If age comes with wisdom, then why is it still so hard for middle aged people to bounce back from unemployment? A large chunk of the long-term unemployed in America (jobless in excess of 27 weeks) are those 55 and over.
The conventional wisdom (or the stereotypes) that contribute to this phenomenon is that Baby Boomers don’t have the technical skills required in the modern workplace and are expensive to train. As in, you can’t teach an old dog new tricks. Though this perception of the middle-aged unemployed has hindered their economic progress, it’s not all bad for the generation of erstwhile flower children. According to an article from the Harvard Business review, the average age of entrepreneurs in industries like technology, medicine and aerospace is 40.
There are actually twice as many entrepreneurs over the age of 50 as there are under 25. These statistics show that the middle-aged unemployed should not be discounted merely to cut corners on training. They have drive, something that can’t always be taught, and are hungry to prove themselves in today’s workplace. To read the article from the Harvard Business Review, click the link below.