Today’s workforce is unlike any we’ve seen before. For the first time in history, we have six generations working side by side, each bringing to the table a unique set of experiences, expectations, and needs.
Johnny C. Taylor, Jr., SHRM-SCP
President & CEO, SHRM
Each generation approaches the workplace with its own perspective, especially when it comes to personal well-being. The problem, however, is many employers make the mistake of focusing their policies and benefits — employee well-being included — solely on the needs and wants of Gen Z and Millennials, assuming these generations comprise the bulk of the workforce.
However, contrary to popular belief, the data tells us Gen X, Baby Boomers, and Traditionalists combined make up more than half of the working population in the United States today. With older workers increasingly delaying retirement, they should not — and cannot — be excluded from consideration. In fact, the Bureau of Labor Statistics tells us Americans over the age of 55 will take roughly half of all new jobs created in the next decade, and the biggest jump in near-term labor force growth will come from those aged 75 and older, an age group where overall employment is projected to nearly double by 2030.
This raises a critical question: How do we engage and support older workers in a meaningful way? Notably, our older employees are more at risk of leaving as they are near, or past, traditional retirement age. With that in mind, there are several ways companies can leverage or augment their benefits to better appeal to this valuable demographic.
Strategies for engaging older workers
Employee wellness is central to this effort. However, wellness must be seen as holistic — spanning physical, mental, and even financial well-being. Older workers, in particular, tend to value traditional benefits, such as employer-sponsored health, dental, and vision insurance, as well as life and disability coverage. They also appreciate access to accident and critical illness plans, as well as company contributions to health savings accounts.
Flexibility is another important consideration. Many older workers are seeking ways to remain in the workforce while embracing a less demanding pace, whether through part-time opportunities, flexible hours, or remote work arrangements. Providing this flexibility can prove to be a game-changer for retention. With retirement on the horizon, financial wellness programs — such as 401(k) and Roth IRA matching — can provide additional peace of mind.
At the end of the day, older workers are an indispensable part of our workforce. They bring critical skills, experience, and wisdom, and it’s time we recognize their value by investing in their wellness and engagement. Keep in mind this means not only offering tailored benefits but also actively communicating the value of these offerings to ensure they’re understood and taken advantage of.
By prioritizing the inclusion and well-being of older employees, we can tap into an underleveraged pool of talent and strengthen our workforce for the future. Together, we can build workplaces where every generation thrives, contributing to better outcomes for employees and organizations alike.
