Trend reflects growing recognition of the value of retaining experienced staff
In the past year, approximately 10% of employers have taken steps to provide support for employees aged over 50, according to new research from Aviva. The Working Lives Report 2023: Fit for Future focused on the insurance, wealth, and retirement business.
The report highlighted that most employers (76%) consider it crucial to retain workers aged 50 and above. Out of this group, a third (32%) emphasized the importance of retaining employees in this age bracket.
The report also revealed that around 10% of employers introduced various new initiatives to support their employees for the first time, and this is just within the past year.
These initiatives encompassed a range of areas such as diversity, equity, and inclusion (9%), menopause symptoms (6%), LGBTIQ+ employees (7%), neurodiverse employees (7%), and employees going through fertility issues (5%).
The report also found that 61% of employers faced challenges in offering a competitive workplace benefits package. Nearly half of them (46%) cited high implementation costs as the primary obstacle. A promising 74% of employers expressed their intentions to enhance their workplace benefits package, with 20% planning to do so within the upcoming 12 months.
“Employees over 50 can be a valuable asset to an organisation, bringing a breadth of experience and skills. It is important they are supported by employers in a way that recognises their individual needs. Employers have a role in encouraging their people to use their skills in less pressurised roles and jobs they enjoy. The social aspect of work and the act of going to work can contribute to improved mental and physical health,” said Debbie Bullock, head of wellbeing at Aviva.
“Providing support for a diverse range of wellbeing needs is not just the right thing to do, it also makes sound commercial sense. When people feel supported by their employer, it helps to alleviate the pressure they might be under and allows them to be their authentic selves when coming into work. This in turn improves morale and motivation, which in turn improves productivity and performance.”
