Retirement is no longer a fixed milestone.
With the pension age set to reach 67 by 2027 and individuals choosing to extend their careers, the concept of an ageing workforce is more relevant than ever.
The challenge will be how to retain skilled employees thinking of retirement and how to attract good quality new employees in what will continue to be a tight labour market.
Addressing the unique challenges
An ageing workforce comes with unique challenges.
- Attractive pensions built up over the last 30 years tempting people to retire early, especially as there has been an increase in pension assets in the last few years.
- Chronic Health Conditions: Studies show that 95% of over 60s have at least one chronic condition. As employees age, managing these conditions in the workplace becomes more prevalent.
- Caregiving Responsibilities: Workers find themselves in the dilemma of balancing responsibilities for both their children and ageing parents. The proportion of individuals caring for elderly parents is expected to rise as the trend of working into our late 60s and 70s continues.
Meeting the challenge: Employee perks and benefits
How can businesses meet the challenges and be more resilient in managing their future force needs?
Here are 3 ways you can support your ageing workforce:
1. Adopt a holistic approach to wellbeing
Firstly, if you’re not already doing so, recognise the need to support employee wellbeing physically, mentally and emotionally.
Don’t just consider wellbeing products that focus on physical wellbeing, such as occupational health coverage and private health insurance, but instead consider perks that support social wellbeing, such as creating an online space where employees can support one another with a Reward and Recognition platform.
2. Anticipate, don’t just react
Next, seek to anticipate the effects of an ageing workforce by selecting benefits that better identify and help to manage poor health. Health screening and diagnostics, for example, are becoming crucial elements of employee benefit packages.
3. Addressing mental wellbeing
The workforce is experiencing increased stress levels, necessitating benefits that support mental wellbeing. Consider offering an Employee Assistance Programme - a digital platform that provides resources that support your employees’ mental health.
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If you would like to find out more about our solutions, get in touch.
The crucial role of employee perks and benefits
Employee perks and benefits are strategic investments that contribute to the overall success of an organisation. Here's why they are more crucial than ever:
1. Retention of experience
With an ageing workforce, retaining experienced professionals becomes paramount. Employee perks and benefits play a pivotal role in retaining the valuable knowledge and skills of seasoned employees.
2. Wellbeing for productivity
Introducing wellness initiatives and flexible working arrangements can significantly improve staff wellbeing, contributing to a positive workplace culture and increased productivity. This is especially true for an ageing workforce where 25% of over 65s suffer from mental health conditions.
The Bravo Benefits Advantage
The team at Bravo Benefits are uniquely placed to help you support an ageing workforce. We focus on creating customised employee benefit packages to improve staff wellbeing, addressing the unique needs of each team member for a healthier and more engaged workforce.
Here's how Bravo Benefits can make a difference for your team:
1. Tailored solutions
Bravo Benefits understands that one size does not fit all. By offering customised solutions, your team gets benefits that align with their specific needs. From critical illness cover to eye care vouchers, Bravo Benefits can provide what you need.
This is particularly useful when your workforce is made up of individuals who fall into a variety of age brackets.
2. Wellbeing Initiatives
The focus on improving staff wellbeing sets Bravo Benefits apart. From wellness programmes to health screenings, employees receive the support they need to stay healthy and engaged as they stay in employment for longer.
3. Easy Implementation
Our user-friendly Smart Hive platform allows employees to access all their benefits in one place at any time. Not only is this convenient for employees, but allows employers to better communicate new services and benefits in a personalised way.
Speak to one of our consultants today to find out more.
Bravo Benefits – Your partner in employee wellbeing
As the pension age continues to rise, the importance of employee perks and benefits cannot be overstated.
Prioritise the wellbeing of your team, and let Bravo Benefits pave the way for a healthier, more productive, and engaged workforce.
Your team's journey doesn't end with retirement – it evolves with Bravo Benefits.