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ProPublica recently released the results of a thorough investigation highlighting the alleged abuse of age discrimination in the technology sector. It was reported that IBM had laid off approximately 20,000 US employees over the age of 40, accounting for approximately 60% of all job losses in the United States during the period in question. The survey included sad stories collected from more than 1,100 former IBM employees. On Monday, Shannon Liss-Riordan filed a class action in federal court in Manhattan, on behalf of three former IBM employees, who said the technology company had discriminated against them because of their age.
Unfortunately, this phenomenon reflects the current climate of employment in all branches of industry.
As a recruiter, I am the canary in the coal mine. Talking with hiring managers, HR professionals and candidates every day provides insight into hiring trends before they reach the general public. One of the most disturbing recent trends I have seen is flagrant and flawless discrimination against older employees. These are business veterans in their forties or forties with relevant 20 to 30 year experience.
To quantify this belief, when looking for candidates on various job sites, there appears to be a statistically significant number of older people – compared to their younger counterparts – who have relatively recent end dates in their resumes. . Resumés of seasoned candidates stay on job boards longer than younger job seekers, reflecting companies' reluctance to hire them.
When we receive resumes for our job offers, there are a large number of experienced executives who have been fired or who are afraid of being fired. The end dates on the resume usually indicate that they were returned in the last six months to a year ago.
To be fair, I think compensation plays a big role in the equation. Let me offer you concrete examples. My area of recruitment expertise focuses primarily on compliance, law, risk, regulation and audit professionals on Wall Street. Those professionals with more than 20 years of experience could easily earn $ 200 to $ 500,000 a year.
After the financial crisis, there was an insatiable demand for compliance professionals to help rectify the problems created by Wall Street, which destroyed the stock market and nearly destroyed the global economy. Today, President Donald Trump and his administration are big supporters of deregulation. This translates into less demand from compliance professionals. It is very convenient for executives to downsize these expensive staff in order to save money without fear of reprisals from government regulators. In addition, the cynical side of myself believes that without the older people, the business side can push the envelope without these experienced people can stop them.
Another trend toward cost reduction is moving jobs from expensive places like New York City to cheaper places in the United States and abroad. The compensation of employees in these locations is only a tiny fraction of those paid in New York. Older people can be fired under the guise of a relocation and reorganization plan. Companies can say that it has nothing to do with age, just the movement of jobs elsewhere.
I've also noticed that it's harder and longer for people aged 40 and over to find a new job, especially if they have been reduced. If you analyze job offers on sites, such as Indeed.com, you will notice that the vast majority of calls for bids for applicants having between three and seven years of experience. The titles are often at the Associate level or Assistant Vice President. You will rarely find applications for job seekers with 20 to 30 years of experience. Business self-descriptions almost shout out, "We want our young, trendy kids to join us!" We live in a youth-obsessed culture in which older adults are seen as disconnected, technologically frightened, and out of date. Unfortunately, they are also perceived as unresponsive to change and stubborn in their ways.
This is alarming for a number of reasons, including the fact that many people do not have the money to hire. People who need to work until the end of their sixties and maybe even sixties are the same people who are punished. Although I am not a big litigation supporter, perhaps the recent IBM age discrimination trial will open the eyes of the public to see what is really happening in the job market.
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ProPublica recently released the results of a thorough investigation highlighting the alleged abuse of age discrimination in the technology sector. It was reported that IBM had laid off approximately 20,000 US employees over the age of 40, accounting for approximately 60% of all job losses in the United States during the period in question. The survey included sad stories collected from more than 1,100 former IBM employees. On Monday, Shannon Liss-Riordan filed a class action in federal court in Manhattan, on behalf of three former IBM employees, who said the technology company had discriminated against them because of their age.
Unfortunately, this phenomenon reflects the current climate of employment in all branches of industry.
As a recruiter, I am the canary in the coal mine. Talking with hiring managers, HR professionals and candidates every day provides insight into hiring trends before they reach the general public. One of the most disturbing recent trends I have seen is flagrant and flawless discrimination against older employees. These are business veterans in their forties or forties with relevant 20 to 30 year experience.
To quantify this belief, when looking for candidates on various job sites, there appears to be a statistically significant number of older people – compared to their younger counterparts – who have relatively recent end dates in their resumes. . Resumés of seasoned candidates stay on job boards longer than younger job seekers, reflecting companies' reluctance to hire them.
When we receive resumes for our job offers, there are a large number of experienced executives who have been fired or who are afraid of being fired. The end dates on the resume usually indicate that they were returned in the last six months to a year ago.
To be fair, I think compensation plays a big role in the equation. Let me offer you concrete examples. My area of recruitment expertise focuses primarily on compliance, law, risk, regulation and audit professionals on Wall Street. Those professionals with more than 20 years of experience could easily earn $ 200 to $ 500,000 a year.
After the financial crisis, there was an insatiable demand for compliance professionals to help rectify the problems created by Wall Street, which destroyed the stock market and nearly destroyed the global economy. Today, President Donald Trump and his administration are big supporters of deregulation. This translates into less demand from compliance professionals. It is very convenient for executives to downsize these expensive staff in order to save money without fear of reprisals from government regulators. In addition, the cynical side of myself believes that without the older people, the business side can push the envelope without these experienced people can stop them.
Another trend toward cost reduction is moving jobs from expensive places like New York City to cheaper places in the United States and abroad. The compensation of employees in these locations is only a tiny fraction of those paid in New York. Older people can be fired under the guise of a relocation and reorganization plan. Companies can say that it has nothing to do with age, just the movement of jobs elsewhere.
I've also noticed that it's harder and longer for people aged 40 and over to find a new job, especially if they have been reduced. If you analyze job offers on sites, such as Indeed.com, you will notice that the vast majority of calls for bids for applicants having between three and seven years of experience. The titles are often at the Associate level or Assistant Vice President. You will rarely find applications for job seekers with 20 to 30 years of experience. Business self-descriptions almost shout out, "We want our young, trendy kids to join us!" We live in a youth-obsessed culture in which older adults are seen as disconnected, technologically frightened, and out of date. Unfortunately, they are also perceived as unresponsive to change and stubborn in their ways.
This is alarming for a number of reasons, including the fact that many people do not have the money to hire. People who need to work until the end of their sixties and maybe even sixties are the same people who are punished. Although I am not a big litigation supporter, perhaps the recent IBM age discrimination trial will open the eyes of the public to see what is really happening in the job market.
