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Editor’s Note: It’s not good news, there is indeed a penalty for aging in the job market. The search is longer, offers are few, and pay is lower. The longer an older person is out of work, the less likely it is that they’ll even find a job. This study of U.S. government data analyzed by Georgia Institute of Technology’s School of Psychology and University of Minnesota’s Carlson School of Management and published by the American Psychological Association is not optimistic. The study found that the odds of being re-employed decrease by 2.6 percent for each one-year increase in age.
Other important factors the study found relevant to age and job search were social networks, marketplace needs, search strategies and what individuals wanted out of a job. As people age, their social networks tend to shrink. And their skills set that served them well when they were younger may not match today’s marketplace needs….
…For many older workers, the prolonged and potentially futile job search may prematurely drive them out of the workforce and even further decrease the chance for re-employment later in life, found the study.