Whether working post-retirement age is out of necessity or choice, one thing amongst older workers is clear: work must be satisfying. Statistics show that in the next 10 years, workers aged 55 and older will make up nearly a quarter of the workforce. The shift in population and labor demographics will force employers to shift their HR policies and practices towards older workers. It is imperative for companies to create a working environment that resonates with the needs of this older generation of workers.

In two recent national surveys, AARP asked workers aged 45-70 what they wanted from work. Some of the people surveyed were “pre-retirees” and others were “working retirees.” More than half of pre- and working retirees say it is extremely important to work where:
•       They can set their own hours
•       They can remain employed as long as they want to
•       They can take time off to care for relatives
•       Employee opinions are valued
•       The company offers good health benefits, also available to retirees
•       Respondents also indicated what qualities are most important in an ideal post-retirement career.
•       90 percent want a worker-friendly environment
•       80 percent want the opportunity to learn something new
•       75 percent want to pursue something they have always wanted to do
•       16 percent plan to work for themselves or start a new business

Flexible schedules are the easiest way for employers to meet the lifestyle demands of an older workforce—including taking care of sick spouses, going back to school, traveling, or simply the need to slow down. Job-sharing arrangements, telecommuting, part-time positions that offer some form of benefits, seasonal schedules that allow for month-long sabbaticals when needed, are all effective forms of flexible schedules that would attract and retain older workers.

As 80 percent of AARP survey respondents indicated that they wanted to learn something new in their post-retirement age careers, employers should take advantage of the opportunity to teach and train them. According to the Society for Training and Development, current training statistics are as follows: workers aged 35 to 44 receive 31 per¬cent of the resources allocated by companies to training; workers aged 45 to 54 receive 19 percent; and workers 55 and older only receive 11 percent. It is a pervasive prejudice that older people are scared of technology and resistant to new ideas. Instead, they are eager to learn the latest technology, newest industry trends, and the corporations would be better off to provide older workers to opportunity to learn rather than dismiss them.

In addition to job flexibility and training, employers can offer new and improved specialty benefits that speak to an older generation of workers. The boomer generation is one of the first to be “sandwiched” between taking care of elder parents and simultaneously providing for older children. Boomer parents are also seeing more of their children moving back home post-college because they were unable to meet the extensive financial demands of an independent life. These changing social norms lead to emotional and financial stress in older employers that can impact their productivity levels. Employers who offer comprehensive employee assistance programs that address these newfound challenges—including elder-care resource and referral, career and life counseling, financial planning and management services, and other similar programs—will see the return of investment.

Wellness is gaining popularity in the benefits world, as its success is two-fold: employees are experiencing a healthier quality of life, while corporations are experiencing direct savings in utilization. Comprehensive corporate wellness programs educate employees on disease management and prevention, while offering practical tools to maintain a healthy lifestyle with diet, exercise, and routine check-ups. Studies have repeatedly demonstrated that these programs can lower health care and insurance costs, decrease absenteeism, and improve performance and productivity.

In addition the aforementioned tangible benefits, older employees are looking for intangible benefits such as a measure of autonomy, respect for their opinions, a sense of meaning in what they do, and to be challenged. These intangibles pertaining to work¬place interaction and environment must be enacted from the top-down. Business owners need to understand how a workplace full of four or more generations is wrought with opposing values, ethics and expectations that can undermine the success of a corporation. By making appropriate changes to address their different motivational needs; developing effective communication tools to minimize conflict; and promoting generational tolerance, employers will see a positive change in the overall working environment.

ACI Specialty Benefits Corporation is a global provider of EAP, Wellness, Work/Life, Concierge, and Management Consulting Services. Ranked #8 in the country by Business Insurance, ACI's stability and reliability are widely recognized. For more information visit http://www.acispecialtybenefits.com.