Baby Boomers Overqualified? Think Again!

The recruitment business has been an exciting part of my life for over twenty years. I have had the privilege of working with many candidates placing them in a variety of companies – from start-ups, to those who are listed on various stock exchanges and offices all over the world. 80% of our business is generated form contractors while the other 20% is generated from full time searches. Begs the question: why is the contract side of our business is so busy and successful?

Rewind your clocks 20 years back when Freedom 55 played a key part in the work force and less than one third of people were looking for work or employed altogether. Today, millions of baby boomers will retire by choice, a reality which employers are still struggling with especially when it comes to replacements.
I receive more resumes on a daily basis from candidates that have reached the 50+ years old mark applying to positions that are frequently way under qualified for their skill level, education and experience. I ask them this question over and over again. The ugly reality is - they would rather work for less and be busy then sit at home and watch television.

Here is an example: A candidate which holds an MBA degree earned at a reputable local university combined with a CPA designation, began his career in a junior position, worked himself up the ladder, settled down and was employed for the past many years with the same company. A few months back the company went through a major change, his job as the VP of Finance was terminated. After so many years of being employed is now back on the market and is actively job hunting. The resume and cover letter are very well written, a nice surprise as most candidates do not know how to do that, a very nice folder of recommendations from his ex- employer, ex- clients, and past business acquaintances. This candidate has been applying daily to various companies, to similar positions that he has held, was excited and hopeful when he was invited to several in person interviews for jobs that looked and felt like a perfect fit, yet, every time he thought he hit the jackpot, he got an e-mail letting him know how impressed they were with his qualifications and experience, thanked him for his time, and proceeded to say that they chose to go with another candidate as unfortunately he is “overqualified”, and wished him the best of luck in his job search.

Let us stop and think about this: According to the dictionary and to Wikipedia “Over qualification” is the state of being skilled or educated beyond what is necessary for a job.

So what? In case the position offered requires a worker to produce 10 mousetraps per day, they proceed and hire a worker for the same salary which produces 20 mousetraps per day, they have just doubled the production at the same cost. That is a good thing, is it not? So, what is the reason companies prefer to hire the “under qualified”? The only conclusio
I can come to is that companies prefer to hire the least qualified candidates keeping their overhead cost to a minimum. Question is - do they really?

What does overqualified actually mean when a candidate is considered for a full time position?
• Candidate brings 10+ years’ experience, and the company only needs someone with 5 years’ experience?
• Candidate is able to make 20 mousetraps an hour and that creates pressure on the other staff members that have been making 10 mousetraps an hour for the last 20 years? Will that make them all look bad and they may lose their job?
• Candidate will be bored at a job that is below his experience and may end up leaving?
• Candidate may stand in the way when there is an opportunity to move up the ladder?
• OR - could it simply be that the candidate is simply “too old”? Last I heard, it is illegal to say these words so as polite Canadians we simply exchange “too old” with “overqualified”?

Bottom Line: Regardless of what the job market considers “overqualified”, it seems that newly graduated candidate will probably get better job offers and get hired more quickly. This newly graduate will also exit very quickly as they are just embarking on their career journey and will keep on looking for better opportunities. As the door keeps on slamming on “overqualified” candidates, that are smart, bright, creative, reliable, experienced, flexible they choose the contract route where there is a start date and an end date, earn a higher salary and have fun in the process. Oddly enough, this is where the employer understands and values “overqualified” and is prepared to pay a premium, because they know that this candidate is able to roll up his or her sleeves, no training or supervision is required, and with the ability to wear many hats the job will get done.

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