07 October 2019 | Herpreet Kaur Grewal
Employers can no longer afford to neglect experienced workers, according to research by human resources consultant Mercer.
It states that although employers are beginning to recognise the opportunity this demographic offers they are struggling to take advantage of this talent pool for several reasons.
One reason is that they do not have good road maps for how to capture the value. Wide-scale shifts in pension plan design - combined with low savings rates and longer life expectancy - mean that workers are less financially prepared for retirement and have little incentive to retire at a predictable time.
But talent models do not reflect this new reality so employers are not focused on generational diversity. Experienced workers make up a large and growing portion of the workforce, but few employers are focused on their contributions or motivation.
Flexibility is appealing to these workers - but it poses challenges for employers.
Working flexibly is an attractive benefit, but offering flexibility in a way that is fair and consistent is difficult for many organisations, adds the report.
It recommends that businesses should understand how the future of jobs would be changing and produce business plans for their organisations on how older workers could fit in a new model.