This article is Part 4 of a four-part series.
The value of including workers 50 and above in a company are clear: More than 25% of workers will be over 55 by 2031, Bain & Co. reports, while about half of Baby Boomers and 40% of Gen-Xers intend to wait until age 70 or later to retire — if they even retire completely at all, according to the Transamerica Center for Retirement Studies. Employers are well-positioned right now to capture this older-worker magic by understanding the needs of workers 50-plus.
A large part of that is retaining those workers instead of encouraging them to leave early so you can replace them with younger employees. “It costs a lot more to hire a new person, onboard them and train them than it does to keep an existing worker and retrain them,” says Heather Tinsley-Fix, a senior adviser of employer engagement at AARP. “And that’s on top of the value in retaining them for the experience and the knowledge they have.”
Paige Wilson, founder of caregiver and companionship company Naborforce, explains how that experience pays off at her company: “Older workers are the heart of Naborforce. [They] are a vibrant mix of empty nesters and retirees who bring compassion and a lifetime of experience to the seniors we support. [They] are seeking purpose and connection in their own lives and understand that by enriching the lives of our older adult clients, they are enriching their own lives in return. They are steadfastly committed to our mission of bringing joy to the aging process.”
Features to keep employees 50-plus on board
Employers who ensure they don’t take for granted the more experienced workers in their multigenerational workplace are building two-way loyalty and stronger, more productive companies. So what, other than the sense of purpose seen at Naborforce, do more experienced workers want? What all employees do: A selection of meaningful benefits is important. (Employers can learn more via AARP’s Understanding a Changing Older Workforce publication.)
A company that signs the AARP Employee Pledge is letting workers know it’s dedicated to providing a multigenerational workplace environment that doesn’t put older workers in a corner. These organizations and companies offer an array of features that help retain these more experienced workers.
Upgraded training
Workers of different ages, backgrounds and experience levels learn differently, so more workers are providing a variety of learning formats instead of one-size-fits-all. Naborforce has created Golden Interns, a paid program for active retirees, as well as a “returnship” program for people who are returning to work after a break.
Flexibility
Younger employees want flexibility for parenting and volunteering obligations. Older workers are often in the sandwich generation and need to help teens or adult children and aging parents too. Caregiving needs are growing as baby boomers continue to age, meaning employees 50-plus and above need both time to manage those duties and jobs to help pay for them. Companies that focus on work accomplished rather than hours clocked and allow remote work and time off as needed are creating easier working conditions and more loyal workers.
Mentoring, reverse mentioning
In reverse mentoring, two people from different generations typically work together for ongoing knowledge exchange.
Employee resource groups
Many companies encourage or arrange “community” groups of individuals to discuss issues of importance to them. Typically these are for women, people of color, LGBTQ people or mothers of small children, etc. Some organizations are finding multigenerational resource groups to be a beneficial way to bring different generations together.
“It’s so great when you get a younger worker and an older worker, and they form a friendship, and they mutually teach each other things. It’s nothing but positive,” Tinsley-Fix says.
Informal social activities
Try to ensure that every person or group of people has the opportunity to be included in after-work activities.
Continuing education/professional development
Newer skills no longer require newer workers in AARP Employee Pledge companies. More companies are reskilling, upskilling and offering internal/external continuing education for everything from managerial skills to the latest IT training to interacting well in a multigenerational workplace. If it’s not available through the company, financial assistance often is available for employees to pursue additional credentials on their own, with schedules sometimes adjusted to allow for that.
Caregiving information
So much juggling is involved in eldercare or care for a disabled child or partner. Having information and resources available at work means less time off to navigate the ins and outs of this life change. Companies that offer child-care financial assistance can also offer a similar stipend for caregiving assistance. Find out what your employees need and what your company might be able to do to ease the burden and the employee’s stress. Mental health assistance also can be beneficial.
Career/retirement guidance
Retirement is no longer an ending for mature workers. It could mean the start of a new career (even at the same company), switching to part-time hours, becoming a consultant or stopping paid work to focus on leisure pursuits. Disability or illness also may require cutting back. Providing educational workshops and presentations for all ages allows for reflection on career paths, dreams and obligations. Those experiencing midlife burnout and those closer to retirement may struggle with related emotional repercussions, making career/retirement planning and counseling all the more important. Financial wellness programs can be a welcome benefit too.
Physical accommodations
Ergonomic or adaptive furniture, equipment accommodations for those with visual or hearing impairments, arrangements for those with neurodiversities and other such assistance can help employees be their most productive for a company.
Wellness/mental wellness/menopause
In addition to benefits and encouragement related to physical fitness and healthy eating, many employees appreciate mental health assistance and benefits surrounding everything from breastfeeding to diabetes to cancer to menopause, all of which can have a dramatic impact on an employee’s life.
Lifelong learning
In addition to professional development, encouraging employees to find enrichment outside of work can make them more well-rounded, happier and healthier. Partnerships with external institutions can make this easier and more affordable. The Supporting Strategies company created Supporting Strategies University, an age-inclusive e-learning and platform.
Be a part of the journey
Most employees — regardless of age — want employers to treat them with respect and dignity, celebrate their value, help them find meaning in their work and allow for work-life balance. Companies that are part of AARP’s Employer Pledge program are committed to such multigenerational goals.
“Having a multigenerational workforce adds significant value to what we do and can give us an edge over competitors. Different work and life experiences from employees help make us a better, stronger organization,” Robin Moore, the chief human resources officer for Concord Hospital in New Hampshire, told a local news outlet.
Tinsley-Fix notes: “Everybody eventually ages. We’re all on this aging journey together, and it’s time to celebrate and value [what] age diversity brings to the table.”
Learn more about AARP’s Employer Pledge program for valuing experienced workers and creating age-inclusive workplaces.
Read more of this four-part series about age-inclusive workplaces:
- Part 1: Why a partner like AARP helps create an age-inclusive workplace
- Part 2: Age-inclusive actions at each stage of employee relationship
- Part 3: The benefits of joining the Employer Pledge program
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Opinions expressed by SmartBrief contributors are their own.