Many labor studies and workforce statistics indicate that the American workforce is ageing. Data from the U.S. Census Bureau shows that 4.6 adults will turn 65 each minute during 2012, and by 2025 that figure will increase to eight adults each minute. Knowing that America is graying rapidly, it is surprising that many employers have not prepared for this demographic change when planning for their future business ventures.
Ignoring reports revealing that baby boomers are interested in working past their retirement age and will stay at companies that offer flexibility will leave your company vulnerable to disorganization and revenue loss. Older workers offer a number of benefits to their employers. They are hardworking, loyal and professional. Older employees also boast vast networks of business contacts and extensive experience in their line of work.
Research shows that many baby boomers have no plans to fully retire and are interested in staying plugged into their career fields. If you’re interested in retaining the company knowledge that your older workers have acquired and the strong work ethics they incorporate into each of their projects, make sure you are keeping their needs in mind when you’re planning for company succession and total rewards packages. Listed below are a few items that older workers would like to see from their employers:
Employees approaching retirement age are not interested in working the typical 40-hour week. An increasing number of companies are receiving requests from their older workers to have more flexible work schedules. Many workers at this age desire a high-quality of life and would prefer to work part time. To accommodate requests, organizations are implementing a number of measures to achieve productive, part-time schedules. Accommodations include reduced hours, telecommuting and job sharing.
Data shows that the US is experiencing a skills gap between available positions and available talent. When older workers retire, they take with them company experience and expertise, which is impossible to replace. For your employees who are contemplating retirement, ask them if they’d be interested in working for the company as a part-time consultant. In this setup, they will be able to reduce their hours and continue to apply their knowledge while your organization still has a valuable and reliable company resource on staff.
A company’s health care plan can be a determining factor on whether an employee decides to retire or stay with his organization. Many older workers may remain in their position longer than they’d like for fear that they’ll lose their health benefits. Feeling trapped in their jobs could result in their disengagement and reduced productivity. Meet with your benefits provider and work to offer a wellness and benefits program that will suit all of your employees, including your older workers.
Don’t lose your high-value talent and the company knowledge they carry with them because of poor workforce planning. If you would like additional information on succession planning or managing an aging workforce, please call a member of CAI’s Advice and Counsel Team at 919-878-9222 or 336-668-7746.
Photo Source: skilledwork_org