Buddy, Can You Spare a Job?MetLife Mature Market Institute Study Examines the Aging Boomer Workforce and Provides Steps for Older Job-Seekers

WESTPORT, Conn.--(Business Wire)--
A new study from the MetLife Mature Market Institute reports that many Americans
over the age of 55 plan to work at least until age 69, but that most who look
for a job face challenges in finding one. Yet, Department of Labor projections
indicate that the 55+ population will account for almost 93% of the net increase
in the U.S. Civilian Labor Force between 2006-2016.

The research found in Buddy, Can You Spare a Job? The New Realities of the Job
Market for Aging Baby Boomers paints a sobering picture, but also contains
essential insights and advice for older job-seekers. It combines a survey of
1,200+ individuals ages 55 to 70 with in-depth interviews of both job-seekers
and employment experts.

Conducted in collaboration with David DeLong & Associates, a research and
consulting firm with expertise in workforce issues, the data suggests that to be
successful older job-hunters must adapt to the changing workplace by adopting
new attitudes, specific skills and a fresh set of expectations.

"The fact that so many job-seekers over 55 have difficulty finding work means
such individuals need new solutions to compete," said Sandra Timmermann, Ed.D,
director of the MetLife Mature Market Institute. "Largely due to the economy,
many of those looking for work may not have the money to retire. For this group,
finding work is a necessity and they would benefit by making major changes in
what they present about themselves to potential employers."

The study lists "The Significant Seven"-the most common mistakes older Americans
make when they are looking for a job, as exemplified by the following common
faulty assumptions:

* "I`ll just do what I was doing before."
* "My experience speaks for itself."
* "I don`t have time for this touchy-feely stuff about what work means to me."
* "I know! I`ll become a consultant…!"
* "Of course I`m good with computers."
* "I`ll just use a recruiter for some career coaching."
* "I`ve always been successful, so why should things be different now?"

Instead, older job-seekers and mid-career employees will need to recognize five
critical success strategies, the report says:

1. Acknowledge the New Realities of the Job Market - Anger about perceived age
bias won`t get you a job. The fact is there are still opportunities for older
job-seekers; these will increase in many sectors as the recession recedes. In
the meantime, older job-seekers can do three things to better understand the
market. First, identify nearby industries and organizations in the region that
are stable or growing. Second, look for organizations with a workforce culture
that respects all workers. Finally, older job-seekers should look for
opportunities in small- to medium-sized companies, which create the majority of
new jobs. Self-employment is one other option.

2. Reframe Your Experience to Demonstrate Future Value - Boomers must identify
and articulate what specific value they can bring to an organization, while
simultaneously recognizing that their underlying skill set must constantly
evolve. For example, knowledge of Internet marketing was still new for most
marketing managers eight years ago. Today it is a prerequisite for working in
marketing. It`s not just about networking and brand building. It`s about
clarifying what you have to offer and developing the contacts you need to be
taken seriously to compete in this job market.

3. Nurture Your Network - Every job seeker needs to use their existing network,
but it`s especially critical for older job-seekers. It`s easiest to do so when
you`re clear about your passion and you can connect with people who have similar
interests. Discovering your zeal for an area lets you naturally develop and
demonstrate expertise, which connects you to people with related interests.
These connections are more likely to be a source of new job opportunities than a
network of individuals with unrelated interests. Not all networking is about
meeting people who might help you find work. It should also be about learning.
"Find a volunteer organization with younger people. It`s an advantage to be able
to say, `I`ve been working with 20-year-olds.`"

4. DOS Is Dead: Update Computer Technology Skills - The most consistent finding
from interviews was the need for older job-seekers to update their computer
skills. Older job-seekers who aren`t familiar with Facebook and LinkedIn need to
learn about them-fast. That doesn`t mean aging Boomers have to reorganize their
lives around the latest communication and networking technologies. But they
should try them and be able to talk about them, so they aren`t caught unprepared
the next time a 40-year-old hiring manager asks, "Are you on Twitter?" Older
job-seekers, in particular, must invest time to address this challenge directly,
if they hope to stay competitive.

5. Do the Math - Then Manage Your Ambivalence - It may be late for older Baby
Boomers to start planning their retirement finances, but they should recognize
the conflicting pressures they may have about work and retirement. Despite
financial need, a significant segment of those interviewed were ambivalent about
staying in the labor force. Job counselors shared stories of program
participants consistently sabotaging themselves in job interviews because they
were torn about success in their search. Older job-seekers should be clear about
their actual financial needs, especially for consistent and stable sources of
retirement income, as they struggle with making a decision about finding work.

"Older job-seekers who don`t recognize that they`re viewed differently in the
job market are in for a rude awakening," said Dr. David DeLong, author of the
study. "Lots of aging Boomers will need late-career employment in the years
ahead and this study shows what they have to do to make themselves relevant and
successful in the changing employment market."

Methodology

This study is based on research data from three sources. Twenty-four interviews
were conducted with leading executive coaches, job counselors and others who are
experts in working with older job-seekers from a broad range of socio-economic
categories. In-depth interviews with 21 people age 55+, who have gone through a
change in employment in the last two years, were also conducted. An equal number
of men and women with a broad range of experience levels were interviewed. The
quantitative information is from a survey of 1,242 U.S. residents, ages 55 to
70, who were working or seeking work, or who reported being retired because they
couldn`t find work. The survey was conducted online by Harris Interactive in May
2009. Data were weighted as needed for age, sex, race/ethnicity, education,
region and household income. Propensity score weighting was also used to adjust
for respondents` propensity to be online.

David DeLong & Associates

David DeLong & Associates is a research and consulting firm with expertise in
building future workforce capabilities, workforce planning, and knowledge
transfer and retention solutions. Dr. David DeLong is the author of Lost
Knowledge: Confronting the Threat of an Aging Workforce. He is a research fellow
at the MIT AgeLab. For more information contact David DeLong & Associates at
info@lostknowledge.com.Dr. Delong has collaborated with the Mature Market
Institute on other studies, including Searching for the Silver Bullet: Leading
Edge Solutions for Leveraging and Aging Workforce and Living Longer, Working
Longer: The Changing Landscape of the Aging Workforce. For more information,
visit www.lostknowledge.com.

The MetLife Mature Market Institute

Established in 1997, the Mature Market Institute (MMI) is MetLife`s research
organization and a recognized thought leader on the multi-dimensional and
multi-generational issues of aging and longevity. MMI`s groundbreaking research,
gerontology expertise, national partnerships, and educational materials work to
expand the knowledge and choices for those in, approaching, or caring for those
in the mature market.

MMI supports MetLife`s long-standing commitment to identifying emerging issues
and innovative solutions for the challenges of life. MetLife, a subsidiary of
MetLife, Inc. (NYSE: MET), a leading provider of insurance, employee benefits
and financial services with operations throughout the United States and the
Latin American, Europe and Asia Pacific regions.

For more information about the MetLife Mature Market Institute, please visit:
www.maturemarketinstitute.com.

Buddy, Can You Spare a Job? The New Realities of the Job Market for Aging Baby
Boomers can be downloaded from www.maturemarketinstitute.com under "What`s New."
It can also be ordered by e-mailing, maturemarketinstitute@metlife.com, or by
writing to: MetLife Mature Market Institute, 57 Greens Farms Road, Westport, CT
06880.

DJC Communications
Debra Caruso, 212-907-0051
debra@djccommunications.com
or
MetLife
Shalana Morris, 212-578-1115
snmorris@metlife.com
Joseph Madden, 212-578-3021
jmadden@metlife.com

Copyright Business Wire 2009