Economy Takes Toll on Working Boomers
A new study finds that despite an uptick in the economic outlook, middle-aged Americans continue to sense a growing threat to their job security. Raleigh, N.C.-based Workplace Options says that more than one third of adults over the age of 46 do not feel secure in their jobs, as opposed to a staggering 80% of Millennials who do. While more than half of boomers to the economy as causing stress, only one in three younger workers attribute stress to economic woes.
Despite an upturn in the economic outlook, middle-aged Americans continue to sense a growing threat to their job security. According to a recent survey from Raleigh-based Workplace Options, more than one third of adults over the age of 46 do not feel secure in their jobs, as opposed to a staggering 80 percent of Millennials who do.
The U.S. Bureau of Labor and Statistics reports that the number of workers under the age of 24 has fallen, while the number of older American workers continues to increase. With 15.4 million people currently unemployed, employees and job seekers alike are faced with considerable pressure to outperform the competition.
Older workers once revered for their experience and knowledge, may now feel insufficient in terms of new technology and job flexibility compared to their younger counterparts. Also, younger, less experienced employees competing for the same jobs may be willing to work for less compensation than veteran Boomers. Survey results indicate that while more than half of Americans (52 percent) over age 46 point to the economy as having the biggest impact on stress levels, only one in three younger workers attribute their stress to our country’s economic woes.
“Baby Boomers are experiencing a challenging time in this economy,” said Dean Debnam, CEO of Workplace Options. “They have spent their entire lives working toward a goal of retirement, and some are now faced with the possibility of being sandwiched between that desire to retire and the need to make up for lost income, investments and savings over the past year. Delays in retirement compounded by fierce competition in the workforce can lead to immense stress on workers.”
Debnam suggests that workers should seek out tools, such as work-skills training and financial support services, to ease the stress caused by financial worry and anxiety over job security. “Enhancing one’s skill set combined with workforce reentry training can ease fears of inadequacy in an older worker,” adds Debnam.
Workplace Options, the nation’s leading provider of work-life benefits, offers financial consulting resources that provide comprehensive telephonic support and education to help employees avoid financial trouble and attain goals. Additional financial services include help with debt management, bankruptcy prevention, credit report review and access to Certified Financial Planners.
Employee training programs offered by Workplace Options include tools that can help employees address ever-changing workplace challenges and promote productive, positive and resilient work environments. Workplace Options’ training modules cover more than 135 topics and can be customized to suit each work environment. Seminars include sessions on child care, lifestyles and parenting, as well as management sessions concentrating on healthy work environments, team building, leadership, multi-generational workforces, work-life trends and working abroad. Qualified trainers are available for seminars during or after work hours and can even facilitate sessions through online Webinars for convenience and ease of use.
To learn more about these services or trends in work-life issues, visit www.workplaceoptions.com.
The national survey on employee satisfaction, conducted by the North Carolina firm of Public Policy Polling, November 13-15, 2009, polled 644 working Americans. The survey has a margin of error of +/- 3.9 percent. Full survey results can be viewed at www.workplaceoptions.com/polls.asp.
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