Should job-hogging over-50s all resign?
- 27 April 2012
- From the section Magazine
Too few jobs. Rising unemployment, especially for young people. Here's a radical solution, says commentator on office and workplace life, Lucy Kellaway of the Financial Times (born 1959).
Wasting time on the internet recently I came upon a nasty statistic. In the next 10 years, there will be 1.2bn young people looking for work and only 300m jobs to go around.
Next to this stark stat was an invitation to write an essay on what you would do to solve the problem.
My essay is quite short and can be summarised in one word.
This inescapable, awkward truth has been rammed home to me in the past few months as I keep meeting bright people in their 20s and 30s desperate for a job in journalism - and for mine in particular.
I fob them off with platitudes but the real reason they can't do my job is that I'm doing it myself.
The same is true for almost all professions. The young can't advance because everywhere they find my complacent generation is in situ. Thus the only way of solving the problem is to make everyone of a certain age, say over 50, walk the plank.
Before I go any further, I ought to make one thing clear. This is not a resignation letter - I intend to hang on for dear life. It is just that I can't resist pointing out the obvious, even though it is not in my interests to do so.
The choice boils down to whether it's better for people to have a decade at the beginning or at the end of their careers where they are demoralised and underemployed. The answer is easy: surely it is better to be more active at the beginning.
To have people idle at a time when they are full of energy and their grey-cell count is at a maximum is a shocking waste.
And in any case, my generation has had it very good for much too long. We bought houses when they were still just about affordable. We had free education and pensions. It's all been jolly nice, and I've enjoyed it a lot. Now is the time to start to pay.
Shifting from old to young would bring down wages and would also solve the executive pay problem in one shot. Almost all the people earning grotesque amounts are over 50 - getting rid of them would mean CEO pay would come thumping down.
I have tried this idea out on various contemporaries and they all say it's rubbish. They mutter about the "lump of labour fallacy" with a panicky look in their eyes. Then they say think about the loss of experience.
I reply that experience can be overrated; in any case, I'm not advocating giving huge jobs to children, but to those in their 40s, who have 15 or 20 years' experience, which is surely just as good as 30 or even 40.
Then they protest that the people at the top are there because they are good, and getting rid of good people is stupid.
This is true up to a point, but there are surely younger people who are good too. Anyway, I might bend the rules to let some ageing superstars - of whom there are very, very few - stay on.
I'm not saying I like the idea. I'm just saying I believe it.
And I'm submitting this as my essay for the prize. I see that the winner gets $10,000. I hope I don't win. Although if I do, I'll need the money.