More than half of mature workers—those age 50 and older—have a desire to keep working after they turn 65, but on their own terms.
That’s according to results from a joint study by Ceridian and CARP,Second Wind: The Evolving Nature of Retirement.
“Mature professionals are often overlooked based on assumptions that they are too old to keep up with the times and may cost a company more in terms of benefits,” says Ross Mayot, vice-president and general manager with CARP.
“Employers need to realize that the age of the worker does not define capability, negate the willingness to learn or adapt, or automatically mean increased benefits costs.”
To retain and recruit these productive and skilled workers, the study recommends that employers need to be prepared to address mature workers’ health concerns.
Adopting a progressive approach to workplace wellness contributes to a healthier aging population and can help make it easier for companies to extend health benefits beyond traditional retirement age—a desire of nearly half (48%) of the study’s respondents.
According to the study, the traditional nine-to-five, five-day workweek doesn’t appeal to many who are choosing to work beyond retirement age. Forty-six percent of respondents want non-traditional work arrangements such as flexible hours and job-sharing, and 41% would like phased-in retirement options.
Mature workers also want to protect their health with benefits that extend beyond the age of 65. The good news for employers is that the overwhelming majority of mature workers rate themselves to be in excellent or good health; just 4% report chronic health issues.
“This means, employers can invest in health and wellness programs now and reduce the substantial costs associated with prescription drugs and other healthcare services later,” states the report.
The vast majority of mature workers are looking for assistance with routine health maintenance measures, especially getting more exercise, better nutrition and weight loss.
Stress is a minor concern for mature workers and should allow “employers to divert some of their budget for any stress-related programming to more desired programs instead.”
Source: Benefits Canada