Americans want to work longer to support themselves as the cost of living climbs and 401(k) benefits are further delayed, but many older Gen X workers and young boomers are being forced into retirement after being laid off with no jobs to turn to.
But having years of industry expertise and a long-standing career doesn’t mean they’re the first-choice candidates for open roles. Older generations often have to look longer to find a gig; Gen Z and millennials aged between 25 and 34 were typically unemployed for an average of 19 weeks, compared to employees aged 55 to 64 who were unemployed for 26 weeks. Even among those Gen Xers who could find a new gig, the analysis notes that 11% were forced to take a pay cut.
There are a few reasons why Gen Xers are having a harder time getting new work after being fired. As the eldest generation still largely in the workforce, they’re nearing retirement and are potentially seen as being more temporary compared to millennial and Gen Z workers with decades left in their careers. Plus, with more Americans working longer, there is simply more competition for a select number of senior roles.
Being overlooked is having some serious ramifications on Gen Xers’ careers.
Due to ageism and the expectation they’ll retire soon, Gen Xers are also being passed up on getting career opportunities and unlocking bigger paychecks. About 22% of employees 40 and up say their workplaces skip over older workers for challenging assignments, and 16% say they’ve witnessed a pattern of being passed over for promotions in favor of younger staffers.
