BulletProof Your Future and Avoid Forced Retirement
Being forced to retire can be devastating for anyone not yet prepared for it. Almost overnight, these workers go from a decent paying job to scrambling to figure things out. In almost every situation, it’s not even their fault!
To avoid forced retirement, the employee must provide such value to the organization, they cannot afford to lose them. This value is conveyed through their personal brand and contributions.
The sad reality is too many organizations are focused on downsizing and other cost cutting measures. Older workers are often targeted as a means to improve the bottom line. In spite of all their experience and knowledge, they are generally the first ones forced out the door.
These companies perceive younger employees revitalize their work force while costing less. This widespread mindset has resulted in over half of all older workers being at risk.
Understanding Forced Retirement
Unfortunately, the practice of eliminating older American workers has become the norm more than ever before. According to ProPublica and the Urban Institute, 56% of employees over the age of 50 will experience job loss before they’re ready or willing to retire.
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The job search process can be brutal for older workers taking months and months. In fact, only 10% of these job seekers will find employment with comparable pay. Moreover, about a third of these people will be terminated again.
Expanding upon Investopedia’s definition above, think of forced retirement as job loss which otherwise wouldn’t be your preferred choice. This could be complicated by health issues or company downsizing / restructuring. In many situations, an incentive package may be offered to select employees.
Thus, anyone accepting such an offer might appear to be leaving voluntarily. However, if the employer is targeting certain individuals, they might later be forced to leave with little or nothing.
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