Using Employee Benefits Can Help Recruit, Attract, and Retain the Workforce of the Future: The Mature

Employee
by Bryan K. Brenner, REBC (Source Ebsco host)

Presented by: Akshit Mediratta Roll No. 68

Why do we need to care for the mature worker?

At a global level, in countries like USA, China and many European countries, lack of employees maybe the next big challenge. With the baby boomers reaching retirement age coupled with declining birth rates since the 1970s will create a workforce that is simultaneously both aging and shrinking

This is anticipated to lead to:

Shortage of high-level managers Loss of institutional knowledge Lower levels of expertise

Less experienced employee base

Leadership void

Retaining experienced workers will become a key factor in employee benefit strategy, especially for the knowledge-economy sector.

Layoffs, salary and bonus reductions, and ageism have driven many older workers out of the job market, never to return.

Mature workers will continue to leave the workforce unless companies institute policies that will attract and retain these valuable employees.

One way is through targeted employee benefit programs.

Keys to Developing Mature Worker Benefit Programs

Education
Individual consultation about Medicare and Social Security

Employers can make benefits more appealing to mature workers through specific health and life insurance options. Insurance Volkswagen try out retirement
New resources geared to older workers help increase productivity by reducing absenteeism and presenteeism (at work but unproductive) by assisting with eldercare issues Unique resources such as My Health Care Manager coordinate senior care solutions on an individualized basis. Can address specific needs including crisis management and navigating complex treatment plans. Stress reduction programs

Resources

Applicability for All Demographics

Employee benefits that appeal to mature workers are just as valued by all employees in todays multigenerational workforce. Flexible work arrangements, telecommuting, flexi time compressed work schedules

appeal to workers with young families as much as to mature workers easing into retirement

Providing grandparent leave along with maternity/paternity leave is one example of age-neutral benefits.

Ageism, as with racism and sexism, has a negative effect on productivity in the workplace Zero tolerance with regard to age discrimination, tailored recruiting efforts, and creative, flexible benefits all enhance a company's investment in its complete resource of human capital Tailoring benefits to the mature segment of a companys human capital makes sound financial sense for businesses in todays times

Employer of Choice
Employee benefit programs are an integral part of an investment in human capital. They should be tailored to the needs of the mature worker who is staying on the job longer and retiring later.

Businesses that provide benefits that align with the needs of this desirable, highly knowledgeable workforce segment position themselves to become "employer of choice" for the best employees.

Thank you!