Data and Research

Employers Need Help Addressing Aging Workers

By John Manganaro | August 04, 2017
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The Transamerica research goes on to warn that there are some seeming discrepancies between how employees and employers view this concept of phased retirement.

“Despite employers’ recognition that many of their employees envision a flexible or phased transition into retirement, few have actual programs in place to support them,” Collinson observes. “Only 39% of employers offer flexible schedules. Even fewer enable their employees to shift from full-time to part-time or take on positions that are less stressful or demanding. Moreover, employers are missing an opportunity to ensure smoother transitions when their employees do retire.”

In the end, only 27% of employers today encourage employees to participate in succession planning, training and mentoring, Transamerica finds. Given all these findings, Collinson says it is only natural that concerns about ageism are common in today’s society, especially with so many workers planning to work past age 65 and delay full retirement. As a result many employers are making a good faith effort to establish reasonable policies in this area.

As the data shows, when asked to “select all that apply” from a list of 12 potential perceptions of workers age 50 and over, the vast majority (85%) of employers cited one or more positive perceptions. Many employers indicated that older workers “bring more knowledge, wisdom and life experience, are more responsible, reliable and dependable, and are a valuable resource for training and mentoring. In contrast, a smaller majority of employers (59%) also cited some negative perceptions, including “higher healthcare costs, higher wages and salaries, and higher disability costs.”

The full analysis is available for download here