A new study released by Bank of America Corp. has revealed employers are improving benefits for older workers in order to retain them. More flexible work schedules and improved retirement planning options are being introduced as a way to ensure more experienced employees have a reason to stay.
94 Percent of Employers Want to Keep Older Workers
As noted in the study that surveyed 650 company executives and benefit administrators from April 19 to April 23, about 94 percent of employers feel it is important to keep their older workers because the companies need their skills. Many have said that these workers are essential to their company’s success.
Despite the value older workers bring to the table, they tend to remain out of work for longer periods of time than younger employees after they’ve lost their jobs. This is because many employers feel that the workers may not want to or will not be able to stick around for the long-term.
However, those employers who already have long-time highly skilled older employees want to hold on to them for their expertise and are doing what they can to keep them.
Many Older Employees to Receive Better Benefits
In order to entice senior workers, employers are offering a number of better benefits, including:
- Customized schedules: About half of the employers surveyed said they are offering flexible or customized schedules to older employees.
- Remote working opportunities: Another 22 percent give them the opportunity to work remotely.
- Education on retirement and health care: About one-third of employers surveyed are providing education about retirement income and health-care issues.
The survey found the possibility of more unskilled workers making their way into the job pool along with more employees putting off retirement contribute to why companies are courting their older workers. By improving their benefits, they hope the employees will find a reason to stick around as long as possible.
