A new study from LIMRA Secure Retirement Institute has found that 92 percent of employers are taking action to help older workers stay on the job.
Two thirds of employers in the study offer flexible hours while 42 percent offer flexibility on where employees work such as, working from home or other locations. Other adjustments include job training/re-skilling and job-sharing.
Why make these accommodations for older workers? A more mature workforce is good for business. Eight in 10 employers said their organizations lose experience, institutional knowledge and leadership when an older worker leaves.
By choice and by need, older workers want to stay employed. Healthier lifestyles may make it possible for Baby Boomers who enjoy their careers to pursue them longer. For many others, a longer life combined with low retirement savings makes working longer a necessity to make up for their financial shortfall.
As the Baby Boom generation continues to age, the numbers of workers in their 50’s and 60’s keeps growing. U.S. Department of Labor figures show a 20-year trend where the percentage of workers age 55-plus grew from 12 percent in 1992 to 21 percent in 2012.