New York, NY (PRWEB) March 14, 2005
With the Baby Boom generation entering its 60s this year, the American workforce is aging. By the year 2010, over half the countryÂs workers will be over 40. For those workers at the top of the pay scale, age discrimination has become a large concern. According to a survey conducted by TheLadders.com, the worldÂs leading $100,000+ jobs Web site, 69% of executives said theyÂve been the victims of age discrimination when applying for a job.
When asked what they thought the biggest drivers of age discrimination were, 45% of survey respondents felt their companies were worried about customer perceptions of older workers. Only 28% blamed the higher salaries that often come along with more experienced employees. Twenty percent said that rising health costs were the culprit, and 7% pointed the finger at technology.
Fifty percent of the executives surveyed said that age discrimination has always been an issue, and an additional 39% said that it is becoming more prevalent. Eleven percent of respondents said age discrimination is a small issue.
As for what they plan to do once they officially retire Â voluntarily or involuntarily Â the majority of executives (51%) said they will continue to work on a part-time or consulting basis. A much slimmer minority will take-up the leisure time pursuits more commonly associated with the years following the gold watch: 17% said theyÂd travel and 16% said theyÂd focus on their hobbies. A group of 15% plans to do it all over again and start new businesses.
ÂThe real issue here for American businesses is the risk of losing enormously valuable insights by encouraging senior talent to take a bow before they are ready for the curtain call,Â explained TheLadders.com President and CEO, Marc Cenedella. ÂThough it is encouraging to see that so many executives plan to stay in the workforce even after they retire, we feel that a lot of companies would do well to reexamine their practices to ensure that they are fostering a true growth culture.Â
TheLadders.comÂs look at age discrimination and retirement is based on a series of independent surveys of registered $100k+ executives conducted on TheLadders.com Web site between November 8, 2004 and January 4, 2005. The sample size and margin of error for each survey is as follows:
Â Have you ever been a victim of age discrimination? 687 Responses; Margin of Error: Â±4.8%.
Â What are the biggest drivers of age discrimination? 582 Responses; Margin of Error: Â±4.1%
Â Is age discrimination more prevalent? 667 Responses; Margin of Error: Â±3.8%
Â What do you plan to do after retirement? 992 Responses; Margin of Error: Â±3.1%
Now reaching over 290,000 readers and featuring over 18,000 new $100k+ job listings each month, TheLadders.com is the largest online job search service catering exclusively to the $100k+ market. Marc Cenedella founded TheLadders.com in July 2003 after a tenure as Senior Vice President, Finance & Operations, at HotJobs.com, ultimately shepherding that companyÂs sale to Yahoo, Inc. (NASD: YHOO) in 2002. In May 2004 he was named Entrepreneur of the Year by award-winning marketing newsletter, MarketingSherpa, which cited TheLadders.comÂs unique business model as a key to its sustained growth.
About TheLadders.com, Inc.
Based in New York, TheLadders.com, Inc. is a privately held company offering online job search services to the $100k+ employment market. The company operates specialized job search Web sites for the sales (http://www.salesladder.com), marketing (http://www.mktgladder.com), finance (http://www.financeladder.com) and HR, legal and operations (http://www.upladder.com) industries, produces a series of industry-specific, weekly e-newsletters, and maintains the worldÂs first customer service blog (http://askmarc.salesladder.com/). The company also produces an electronic newsletter providing job market insights and data to executive recruiters (http://www.recruitladder.com). Backers of TheLadders.com include Matrix Partners and a group of private investors including the following individuals: Kevin Ryan, CEO, DoubleClick (NASD: DCLK) and former Board Director at HotJobs.com prior to its acquisition by Yahoo!; Tom Matlack, Megunticook Management; and Robert Chefitz, NJTC Venture Fund. More information on the company can be found online at http://www.theladders.com.
# # #
Visit TheLadders.com at http://www.theladders.com
For more information, please contact: