Last week, the TVNZ Breakfast team asked me to join them to discuss the article published by The NZ Herald “Losing a job at 60: The big cost of being made redundant and the financial regrets”. Its concern was that people impacted at this time of life had little time left to build up reserves to afford retirement. Granted, this is a serious impact and an inopportune time to lose a job, however, I had a few things to offer.

Jenny-May Clarkson interviewed me. Her concern was for our Kaumatua (Elders) and the lack of appreciation for their experience, and skills and the loss of this to any employer letting them go. Jenny May and I agreed that redundancy at 60 is a difficult, and like many, it’s disappointing and puzzling why this cohort (the older worker) feels targeted. However, the numbers show that it is still a small proportion of the actual numbers (2.8%) affected with the recent cuts. The problem is that it is harder for this cohort to find similar work, quickly.

Although the article focused on the loss of income, experience has taught me that as we age, it is important to move toward doing more meaningful work. Equally, it is beneficial for us to achieve a better work-life balance, allowing for the pursuit of alternative activities outside of work. This can help us expand our engagement and relationships in enjoyable activities.

When the job market is buoyant older applicants have better opportunities to find new work, however at the moment, the downsizing in the Government Sector has impacted all industries.
Jenny-May asked why is it difficult for people at 60 to find themselves in this situation. My answer is that it is a combination of things including the following:

1. Ageism does exist despite a lot of education and awareness-building initiatives 8 – 10 years ago about equal opportunities, ageism, and the gifts older workers bring to an organisation

2. It is often assumed that the older worker has assets, or little mortgage and no dependents, therefore the impact will be less.  We wonder if the decisions about ‘who’ is influenced by this assumption.

3. Older workers are likely to be earning at the top range for the role they are in, and the organisation only looks at the situation from an economic perspective.

The topic is quite complex. Everyone 60 and over is unique, and their situations vary widely. But wait! Mostly the situation is often a timely opportunity to reset career aspirations and get creative!

So here’s what you can do:

1. Revaluate your goals and aspirations honestly and realistically

2. Get career coaching support to help you think deeply about what you would enjoy doing and find creative ways to find work.

3. Network with people who may know others who might help you find work (never knock on doors)

4. Keep your skills going by finding work using the skills you enjoy using – even if it’s in a part-time, project, temp, or voluntary work.

5. Stay engaged– get involved in community activities.

6. Whatever you do, don’t despair – there is probably a silver lining you haven’t seen yet.