of unemployment for boomers of nearly one-full year and you have a large and increasingly desperate group of people competing for twenty-first century work, often equipped with only twentieth century skills.
Absent an improvement in the economy, what can the post-55 woman do to improve her chances to re-enter the job market early in the new year?
Create a Tailored Search!
Brentwood Executive Search strategist Marcia Basichis suggests that job hunters do what any good negotiator would – learn your potential employers’ interests and tailor your resume to match them. “All job candidates,” says Basichis “should research companies they would like to work for, thoroughly going over their websites to understand the business.”
Instead of focusing on the past – the dead-weight contained in most resumes -Basichis recommends looking to the future by writing potential employers letters explaining how your existing skills, education and experience can benefit the company you wish to join.
“Dont overstate,” says Basichis, “but craft your resume in a manner that makes your experience most closely match the specific job you seek.”
As Canadian attorney Michael Webster adds to my post on interest-based negotiation, there are only two questions you need to ask yourself to radically increase your chances of winning the coveted job you seek. First, ask what you would do if you and your potential employer were one person instead of two. Second, ask how you might credibly signal what both parties would need to do to achieve that goal.
You can see the full article by clicking on the attached link from Forbes Magazine.