How do you retain top talent as your workforce gets older?
What’s the secret to keeping your best employees as your workforce matures?
It’s a question on every business leader’s mind: how do you retain top talent while adapting to the changing needs of an ageing workforce?
The dynamics of the workplace are shifting, with a significant rise in the average age of employees. By 2030, workers aged 55+ are projected to make up over 30% of the workforce.
These trends have sparked new challenges in how to improve staff retention while ensuring your seasoned team members remain engaged, productive, and happy.
Let’s dive into the key trends, their impact, and practical solutions you can implement to retain your top talent for the long haul.
Trends in an Ageing Workforce
Older workers bring unparalleled experience and expertise to your team, but they also face unique challenges that can impact your business.
Growing Number of Older Workers
The number of employees aged 65 and over has doubled in the past 20 years, and many older professionals plan to work beyond traditional retirement ages. This reflects longer working lives driven by financial necessities and increased life expectancy.
Health Concerns
Older employees may face more frequent health-related challenges, impacting their attendance, productivity, and engagement.
Shifting Priorities
Mature workers often seek greater flexibility as their personal responsibilities and priorities evolve. They are sometimes dubbed the “Sandwich Generation”, finding themselves squeezed on all sides by extensive caring responsibilities. They feel the need to provide childcare for grandchildren, but face the demand of caring for their own ageing parents too.
Failing to meet the needs of older employees can disrupt productivity and morale. If employees feel unsupported, they’re more likely to leave.
At Bravo Benefits, we have weighed up the pros and cons of retaining employees before and believe that retaining is better than high employee turnover in most cases. Not only does it save on recruitment and training costs, but it also boosts morale and maintains productivity.
So, how do you retain top talent in this evolving landscape?
We believe that the key is to offer benefits that address their unique needs.
Talk to us
If you would like to find out more about our solutions, get in touch.
Solutions: Tailored Benefits for an Ageing Workforce
Tailored solutions are critical to unlocking the full potential of an ageing workforce. Here are strategies businesses can implement to address the needs of older employees while driving retention.
1. Flexible Benefits Packages
Offering benefits that align with the life stages of older employees can significantly improve satisfaction and engagement. We recommend:
- Pension Support: Regular pension reviews and enhanced pension offerings to help employees secure their financial future.
- Income Protection Plans: Financial safety nets for illness or injury, reducing stress and providing peace of mind.
- Private Medical Insurance: Expedited access to healthcare services, is critical as healthcare needs increase with age.
- Health and Wellness Initiatives: Programmes such as gym memberships, and wellbeing coaching to keep employees physically and mentally fit.
These benefits allow employees to feel valued and cared for, enhancing loyalty and overall morale.
2. Preventative Health Measures
Proactive health initiatives can reduce the impact of age-related health concerns on productivity.
- Health Screenings: Regular check-ups to identify and manage health issues early.
- Mental Health Support: Access to Employee Assistance Programmes (EAPs) and counselling services to address personal and professional challenges.
3. Workplace Flexibility
Adopting flexible work policies, such as part-time roles, phased retirement options, or remote work, helps older employees balance work and personal responsibilities. These options empower employees to stay in the workforce longer while remaining productive.
Retaining Top Talent Is About More Than Perks
When considering ways to retain talent, remember that employees stay where they feel supported and understood.
Offering benefits which resonate with your employees demonstrates a genuine commitment to your workforce’s wellbeing.
With thoughtful strategies tailored to an ageing workforce, you can improve staff retention while keeping your business thriving. After all, experience is irreplaceable - and so are your employees.
Ready to future-proof your team? Let us help! Reach out today to explore a benefits package that works for you and your workforce.
