A 2021 Reality Check In for the 50+ Crowd with John Tarnoff [Podcast]

Podcast #208 – Marc and John Have a Frank Discussion on What the 50+ Audience is Facing in 2021

Description:

I consider John Tarnoff to be a peer, colleague, and friend. John specializes in helping those in the 2nd half of life reinvent themselves. In 2017, he published his book, Boomer Reinvention: How to Create Your Dream Career.

Let me read you a snippet from his website.

After my startup went bust, I decided to go back to school to earn a Master’s degree in Spiritual Psychology – a branch of behavioral psychology that focuses on self-responsibility and self-forgiveness as pathways to healing and change. I didn’t think that I wanted to become a psychologist but I hoped to learn more about myself, what my strengths and weaknesses were, and what lessons I needed to learn to move forward.

Now, fifteen years later, as a career coach, author, and speaker, my mission is to support professionals over fifty to redefine, build and sustain second-act careers beyond traditional retirement. I’ve created a more personal-growth approach to career development, vs the traditional HR skills-based paradigm – starting with the notion that your ideal second-act career is already inside you.

John and I had a frank discussion on what is going on in the job market for the older worker and what we need to do to get through this. We have done this before and we will yet do it again.

This episode is sponsored by Career Pivot. Check out the Career Pivot Community. Make sure and pick up my latest book,Repurpose Your Career: A Practical Guide for the 2nd Half of Life Third Edition.

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Now on to the podcast…

Things are not going well. Check out the study from The New SchoolSchwartz Center for Economic Policy Analysis which says that 50% of older workers have been pushed into early retirement which accounts for about 3 million people and they expect another 1.5 million to follow them in the coming months.

This study showed that there was very little bounce back in 2020 versus the bounce back in 2009. Therefore, if you lose your job in your 50s you are in a danger zone by small or big business.

John Discusses 3 Different Business Responses to the Pandemic

The first response was to keep your head down, do not make too many changes.

The second response was to batten down the hatches, reduce staff and expenses and get down to the core business.

The third response was to go big. Look for the opportunities, be daring, bold, and innovative.

The first two options are just not going to work. Things are irrevocably different in every industry.

The third option is the way to go. We have seen this in the restaurant industry. Those that have gotten innovative are staying in business.

Ageism in the Current Economy

Conventional thinking is to hide your age on your LinkedIn profile and resume. John says that you will be found out.

So you need to double down on the value you bring to the employer. This is a strategy we should be using in the current economy.

If you are in an industry that has been adversely affected by the pandemic, John asks what was the value you brought. Then can you find an adjacent industry where you can deliver the same value?

The mainstay of your job search and battling ageism will come from your network.

Now is the Time to Start Your Side Gig

Find support for your endeavor which could come from your local Small Business Development Center, SCORE, or specialty community like the Career Pivot Community.

This will happen again.

Recognizing that we don’t know what we don’t know.

Now is the time to recognize new opportunities. Be conscious about listening to everything we hear and not dismiss it out of hand just because we know better.

In the last 20 years, we have been through 3 horrible financial collapses, and hardly anyone predicted any of them. It is time to get nimble.

Most of us will be working into our 70s, some by choice and some out of necessity.

We need to promote our own resilience, persistence, and creativity.

Relationships

Relationships have never have been more important. Professional and personal relationships are both really important.

Being stuck at home we think we are the only person with these problems.

Thom Singer had his business collapse in March but he did not crawl up into a little ball. He made a plan to talk to one smart person every day. Out of the 100 plus people he has talked to he has gotten 5 solid ideas.

There is a discipline we have to adopt in the face of uncertainty. We need to shift from a results-oriented approach to a process-oriented approach. Having lived through these last 20+ years you have built up a sense of resilience and resourcefulness.

Pick up the phone and call people.