More than a third (37%) of respondents plan to review their benefits package to meet the needs of an older workforce, according to research by MetLife Employee Benefits.
Its research, which surveyed 214 HR directors, found that 17% of respondents have already done so.
More than half (54%) of respondents are anticipating a rise in older staff as a proportion of their workforce.
Tom Gaynor (pictured), employee benefits director at MetLife UK, said: “Traditional retirement ages have become increasingly meaningless. We see three major factors at play.
“First, the increase in the number of older workers comprising the workforce; second, longer life expectancies and better healthcare; and third, continued downward pressure on interest rates meaning lower returns on investments and relatively smaller retirement funds.
“Even without the demographic and financial challenges, our recent research undertaken indicates that many people want to work in later life.
“The social benefits and the sense of purpose work brings are significant factors and employers need to step up and respond.
“The changes in pension rules being introduced are significant and finally recognise that the old days of a ten-year retirement are no longer the norm.
“It is encouraging that a good proportion of employers are planning to review their employee benefits offerings to ensure they are suitable for older workers, but the majority of employers still need to create a plan of action.
“Providers also need to innovate to ensure that products are suitable for the changes and the challenges ahead.”
An increasing workforce age does not necessarily mean that companies need to re-think all their employee benefits. But each age group has their own specific needs. Such as staff in their twenties are interested in net pay, child care vouchers etc. and health becomes more important the older you become. However, one of the health benefits that can help staff of all ages are those of early detection of cancer. The earlier cancer is detected the better the survival chances.
“Even without the demographic and financial challenges, our recent research undertaken indicates that many people want to work in later life”.
If it was not so unbelievably, naively, belatedly sad……………
“It is encouraging that a good proportion of employers are planning to review their employee benefits offerings to ensure they are suitable for older workers, but the majority of employers still need to create a plan of action.”
This is the message we are receiving from our discussions with large organisations – plus, progressive employers are recognising that the impact of our ageing society on their business is not only about older workers, but also supporting the large and growing number of working carers and sandwich generation employees who are dealing with ageing family members.
By using new sorts of benefits to support employees with personal and family ageing issues – businesses can not only engage with many of their employees on a very deep level – but also help reduce the absenteeism, presenteeism and stress that dealing with family ageing issues can bring.
This is currently a Sleeping Tiger for many organisations – and based on our discussions and calculations – in many cases a very expensive one!
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