Especially since the recovery from the Great Recession, one frequently hears—from company executives, business news shows, and local Chamber of Commerce meetings--some version of the following: “Companies have many open positions they need to fill to grow their business, but just can't find the qualified talent."
At the same time, millions of frustrated and discouraged job seekers have simply given up looking for work and left the workforce.
In a market economy with an efficient labor market, it shouldn't be all that difficult to connect a vast pool of available, experienced, capable talent to the significant unmet talent needs of American business. Yet, it isn't happening.
At lunch in a cafe last week, I overheard a group of 30-something professional-appearing people who worked at the same company, exclaim "How amazingly easy it is to get a great job in this economy." For me, this triggered a host of thoughts, some of them uncomfortable.
First, a confession: During much of my corporate career, I had little enthusiasm for considering highly qualified but "well-seasoned" individuals for positions I needed filled. Like many executives, I generally preferred to roll the dice on hiring younger, less experienced folks. My thought was that it would bring in potential future leaders of the company whom I would mentor. I justified dismissing older candidates as being "Over-Qualified", likely to leave "when something better came along." Or else I tended to think: "There must be something wrong with them if they don't have a job at this stage in their career".
My age bias was common then, but I doubt many headhunters or recruiting firms would argue (off the record, of course) that it is any less pervasive today.
Once, to accommodate an important client and friend who asked for a favor, I put my pre-conceptions aside and hired a former colleague of his into an important role in a division I managed for ITT. "Dick" had lost his senior level job in an unanticipated corporate restructuring a year earlier in my client's company. Unemployed, 55 and despite a solid background, no employer in the area had any interest in him. His COBRA insurance coverage was running out and he was depleting his assets to maintain the modest lifestyle he and his wife had counted on until retirement in 10 years. He was both shocked and humbled by how his career had ended, and had difficulty accepting that everything he did to get back to work came to nothing.
I didn't think Dick would work out. He was clearly overqualified and would probably leave as soon as something more commensurate with his skills, qualifications and experience became available. But, based on assurances from the client I went ahead, reluctantly, with the hire.
As you've likely surmised, Dick quickly became one of the most valuable contributors in the business. His appreciation for the opportunity to get back to work was limitless. His dedication and commitment to his job and the company exceeded even mine. I left the company 3 years later for a better opportunity, while Dick stayed on until he was able to retire on this own schedule, 10 years later.
Subsequently, I had several more opportunities to bring on seasoned, mature executives and staff. Their success rate was significantly higher than the rest of the employee population, in terms of both retention and productivity. So I realized that I had believed in some Myths that had just been mugged by Reality:
Myth: "She's overqualified and won't be happy in a lesser role than her last job"
Reality: She's submitted hundreds of resumes for positions she could excel at. She has had a couple of interviews, no offers. Would she be happy with a lesser role than in her last job? She'd be ecstatic to be working again! If she had felt entitled to get as good a job as her last one, it’s been crushed by recent experience.
Myth: "He'll bolt as soon as a better opportunity comes along"
Reality: A better opportunity won't be coming along. Ever. He's TOO OLD. And he surely knows it. Prepare to be sincerely and frequently thanked for the lifeline you've thrown him.
Your 30-something employees are experiencing what they might call an “AWESOME” job market. They are in demand and find it easy to move on to other opportunities. But—they will be hard to keep. You'll find yourself constantly scrambling to hold on to that talent, and run the risk of spending more and more to keep them in a hyper-competitive supply/demand environment. That's what the CEO's you hear being interviewed on TV are complaining about. But it’s a problem of their own creation via their ineffective hiring practices.
Myth: "There must be something wrong with her, to be out of work."
Reality: There is truth to this... there IS something wrong with her. She's in the wrong age group to get hired! NOBODY is hiring these folks.
The fact that the law prohibits it hasn’t eliminated age discrimination. There is a real dysfunction in the corporate labor market. There are legions of capable, mature, energetic and productive people out there right now for employers to find and hire. Just Do It! Stop using these inaccurate justifications for disregarding every resume you receive from an older applicant. By charting your own unconventional path to talent acquisition and tapping into this vast pool of high potential workers, you will help your bottom line while doing the right thing.
About the Author
Keith is a Newport partner in New England who has been president of operating divisions in four different Fortune 500 companies, in sales/marketing roles as well as other strategic leadership responsibilities.
Click here to learn more about Keith Boudreau or contact him.
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