Among those employees planning to work beyond the state retirement age, 72% cited financial reasons as a motivation, followed by people’s needs and aspirations to continue using their skills and experience (47%), benefit from social interaction in the workplace (41%), and for self-esteem (34%). In addition, the survey asked the respondents what should guide the extension of working life and 64% cited health, 62% personal performance, and 31% the availability of a suitable job; however, 13% of employees don't believe employers should be able to require people to retire on the basis of any of these criteria.
According to Dianah Worman, diversity adviser, CIPD:
The CIPD, however, warns that employers will need to make sure their people management policies and practices are in mint condition to manage an increasingly age diverse workforce. The prevailing demographic changes, due to people living longer and healthier lives, and an average birth rate that is below replacement level, demand action. Effective and fair performance management across the whole workforce will be critical, as will inclusive and creative approaches to flexible working, to support businesses in meeting their goals. If employers drag their heels in getting to grips with an ageing population and the associated 21st century people management challenges, they will fall behind more progressive competitors in sustaining business performance.Source: Chartered Institute of Personnel and Development Press Release (October 29, 2010)