Wednesday, March 01, 2006

MetLife Survey Finds Employers and Employees Concerned About Aging Workforce, but Not Addressing It

According to the 2005/2006 MetLife Employee Benefits Trend Study, 34% of all employers (and 46% with 25,000 or more workers) agree that the aging workforce will have a significant impact on their company, yet 79% have not taken any steps to accommodate older workers. At the same time, 33% of Baby Boomers have not yet determined when they plan to retire from work, and 58% of young Boomers (age 41-50) are worried that they will have to work either full- or part-time to live comfortably during retirement and 61% say that "outliving retirement money" is their number one retirement-related fear.
"Employers that make a long-term commitment to accommodate their older workers – not just through the physical environment or flexible work schedules, but by providing access to critical employee benefits that can protect an individual throughout their lifetime – will reap the benefits. Many older workers feel a strong sense of loyalty to their companies and expect the same in return. At a time when Baby Boomers are nearing retirement – and increased longevity is enabling many of them to work productively well into their 70s and 80s – older workers may prove to be the solution to the impending talent shortage. It’s crucial for companies to identify a strategy for retaining trained, experienced workers and keeping them satisfied and engaged," notes [Maria R.] Morris [, executive vice president, Institutional Business].
Source: Press Release MetLife (February 28, 2006)

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