Changing Careers
Older workers embrace career changeLess pay, fewer benefits, lower prestige -- and greater job satisfaction. THE ASSOCIATED PRESS |
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Older employees and retirees moving into different lines of work can take heart from a new study that finds they are likely to enjoy their new jobs more than their old ones.
In an era when pink slips are increasing and some career paths may be cut short because of the economy, all too many job switches may be forced rather than voluntary for the foreseeable future.
Despite the shortcomings, however, there's evidence which suggests that career changes work out well for the overwhelming majority of older workers because of reduced stress and flexible work schedules.
The study followed 1,705 workers over 50 years old for 14 years beginning in 1992 to find out how they fared with career changes. In all, 91% of the study group said they enjoyed their new jobs, a significant jump from a 79% thumbs-up for their old jobs.
"The study shows dramatically that workers are putting a premium on reduced stress as they downshift a bit," says Susan Reinhard, senior vice-president of the Public Policy Institute for AARP, an association representing people over 50.
"Many older workers are ready to give up the long-time grind, and look for stimulating jobs with flexible schedules as they begin the process toward retirement.
"The current downturn presents a real bump in the road," Reinhard says. "But for the future, the findings are a welcome signal that workers 50 and over can really enjoy themselves while remaining productive in a vibrant economy."
Already common, career change among older workers is likely to grow even more as the baby-boom generation nears traditional retirement age.
The study tracked full-time workers who were ages 51 to 55 in 1992 until 2006. Two-thirds of the workers who changed jobs during that time -- and 27% of all the workers -- switched occupations.
Their new careers, including part-time work, paid them significantly less per hour: a median hourly wage of $10.86 US in 2007 dollars, down from $16.86 in the old job. Nearly a quarter of the career-changers lost health insurance benefits and many gave up pensions. The jobs tended to have less social standing than the earlier work, with many former managers moving into sales.
But the findings pointed to two saving graces that offset all that and left job enjoyment higher overall:
Only 36% of those surveyed reported stressful work conditions in the new job, a sharp drop from 65% in the old job.
About 45% said they had a flexible work schedule in the new job, as opposed to 27% in the previous job.
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