Strategies
Age-Inclusive Recruitment and Retention
Age-friendly workplaces attract experienced employees who are more likely to fill new and vacated positions, and present a net benefit to the firm. Age-friendly companies also attract more customers over the age of 50.
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Ongoing Organizational Growth
Researchers have shown that organizations that advance strategic responses on behalf of experienced employees are more likely to be led by individuals who assign a value to an aging workforce and understand concepts associated with the longevity economy. These firms also have human resource professional who have completed training-in-aging and are familiar with the characteristics of age-friendly employers.
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Health Insurance and Retirement Savings
Starting the conversation about health insurance and retirement savings lets employees know they are valued and that employers recognize the challenges of balancing staying healthy and preparing for retirement. It is crucial for employers to stay informed about how health insurance and retirement benefit designs may be adjusted to meet the needs and preferences of experienced employees. Employers with age-tailored offerings have employees who experience fewer health related costs and who are better prepared financially for retirement.
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Health and Wellness Promotion
Offering options for employees to engage in healthy lifestyles improves their productivity and health, which translates into greater company revenue. Employers can positively impact the health and well-being of all employees, including experienced employees, by offering a variety of workplace wellness programs. Employees with healthy habits incur fewer health insurance costs.
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Disability and Injury Prevention
Safer workplace practices provide direct cost benefits for employers and decrease days lost on the job. Employees who perform repetitive tasks or stay in the same position are more likely to experience harms and injuries, which can result in more compensation claims and long-term disability payouts. It is important to recognize that physical workplace needs are not the same for all employees, and that experienced employees may need specific interventions.
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Caregiver Support
Experienced employees increasingly are being called upon as primary caregivers for an aging parent or loved one. The balancing act of continuing to work and providing care can be physically and emotionally tolling, and result in decreased productivity and undesired workplace exits. Employers that offer support for employee caregivers will retain a productive and loyal workforce, and also gain a competitive edge in retaining and recruiting experienced employees.
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Continuing Education and Training
Offering opportunities for continuing education and training helps experienced employees remain up to date in the workplace while increasing their motivation and commitment to your organization. Assisting your employees in developing their skills can help them to be more fulfilled and optimistic about their ability to perform as a team member and an employee. Training for experienced employees should take existing skills into consideration, allow for workers to incorporate their previous experiences into continuing education opportunities and provide for opportunities for professional advancement.
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Flexible Workplace Options
Flexible work arrangements can help employers retain talented employees while responding to the unique needs and preferences of experienced employees. Workplace flexibility can occur in a variety of ways and leads to increased productivity, improved job satisfaction and can help experienced employees extend their careers.
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Retirement Counseling
Labor costs increase with each financially stressed employee. Financial literacy concerning retirement savings can empower experienced employees to make informed decisions regarding their financial futures and pathways to retirement. Employers who take the steps to inform and educate employees through financial and non-financial retirement counseling programs are more likely to retain talent that is productive, engaged, and better suited to help the company achieve its overarching goals. Retirement planning also can identify potential labor needs and skill shortages and help your organization plan for succession.
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Retirement Pathways
Many experienced employees want to transition out of their full-time positions and control the process of retirement. Creating pathways to retirement, such as phased retirement, part-time, seasonal and bridge jobs, can help you keep skilled experienced employees from leaving your organization entirely. The employees can benefit through continued income, ability to continue saving for retirement, ongoing professional development, and arrangements that allow them to manage their work-life balance.
Actions your company can take
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