Did you know that 50 percent of corporate executives are pushed out of their jobs before they’re ready to leave? And that only 10 percent of them find a new role that pays as much as their previous one? The reason: ageism. And companies make all kinds of excuses for it. Some say they can’t afford to pay the higher salaries of older workers with extensive expertise. Others claim that older workers aren’t tech-savvy or up on the latest industry trends. Still others talk vaguely about “stamina” or “cognitive flexibility,” code words for the assumption that older workers are tired and no longer mentally sharp. So, how do you know if you’re at risk of being pushed out because of your age? Here’s how to recognize ageism before it gets you – and how to be proactive about protecting your livelihood.
How to Recognize Ageism
Advancement opportunities are disappearing
You’ve risen steadily up the ranks, and you’re excelling in a leadership role. But you’d like to move higher. After all, you’ve still got anywhere from 10 to 20 years left until retirement, and you want to keep contributing and stretching yourself mentally.
But suddenly, you’re getting passed over for advancement. People used to invite you to apply for internal promotions. Now you only learn about them after they’ve been filled – by someone younger than you. Or maybe you’re looking beyond your current employer and can’t land an interview anywhere, even though you’re eminently qualified for the positions you’re seeing. This can all be a sign that people are looking at your age, not your resume.
New projects aren’t coming your way
You used to be the go-to person for challenging but rewarding assignments. Your track record shows that you can take on a new project, make it successful for the company, and contribute meaningfully to the bottom line.
However, those projects are now going to someone else – the younger leader a step below you on the ladder. When you express an interest in new assignments, you’re told “Well, the industry is changing. We need someone with fresh experience to lead that.” That’s just a polite way of saying “We think you’re old and out of touch.”
Everyone is talking to you about retirement
You may not be ready to retire, but you’re getting the sense that your coworkers think you are. Maybe you’re being targeted with emails about retirement-account workshops. Or people keep asking about your “next stage.” Perhaps you keep hearing comments like “Bet you’d love to have more time for golf” or “Do you have grandkids yet?”
These are all clues that people see you as reaching the end of your career, and even that they’d like to nudge you out the door. It doesn’t matter if you feel the same way. Once people see you as closing in on retirement, it’s easier for them to justify targeting you for removal. It goes something like this: “Well, Janice was getting close to retirement anyway. Let’s give her a nice incentive and let her get started on traveling a little early.”
Your peers are leaving – and being replaced by much younger workers
You’ve resisted the nudges to retire – but your peers haven’t. One day, you look up and realize that you’re the last one left of your original management training class. And it’s not because your colleagues have moved on to better roles at other companies: they’ve thrown in the towel and headed for the golf course.
On top of that, you notice that their roles have been filled by people who are much younger. You ask someone about 35-year-old Devin’s qualifications and get the answer, “Well, he’s still got some things to learn, but that means we can pay him a bit less. And he’s really savvy with all the AI and social media stuff.” It’s a sign that your colleagues may have been pushed out due to assumptions about their age, rather than actual shortcomings in their performance.
What You Can Do About It
Now that you know how to recognize ageism, what can you do about it? The key is to be proactive. You don’t want to be sitting on your hands when you get the email that says, “We no longer need you.” Based on my personal experience dealing with ageism, here’s a step-by-step plan for how to actively manage your situation and set yourself up for success.
Think differently about transition
If you’re in your 50s, you’re at the tail end of the generation that grew up expecting to spend their entire careers at one company. You might feel awkward or even ashamed to think about leaving your employer. Like you’ve failed somewhere or are somehow disloyal. But let’s get one thing straight: corporations don’t operate the way they used to. There is little to no loyalty from the company to the employee – only a willingness to pay someone and provide benefits as long as it serves the company’s purpose. Layoffs are seen as a financial tool to balance the budget, and restructuring sometimes happens on a whim.
So ditch the shame and the fear, and adopt a bit of your employer’s mindset: think about what serves you. Look at transition periods as an opportunity. This is your chance to do what fulfills you. You probably have a healthy balance sheet. Think of it as a tool to enable your ideal next stage. Don’t limit yourself to what you’ve always done – think about what you’re good at and what you want to do and go after it!
Diversify your income and assets
When I was 51 and searching for my next opportunity, ageism hit me like a gut punch. I suddenly realized that I was finding fewer opportunities. Interviewers were telling me I was too expensive, too experienced (i.e., too old), and my only options involved being underemployed. Thankfully, with some encouragement from my wife Lauri, I realized that it was time to diversify our income stream.
If you’re seeing the writing on the wall, I recommend you do the same. I took the franchise route, but this could also look like buying rental properties or something similar. Think in terms of an investment that will be ready to pay you a replacement income a few years. If you’re misreading the signs and actually get to stay in your job, great! You’ll just have more income flowing into your bank account and a way to stay occupied in retirement. But if you’re really facing ageism at work and get pushed out, you’ll have a safety net ready to catch you as you land.
Pick your path
If you’ve decided to go the franchise route, you’ve got multiple options for how to make the leap. Option one: the direct path. Maybe your spouse has a job that can pay the bills for a while, or you have a good chunk of savings to draw from (in addition to the funds for starting your business). If that’s your situation, you can proactively quit your corporate job and work full-time as a franchise owner-operator. This leaves you with a single income stream, but with more control over how you manage change. And there’s no expiration date on entrepreneurship. When you’re the boss, you can keep working as long as you want.
Option two: the parallel path. This is the path I chose. I took a job at a startup, where my skills were useful but the demands on my time were lighter, and launched my franchise business on the side. As it grew, it got easier to run. And when my time at the startup came to an end, I had a full-fledged executive franchise business ready to support me and my family. It was so easy to manage that I even started my consulting business to stay occupied. I’ve built more wealth than I ever could have in the corporate world, and I’ve had the flexibility and freedom to spend more time with my family and take care of myself.
What to Do Next
The moral of the story? Ageism doesn’t apply when you’re entrepreneur. If you’re expensive, if you’re worried you’re on the verge of becoming obsolete, it’s time to hire yourself (as my friend and podcast co-host Pete Gilfillan says).
The best news of all: you don’t have to make the transition alone. I can help. Not only have I experienced ageism myself, I’ve also found a way out. Becoming a franchisee was the best professional decision I ever made, and I can put my experience to work for you. You don’t have to make the leap yet – just click the link and book a call with me. I’ll provide free, personalized help figuring out if franchising is right for you.
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