Retirement increasingly looks very similar to work, as older consumers decide to continue working or begin encore careers instead of stopping work entirely.
The Bureau of Labor Statistics shows that almost 38.6% of Americans 55 and older were employed as of June.
Working longer can increase retirement savings by as much as 25%, according to a report by BofA Merrill Lynch Global Research. Many boomers were hit hard by the financial crisis, Bloomberg’s Ben Steverman found.
Fortune recently published its Best Workplaces for Baby Boomers list, recognizing companies that appeal to highly skilled older workers. To compile the list, Fortune asked Great Place to Work), a brand recognition program, to survey almost 34,000 boomers from the more than 600 companies in GPTW’s database. Companies in the database pay GPTW for the survey and distribute it among their employees.
Employees rate their company on 58 workplace quality identifiers. Companies needed to employ at least 50 boomers to be eligible.
SAS is a software company based in Cary, North Carolina. Of the almost 6,900 U.S. employees (there are more than 13,000 global employees), 21% are boomers. Fortune highlighted a lack of layoffs during the financial crisis and an employee assistance program as key reasons for the firm’s popularity with boomers.
9. First American Financial
First American employs more than 11,200 workers in the U.S., 23% of whom are boomers. The Santa Ana, California-based firm provides home insurance and was founded in 1889. Respondents noted that management at the firm is “creative, flexible, competent, caring and motivated,” and has taken steps to ensure the future of the firm by developing next-gen leaders.
8. Baker Donelson
Twenty-nine percent of this Memphis law firm’s workers are boomers. Fortune found that employees appreciated the “comfortable” work environment and focus on clients.
7. National Mortgage Insurance
This Emeryville, California insurance provider employs less than 250 workers, 38% of them boomers. Formed in 2012, it’s the youngest firm in the top 10. One respondent called it “the little startup that could,” noting that the youth and growth of the company gives workers “flexibility and maneuverability as we chart our course to greatness.”
6. Acuity Insurance
Another insurance provider, this Sheboygan, Wisconsin-based company is popular for its extensive benefits. One respondent called the compensation package “outstanding” in salary, employer contributions to the company 401(k), annual bonuses and health care benefits. The smaller perks, like free popcorn and bi-weekly social hours, are appreciated, but the big selling point for Acuity are its financial results: “Growth and profitability. This provides for a secure work place. People don’t get laid off around here,” one respondent said.
5. Robert W. Baird
Founded in 1919, the Milwaukee-based broker-dealer employs more than 3,058 workers in the U.S. Boomers account for 22% of the workforce. Respondents referred to the firm’s “teamwork and cooperation” between units and employee ownership as key benefits.
Just 11% of the workers at this Denver-based auditing and tax consultant are boomers, but Fortune found workers appreciate the sense of community at the firm. “I really like how much we give back to the community and have opportunities to volunteer. It makes me feel a part of something bigger than myself and proud to work for a company with that same vision,” one respondent said.
Workday is a software company founded in 2005 in Pleasanton, California. It has the smallest percentage of boomer workers – 6% — in the top 10, but respondents pointed to management’s integrity, high value on employees and customers, career support as valuable benefits.
2. David Weekley Homes
This Houston based construction and real estate firm focuses on the long term and brings together people with diverse backgrounds and cultures, according to respondents. Boomers comprise 16% of the workforce.
1. Credit Acceptance
The No. 1 company on the list is another financial services firm. Credit Acceptance, a banking and credit services company, is based in Southfield, Michigan, and was founded in 1972. Just 8% of the workforce is made up of boomers, but workers valued the recognition they receive from management.
“Everyone shows a real concern about each other and their success as a team member,” one boomer employee said, noting that supervisors are “always encouraging and supportive of ideas and suggestions.”
— Related on ThinkAdvisor:
- 10 Best Cities for Millennials to Live
- 12 Best U.S. Cities for Successful Aging
- 4 Great Places for Baby Boomers to Retire