Each generation of the workforce is looking for slightly different things. It is well reported that Gen Z prioritise flexibility and a good work/life balance. But what about your older workforce – how can businesses make sure they retain this talent and support older employees? Graham James, Director at Pluxee UK, offers his advice.
Currently, one-third of England’s workforce, representing more than nine million people, is aged 50 and above. As the UK undergoes a massive shift towards an ageing population, this demographic is set to increase to 13 million by 2034. In addition, the State Pension Age (SPA) is scheduled to rise to 67 by 2028. This news is putting additional pressure on companies to introduce more flexible for older employees.
Now, more than ever, it’s crucial for businesses to strategise on how to retain their mature workforce.
Some businesses have already taken the necessary steps to support older employees. A report by Aviva has found that 10% of the surveyed employers have, in the last year, introduced initiatives to retain employees aged over 50. These measures include round the clock availability to online GPs, apprenticeship programmes, and opportunities for ‘part-tirement’ (semi or partial retirement). These options could become more accessible with the introduction of the Flexible Working (Amendment) Regulations 2023 which come into effect in April 2024.
Training for the older generation
The digital landscape is constantly changing, and staying ahead of the curve is key for businesses. But for future-proofing their workforce, companies must encourage their older employees to embrace technology. This can significantly increase productivity and overall employee satisfaction. Both employers and employees need to recognise the importance of technology training.
Providing training in digital and technology skills can empower older employees. Fundamental digital skills, often taken for granted by younger generations, include operating a computer, navigating a mouse, or accessing the internet. Sounds simple, right? Well, not alongside moderately advanced skills like composing emails and conducting targeted online searches, are necessary for achieving career advancement across various professional levels.
Employers must support all workers, regardless of age, to learn and develop in their roles. Employees in their early 50s will still have nearly 20 years left of their careers – employers who are failing to invest in developing the skills of this vital talent pool could be missing a trick.
Why Older Employees Fear Revealing Health Issues
It’s likely, if not inevitable, that as we age, we may develop health conditions or disabilities – such as impaired sight or hearing. Research by Ageing Better indicates that older employees may hesitate to reveal developing health issues or disabilities to their employers. Among those who reported receiving no support from their employer, 64% were aged 45 and over. This reluctance often stems from fears about potential ageism in the workplace. This suggests that older employees are less likely to access support and accommodations to manage their health conditions. This could lead to long-term sickness or employees leaving the company.
Companies can support their older employees by introducing digital healthcare, which can expedite their recovery process. With absenteeism at a decade-high and 26% of patients having to wait over a week to see their NHS GP, employers can facilitate access to simple and timely support for their employees. This will help them to stay and thrive in their work environment and increase productivity amongst the older generation.
This is when services such as Online GP and digital healthcare platforms come into play. By using digital healthcare platforms like Online GP, employees registered with the service can book their medical appointments online within 24 hours. This allows all employees, and especially the older generation, to accelerate the road to recovery. Our podcast found that 96% of users attended a virtual GP appointment within eight hours.
Online GPs not only have a clear positive impact on employees’ physical wellbeing, but they also positively impact businesses. Companies that embed Online GPs into employee benefits packages often experience higher levels of employee engagement due to the service’s popularity.
How ‘part-tirement’ redefines work and leisure
For many UK workplaces, adhering to a 9-5 schedule within one location has become the new abnormal. Many businesses have transitioned to a hybrid or remote working structure. Research conducted by YouGov revealed that only 6% of UK employees are working traditional 9-5 hours, indicating a growing demand for flexible working. This shift has paved the way for the emerging trend of ‘part-tirement’. To address this, the Flexible Working (Amendment) Regulations 2023 will be enforced starting April 2024. It implies that the government should lead by example, overseeing the adoption and effectiveness of flexible working arrangements across various age demographics.
Before reaching state pension age, two in five 55-64 year olds plan to transition into semi-retirement or ‘part-tirement’. Older employees often prioritise flexibility due to caring responsibilities. Exploring various flexible work options could help in attracting and retaining this demographic. Flexible hours and the ability to work from home were the changes most often reported as having improved an individual’s ability to perform their job. More than nine in ten (91%) people described themselves as being ‘much happier’ since reducing their working hours.
The desire to retire early is often driven by individuals wanting to take advantage of more freedom while still being physically fit and well. Semi-retirement can offer a mutually beneficial solution for employers and employees. Companies benefit from retaining the expertise and knowledge of skilled staff, and employees can make choices about maintaining a healthy lifestyle and income during retirement.
Employers need to realise that not all over 50s will experience these problems and there is no one-size-fits-all solution for retaining the older generation of employees. As the ageing workforce continues to grow and the working age increases, we need to prepare for the future while capitalising on the existing skills and knowledge of the over-50s. Introducing mentoring schemes for all generations in the workforce will create an attitude that doesn’t feel pressurised or forced. This approach will help individuals, businesses, and the economy to thrive.
In a prosperous business, everyone should have the chance to reach their full potential, no matter their age. It’s not about hitting 50 and calling it quits; employers should make sure they’re supporting their employees at every stage of their career journey.
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