Tuesday, August 11, 2015

Study Finds Most Employers Making Changes To Retain Older Workers

A study from LIMRA Secure Retirement Institute has found that 92% of employers are taking specific action to help older workers stay on the job, with two-thirds offering flexible hours, and 42% offering flexibility on where employees work such as, working from home or other locations. Other adjustments include job training/re-skilling and job sharing.

According to LIMRA, a more mature workforce is good for business. Eight in 10 employers said their organizations lose experience, institutional knowledge and leadership when an older worker leaves. In addition, LIMRA reports that anticipated shifts in the labor force affect a company’s benefit plan design. Among the challenges cited by employers were increased healthcare benefits costs, with half saying they plan to absorb the costs into the business, while 40% will pass on cost increases to employees.

Source: LIMRA Secure Retirement Institute "Nine in 10 employers taking steps to keep older workers on the job" (August 11, 2015)

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