Ever been passed over for a key project that went to a younger employee? Or been told you were “too near retirement” for a promotion? You might have experienced age discrimination, or ageism, in the workplace.
Ageism is surprisingly common, and it often affects people well before retirement age. In fact, the federal definition of age discrimination covers workers as young as 40. Workers over the age of 50 who’ve left or lost a job stay unemployed three times longer than their younger counterparts, and 40% of workers age 40-plus say they’ve experienced ageism at work. The American Psychological Association calls it “one of the last socially acceptable prejudices.” I’ve even experienced ageism myself–see my video below for my personal story.
If you’re like I was, you might think you’re immune to ageism. Especially if you’ve put in 15 or 20 years at the same company, you may think they have a sense of loyalty to you or appreciate your skills and experience too much to let you go. But as I explain below, that’s rarely the case.
Ageism and the Company Budget
Many companies use money as an excuse for dumping older workers. Experience costs money, and middle-aged executives, in particular, typically command the largest pay packages in a business. If a company needs to cut costs, or just wants to pad their profits, they may choose to replace those workers with less-expensive (i.e., younger) employees or eliminate certain highly paid positions altogether.
A sneakier version of this tactic: delaying or cancelling expected pay raises, bonuses, or project assignments with the excuse that the budget is tight. That may be the case, but it’s also a common way to push out older employees.
The Times, They Are A-Changin’
We live in a rapidly changing world. Even blue-chip corporations have to adapt to new technologies and new consumer bases. If you’re a VP or CXO in your 50s, you probably haven’t spent much time dealing with Millennial or Gen Z consumers, AI, predictive analytics, or Instagram. But the younger manager coming up behind you has, and it may be just a matter of time before your employer decides their relevance is more valuable than your experience.
In fact, studies show that companies often think of older workers as not tech-savvy. Hiring managers admit to looking for younger workers, in part because they’re not confident in older workers’ tech skills. They also may use phrases like “tech savvy” or “digital native” in new job descriptions, in an effort to discourage older workers from applying.
In addition, we’re in an economic period where whole industries are undergoing existential changes, or even disappearing altogether. Older workers who have stayed with one company for decades are especially like to be in a role that is affected by this upheaval. Even if your employer values you and wants to keep you around, failures at the business or industry level may leave them with no choice but to let you go. Ask yourself: are you seeing signs that your company or industry may not exist 6 months or a year from now?
So What Can You Do About Age Discrimination?
“But wait,” you say, “doesn’t the law protect me?” Yes–up to a point. Saving costs by eliminating or downgrading highly paid positions is not illegal. Nor is replacing a senior employee with a junior one because the younger person has knowledge that is more relevant to the current state of the marketplace or business. Being an older, highly paid employee puts you at risk for both.
Even if the company lets you go purely because of your age, or if you know that age is the real reason behind an excuse like “We needed to save money,” you’ll have to undergo a costly, stressful, and protracted legal battle to prove it. And to what end: so you can force them to give you back your job when they’ve shown they no longer want you around?
If you’re one of these situations, you’ve got a few options. You can go ahead and retire. But in your 50s, you’ve still got meaningful, productive years ahead of you. You can try to brush up on your market knowledge to make yourself more relevant. However, you’ll still be at risk because of your salary and age. Or you can find a job that’s age-proof, where you can earn as much as you want for as long as you want without anyone looking over your shoulder, waiting for the opportunity to push you aside.
Take Control With Franchising
That’s what franchising provides. As a franchisor, you’re the boss. You can run the business full-time or become an executive owner and have more time for your family and hobbies. And you can do it literally for the rest of your life, or just for the next 10 or 20 years. The point is, you get to decide.
Plus, in franchising, your experience is a benefit, not a liability. You can choose a line of business that plays to your strengths and the consumer base you understand, and then you can put your decades of knowledge to work. All the things you learned about business as you came up through the ranks will serve you well as you launch and run your own company.
Best of all? The rewards come straight to you. Your skills and experience no longer serve to pad a corporation’s bottom line–they become a way to build wealth for your family. You also get an opportunity to pay it forward by creating jobs and providing other help for your community.
If you’re ready to be age-proof, my co-consultant Lauri and are here to help. We can counsel you on the risks and rewards of franchising and help you find the right franchise match. We’ll even help you through the launch process and provide mentoring as you grow your business–all at no cost to you. Book a 20-minute call with one of us today, and let’s build the rest of your career together!
No responses yet