Blog Post: What Older Workers Want

In two recent national surveys, AARP asked workers aged 45-70 what they wanted from work. Some of the people surveyed were “pre-retirees” and others were “working retirees.” More than half of pre- and working re­tirees say it is extremely important to work where:

·         They can set their own hours

·         They can remain employed as long as they want to

·         They can take time off to care for relatives

·         Employee opinions are valued

·         The company offers good health benefits, also available to retirees

·         Respondents also indicated what qualities are most important in an ideal post-retirement   career.

·         90 percent want a worker-friendly environment

·         80 percent want the opportu­nity to learn something new

·         75 percent want to pursue something they have always wanted to do

·         16 percent plan to work for themselves or start a new business

Flexible schedules are the easi­est way for employers to meet the lifestyle demands of an older workforce—including taking care of sick spouses, going back to school, traveling, or simply the need to slow down. Job-shar­ing arrangements, telecommut­ing, part-time positions that offer some form of benefits, seasonal schedules that allow for month-long sabbaticals when needed, are all effective forms of flexible schedules that would attract and retain older workers.

As 80 percent of AARP sur­vey respondents indicated that they wanted to learn something new in their post-retirement age careers, employers should take advantage of the opportunity to teach and train them. According to the Society for Training and Development, current training statistics are as follows: workers aged 35 to 44 receive 31 per­cent of the resources allocated by companies to training; workers aged 45 to 54 receive 19 percent; and workers 55 and older only re­ceive 11 percent. It is a pervasive prejudice that older people are scared of technology and resistant to new ideas. Instead, they are eager to learn the latest technol­ogy, newest industry trends, and the corporations would be better off to provide older workers to opportunity to learn rather than dismiss them.

In addition to job flexibility and training, employers can offer new and improved specialty ben­efits that speak to an older gen­eration of workers. The boomer generation is one of the first to be “sandwiched” between tak­ing care of elder parents and si­multaneously providing for older children. Boomer parents are also seeing more of their children moving back home post-college because they were unable to meet the extensive financial demands of an independent life. These chang­ing social norms lead to emotional and financial stress in older em­ployers that can impact their pro­ductivity levels. Employers who offer comprehensive employee assistance programs that address these newfound challenges—in­cluding elder-care resource and referral, career and life counsel­ing, financial planning and man­agement services, and other simi­lar programs—will see the return of investment.

Wellness is gaining popularity in the benefits world, as its success is two-fold: employees are expe­riencing a healthier quality of life, while corporations are experienc­ing direct savings in utilization. Comprehensive corporate well­ness programs educate employ­ees on disease management and prevention, while offering prac­tical tools to maintain a healthy lifestyle with diet, exercise, and routine check-ups. Studies have repeatedly demonstrated that these programs can lower health care and insurance costs, decrease absenteeism, and improve per­formance and productivity.

In addition the aforementioned tangible benefits, older employees are looking for intangible ben­efits such as a measure of auton­omy, respect for their opinions, a sense of meaning in what they do, and to be challenged. These intangibles pertaining to work­place interaction and environ­ment must be enacted from the top-down. Business owners need to understand how a workplace full of four or more generations is wrought with opposing values, ethics and expectations that can undermine the success of a cor­poration. By making appropriate changes to address their different motivational needs; developing effective communication tools to minimize conflict; and promoting generational tolerance, employers will see a positive change in the overall working environment.

ACI Specialty Benefits Corporation is a global provider of EAP, Wellness, Work/Life, Concierge, and Management Consulting Services.  Ranked #8 in the country by Business Insurance, ACI's stability and reliability are widely recognized.  For more information visit www.acispecialtybenefits.com.