The workforce is constantly evolving and there is now an increased number of older workers. With increased life expectancy, people are working longer.
Businesses may struggle to support their ageing workforces and their social wellbeing. It is therefore worth considering the following factors when thinking about social wellbeing with an ageing workforce:
Pensions & Retirement
With an ageing workforce, many of your employees will be getting closer to their retirement date. If retirement is not discussed, your employees are likely to feel stressed or worried about their future within the business.
Many individuals are auto-enrolled into a workplace pension scheme, but the latest mandatory contribution levels mean that employees may question if they are putting enough money away for their future. Today, employees do have a pension plan in place, but there appears to be less people who understand or engage with the scheme they are in.
It is therefore beneficial that your retirement strategy involves ongoing communication with your employees. This can be achieved through talking to new employees about your procedures and continuing to engage with them throughout their career. This can be done through staff meetings, noticeboards and online portals like our Smart Hive platform. Online platforms allow employees access to a portal in which information regarding pensions and other employee benefits are always available and easy to find.
Often, employers will hold stereotypical views of the older generations. These stereotypes combined with less development or training activities often means that older generations are treated with less respect than their younger counterparts.
Under the Equality Act of 2010, age is protected. This means that you can not discriminate against any employees because of age, but this law does not eradicate all bias.
To support your employee’s social wellbeing, it’s vital that your employees feel included. This can be done by supporting your business and eradicating as much ageism in the workplace as possible, which can be achieved by providing employees with opportunities to train, learn and develop.
Unfortunately, with age comes an increased chance of illness. This is because older generations become more susceptible to disease and disability.
Your company should provide early intervention services to support your employee’s social wellbeing. This can be done through the provision of employee benefits such as private medical insurance, employee assistance programmes and health screenings. These benefits support your employees with their social wellbeing.