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During his 1984 re-election campaign, President Ronald Reagan, then 73 years old, was asked about the age issue. "I am not going to exploit for political purposes my opponent's youth and inexperience," he replied. In business today, as well as politics, we are witnessing what might be called the return of the gerontocracy. Many powerful politicians and business leaders are past middle age; the average United States senator is 59.8 years old, and the typical Fortune 500 chief executive is 56. But frequently the focus is on the drawbacks of aging. Do age or experience lead to better management or public policy?
Last year, the loudest voices for reform of the business world came from the ranks of older executives. Some claim that older people have less energy, both mentally and physically. However, research in psychology shows that any reduction in reaction time is more than compensated for by the advantages age brings: expertise, reliability, judgment and perspective. Yet most corporate boards have age limits that prevent valuable managers from remaining in their jobs. Yes, there is a danger that frail, backward-looking executives can block the careers of successors and overturn the progress of firms. But younger executives have also been known to block successors. Peer reviews, not age limits, make much more sense as performance measures. Baby boomers may now realize they still have a lot to learn from their elders.
A year and a half ago two computer technicians in their early thirties were earning $120,000 a year and living a wonderful life. Then, both were laid off. Now they get groceries from a food bank, are uninsured, and beg their parents for rent money for their 600-square-foot apartment. The wife has a low-paying job helping mentally retarded adults. The husband works part-time at a specialty retailer and as a substitute teacher. Together they make about $35,000 a year. Economists may say the 2002 recession is over, but it doesn't look that way to unemployed and underemployed people like them. With their futures seemingly secure, many young and mid-career workers took on big debts as they splurged on expensive houses, cars, and vacations. Now, many of them feel like a lost generation, worried that their peak earning years are history even as their expenses jump.

For the very young, the costs of raising families and paying mortgages lie ahead. For those closer to middle age, the burdens are heavier. Unlike the late 1990s, young workers are being thrown out as companies retain some qualified, older people, many previously thought of as corporate has-beens. As opportunities for younger workers become more scarce, their elders are staying on or returning to work, often desperate to rebuild reduced retirement savings. Young people who can't find jobs, and older people who can't afford to quit: All in all, it's not a pretty picture.

News releases don't capture the challenge for young and mid-career workers, retirees, and transitioning military who are flocking to national job fairs in search of work. They don't include people who have become discouraged and dropped out of the labor force. At the height of the boom in early 2000, 88% of all men in the U.S. from the ages of 20 to 44, excluding those in the military, jail, and other institutions, had jobs. By September, 2002, only 85% had jobs. For women 20 to 44, the employed share fell from a peak of 73.5% in early 2000 to 70.6% in September, 2002. Things will probably get worse in the months ahead as companies cut jobs to restore profitability. Sluggish economic growth is a major factor.

Job cuts at stock brokerages since the bear market began are even deeper than after the 1987 stock market crash. Approximately 15% of jobs that existed at the industry's 2001 peak were eliminated by the end of 2002. It will probably be years before many of those jobs return, leaving people who've been laid off with little prospect of working again in their field. Psychologist Alden Cass, who studies laid-off brokers, says "These guys are despondent.” Former Wall Street executives are tending bar, waiting tables, or working in retailing. However, Wall Street is not the only street in America filled with the unexpectedly, suddenly jobless. Many younger people flocked to technology and telecom companies that have been distressed by the capital-spending slump. The once-mushrooming information technology business will probably add virtually zero jobs this year.

Age-discrimination rules, by shielding older workers, could possibly disproportionately expose younger ones to layoffs. Young people have been shattered by layoffs in unionized businesses such as heavy manufacturing, airlines, and phone companies. Many laid-off workers, realizing that the jobs they lost may never return, are aiming in new directions. Most, though, are more pedestrian. A record 31,000 people took the Foreign Service exam last year, more than double the previous year's total. The number of those taking the law-school placement test was up 17% last year, and B-school applications for last fall's class were up 25% to 30%. Young people who can't find jobs and older people who can't afford to quit: All in all, it's not a pretty picture. But it is not hopeless!!!

Consider the field of education, for example. Many school districts across the country believe that people with work experience outside of education make some of the best teachers. Professionals bring unique knowledge and leadership from previous successes in life. Recent recruits at one of the nation's largest school districts include engineers, lawyers, nurses, social workers, the CEO of a popular fast-food chain, and a retired Navy captain.

An assistant professor in education at New York's Fordham University claims, "We're getting a lot of career changers from the corporate world and Wall Street who say they're disillusioned and want to get into a field where they can make a difference. One man in his 50s said recently: 'I'm sick of being downsized.'" In a sign of the growing interest, attendance was up 70% over the last year at a recent informational meeting for Fordham's Graduate School of Education, she added.

Job forecasts are good for teachers. The U.S. Education Dept. predicts that the country’s schools will need 2 million new teachers over the next decade. Starting salaries have been rising in many states. Entry-level teachers might expect to earn in the mid- to high-$30,000 range. But many professionals are earning over $100,000 a year. How do you break into the field? It will depend on how much time and money you have. It can take two years to complete all the required training programs, practice teaching, and tests you'll need. Some alternative, fast-track teacher training programs can cut the time to little more than a year. Specific requirements to become a teacher vary state by state but usually include a bachelor's degree, completion of a training program, practice teaching, and passing basic-skills tests as well as subject-matter proficiency tests. Certain states may want you to have a master's degree in education, too. Information on schools that offer accredited teacher-education programs can be obtained from the National Council for Accreditation of Teacher Education.

Whatever you decide to do, don’t stand in the middle of the road. “Standing in the middle of the road is very dangerous; you get knocked down by the traffic from both sides,” said Margaret Thatcher.

Doris Appelbaum is Founder and President of Appelbaum's Resume Professionals, Inc. She is an international career consultant, resume writer, speaker, and trainer. Fax or email resume for FREE critique. Doris can be reached at (414) 352-5994 - 1-800-619-9777 - dorisa@execpc.com - (414) 352-7495 (fax). Visit the company’s website http://www.appelbaumresumes.com. Listen to Career Quest every Sunday at noon on AM 540 in Wisconsin and Illinois.