In 20 years, the employment of workers aged 65 and older has grown by 117%. And now, individuals aged 55 and above are among the fastest growing group in the workforce. Age is seemingly the new gold driving many companies towards a preference for older workers, albeit the value sought in millennials and Gen Z.
The working premise is that 75% of people aged above 65 years are acclimated towards excellent work ethics through hard work, stability, respect, and discipline, unlike their younger counterparts.
Sure, the learning curve, in this case, is longer, but the long-term benefits of hiring and retaining senior workers seem to be worthwhile. Well then, it stands to reason that employers would offer senior benefits driven toward fulfilling work and support for later life.
That said, this is all you should know about employee benefits for seniors.
What The Employee Benefits For Seniors Look Like
The best employee benefits meet the needs of every demographic in the business. That means a company that performs well on the employee benefit scale will offer benefits that meet the needs of older and younger staff members.
The problem is that most companies only focus on benefits that fit the general mold of their ecosystem. This, in most cases, is subpar for older workers. Why? The needs of your senior workers are not the same as those of their younger counterparts.
Think about it. Older workers have more financial responsibilities to worry about. Therefore, concerns about retirement plans, education costs for their children or grandchildren, and financial debts, like education debts, are at the top of their minds.
Additionally, your senior workers no longer think they are invincible, which makes health care a staple in their benefits package. And aside from the two, most senior workers return to work because they crave meaningful work with valuable social connections and interaction.
So, companies that appreciate the value of older workers understand that they must customize senior benefits that keep this asset motivated and committed. And you need senior workers in your organization because:
• Senior workers have expertise and experience in your industry or company that younger employees cannot match. They have a fluent knowledge of your products and services (don't forget the history behind them), which gives them the insight to ask the right question, find the right solutions, and build towards success.
• Rarely will you find a group offering the same work ethic as senior workers. They show up on time, take fewer breaks or off days, and are more willing to extend if it means reaching targets on time.
• Senior workers have a wealth of networks they use to facilitate operations for your business. Their network can get you into certain doors faster or get you loyal and repeat customers for generations.
• And you can put them in charge of training younger workers, thus passing down essential skills to the next generation.
So, you see, building successful and competitive employee benefits for seniors is non-negotiable. But what that means is that you must adopt strategies that:
• Offer flexible cultures and professional development opportunities for career advancement.
• Offer autonomy while supporting social interaction and contact.
• Offer occupational health and wellness support.
After all, older workers require more assistance meeting financial needs and training as they assimilate into a world of work with automation and other technological innovations.
Benefits That Appeal To Senior Workers
1. Health Care Benefits
It goes without saying that your senior employees need a robust health care benefit plan. They are more susceptible to medical, mental health, and burnout issues, thus, making them more eligible for health care benefits.
As such, offer access to physical and private medical care. Add unique health care plans like menopause support and wellness programs like yoga which can help improve the life of your senior employees.
2. Caregiver And Senior Care Benefits
Senior workers are privy to caregiver responsibilities. But they also have senior care responsibilities that dig into their financial, mental, emotional, and physical well-being. Consider a 55-year older employee taking care of an 85-year-old parent and still paying student fees for their youngest.
In any case, give your senior workers added benefits to the FMLA, like paid leave and additional senior care service benefits like the employee assistance program (EAP). For instance, the dependent care assistance plan (DCAP) caters to childcare and senior care needs where applicable.
That is, if the senior who requires care is mentally and physically incapable of self-care and lives with the employee, they can qualify for DCAP. Dependents under 12 years living with the employee automatically qualify.
Another example of the benefit to offer is respite care to give your employees short-term relief when they need rest from the care they give others. Care subsidies are also invaluable to employees caring for elders in their families because they cover direct or backup care costs, like prescription drug costs.
Offer onsite caregiver support groups for your employees to help them deal with the mental stress and fatigue of caring for loved ones. Opening up about their experiences can help boost workplace morale.
3. Flexible Working Benefits
For older employees, having the leeway to work while meeting other vital obligations like eldercare, childcare, and health care is essential. Therefore, most older workers will look for companies that allow flexible working schedules.
Flexible programs like hybrid and remote working allow older employees to work longer because they work with less commute. Flexible working schedules like 4-day working schedules also provide ample time for productivity since it has reduced burnout, fatigue, and anxiety.
This increase in productivity provides better results for the organization. Besides, benefits programs that help senior workers remain motivated, committed, and engaged in the workplace are an added advantage for organizations that wish to stay competitive. And offering flexible work schedules is one key to staying competitive.
4. Professional Development Benefits
Older employees need training and learning programs that help them assimilate into a work culture imbued with technological solutions. Professional development benefits empower senior employees with the right skills to work efficiently.
Non-professional development opportunities also encourage personal growth, allowing your employees to work longer, which benefits organizations. Add financial coaching benefits to help employees better manage and invest their finances. This also helps them prepare for retirement beforehand.
5. Retirement Planning Benefits
Retirement planning benefits are among the most sort after employee benefits for seniors because they increase the financial stability of older workers. This is especially critical for employees returning to work to unburden the challenges brought by the increasing living costs.
Keep in mind that retirement planning requires proof of age to determine monthly contributions, meaning the cost of coverage, in this case, is higher. Also, older employees are likelier to retire than their younger counterparts.
Therefore, contributing to your older employees' pension plans relieves a heavy burden that improves their wellbeing and peace of mind.
6. Student Loan Repayment Benefits
Help your employees repay their student loans with a repayment plan package. Offer regular monthly or yearly payments to ease their financial burden and give them financial freedom.
You can also help your employees pay for their children's or grandchildren's college fund with a savings program where you match the amount they contribute. Some organizations even offer full scholarships to their employees' children based on specified qualifications.
Make It An Employee Choice
As an employer, you must hold your senior employees responsible for their jobs but also provide them with the support and resources they need to work optimally. This is where senior benefits come in.
Yet, it is not enough to provide senior benefits; you must provide your employees with the most competitive and suitable benefits. Remember, senior workers offer businesses a wealth of information and experience that benefits the company and younger employees in the workforce.
So, if you need help figuring out the employee benefits for the seniors in your organization, let us help you. Reach us at Zupnick & Associates.
The working premise is that 75% of people aged above 65 years are acclimated towards excellent work ethics through hard work, stability, respect, and discipline, unlike their younger counterparts.
Sure, the learning curve, in this case, is longer, but the long-term benefits of hiring and retaining senior workers seem to be worthwhile. Well then, it stands to reason that employers would offer senior benefits driven toward fulfilling work and support for later life.
That said, this is all you should know about employee benefits for seniors.
What The Employee Benefits For Seniors Look Like
The best employee benefits meet the needs of every demographic in the business. That means a company that performs well on the employee benefit scale will offer benefits that meet the needs of older and younger staff members.
The problem is that most companies only focus on benefits that fit the general mold of their ecosystem. This, in most cases, is subpar for older workers. Why? The needs of your senior workers are not the same as those of their younger counterparts.
Think about it. Older workers have more financial responsibilities to worry about. Therefore, concerns about retirement plans, education costs for their children or grandchildren, and financial debts, like education debts, are at the top of their minds.
Additionally, your senior workers no longer think they are invincible, which makes health care a staple in their benefits package. And aside from the two, most senior workers return to work because they crave meaningful work with valuable social connections and interaction.
So, companies that appreciate the value of older workers understand that they must customize senior benefits that keep this asset motivated and committed. And you need senior workers in your organization because:
• Senior workers have expertise and experience in your industry or company that younger employees cannot match. They have a fluent knowledge of your products and services (don't forget the history behind them), which gives them the insight to ask the right question, find the right solutions, and build towards success.
• Rarely will you find a group offering the same work ethic as senior workers. They show up on time, take fewer breaks or off days, and are more willing to extend if it means reaching targets on time.
• Senior workers have a wealth of networks they use to facilitate operations for your business. Their network can get you into certain doors faster or get you loyal and repeat customers for generations.
• And you can put them in charge of training younger workers, thus passing down essential skills to the next generation.
So, you see, building successful and competitive employee benefits for seniors is non-negotiable. But what that means is that you must adopt strategies that:
• Offer flexible cultures and professional development opportunities for career advancement.
• Offer autonomy while supporting social interaction and contact.
• Offer occupational health and wellness support.
After all, older workers require more assistance meeting financial needs and training as they assimilate into a world of work with automation and other technological innovations.
Benefits That Appeal To Senior Workers
1. Health Care Benefits
It goes without saying that your senior employees need a robust health care benefit plan. They are more susceptible to medical, mental health, and burnout issues, thus, making them more eligible for health care benefits.
As such, offer access to physical and private medical care. Add unique health care plans like menopause support and wellness programs like yoga which can help improve the life of your senior employees.
2. Caregiver And Senior Care Benefits
Senior workers are privy to caregiver responsibilities. But they also have senior care responsibilities that dig into their financial, mental, emotional, and physical well-being. Consider a 55-year older employee taking care of an 85-year-old parent and still paying student fees for their youngest.
In any case, give your senior workers added benefits to the FMLA, like paid leave and additional senior care service benefits like the employee assistance program (EAP). For instance, the dependent care assistance plan (DCAP) caters to childcare and senior care needs where applicable.
That is, if the senior who requires care is mentally and physically incapable of self-care and lives with the employee, they can qualify for DCAP. Dependents under 12 years living with the employee automatically qualify.
Another example of the benefit to offer is respite care to give your employees short-term relief when they need rest from the care they give others. Care subsidies are also invaluable to employees caring for elders in their families because they cover direct or backup care costs, like prescription drug costs.
Offer onsite caregiver support groups for your employees to help them deal with the mental stress and fatigue of caring for loved ones. Opening up about their experiences can help boost workplace morale.
3. Flexible Working Benefits
For older employees, having the leeway to work while meeting other vital obligations like eldercare, childcare, and health care is essential. Therefore, most older workers will look for companies that allow flexible working schedules.
Flexible programs like hybrid and remote working allow older employees to work longer because they work with less commute. Flexible working schedules like 4-day working schedules also provide ample time for productivity since it has reduced burnout, fatigue, and anxiety.
This increase in productivity provides better results for the organization. Besides, benefits programs that help senior workers remain motivated, committed, and engaged in the workplace are an added advantage for organizations that wish to stay competitive. And offering flexible work schedules is one key to staying competitive.
4. Professional Development Benefits
Older employees need training and learning programs that help them assimilate into a work culture imbued with technological solutions. Professional development benefits empower senior employees with the right skills to work efficiently.
Non-professional development opportunities also encourage personal growth, allowing your employees to work longer, which benefits organizations. Add financial coaching benefits to help employees better manage and invest their finances. This also helps them prepare for retirement beforehand.
5. Retirement Planning Benefits
Retirement planning benefits are among the most sort after employee benefits for seniors because they increase the financial stability of older workers. This is especially critical for employees returning to work to unburden the challenges brought by the increasing living costs.
Keep in mind that retirement planning requires proof of age to determine monthly contributions, meaning the cost of coverage, in this case, is higher. Also, older employees are likelier to retire than their younger counterparts.
Therefore, contributing to your older employees' pension plans relieves a heavy burden that improves their wellbeing and peace of mind.
6. Student Loan Repayment Benefits
Help your employees repay their student loans with a repayment plan package. Offer regular monthly or yearly payments to ease their financial burden and give them financial freedom.
You can also help your employees pay for their children's or grandchildren's college fund with a savings program where you match the amount they contribute. Some organizations even offer full scholarships to their employees' children based on specified qualifications.
Make It An Employee Choice
As an employer, you must hold your senior employees responsible for their jobs but also provide them with the support and resources they need to work optimally. This is where senior benefits come in.
Yet, it is not enough to provide senior benefits; you must provide your employees with the most competitive and suitable benefits. Remember, senior workers offer businesses a wealth of information and experience that benefits the company and younger employees in the workforce.
So, if you need help figuring out the employee benefits for the seniors in your organization, let us help you. Reach us at Zupnick & Associates.
All About The Senior Benefits Market
Elton Mwangi
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