New Study Reveals Gaps In Employer Retention Strategies for Mature Workers

briefcase

 Flexible Work Schedules, Extended Health Benefits & Career Opportunities Key To Engaging This Generation

Ceridian and CARP announce the results from their recent study: Second Wind: The Evolving Nature of Retirement, revealing that more than half (57%) of mature workers desire to keep working, but on their terms. That said, almost half (48%) are concerned about maintaining their health or that of a loved one as they age, and though often consulted by their colleagues for advice (60%), age discrimination in the workplace still persists.

Ageism discrimination against mature workers exists within the Canadian corporate culture, despite how far we like to think we have come. Mature professionals are often overlooked based on assumptions that they are too old to keep up with the times and may cost a company more in terms of benefits,” says Ross Mayot, vice-president & general manager, CARP. “Employers need to realize that the age of the worker does not define capability, negate the willingness to learn or adapt, or automatically mean increased benefits costs. Now is the time for employers to take action and keep this generation involved, productive and healthy in order to ensure a positive workplace culture and overall organizational success.”

This article was published by The Globe Advisor and Canadian Newswire on September  10th, 2013.  To see this article and other related articles on the Globe and Mail website, please click here

For employers, mature workers offer a wealth of knowledge and experience, as well as a well-respected work ethic. Organizational success is dependent on keeping mature workers engaged, healthy and productive. Employee engagement across generations affects team and culture cohesiveness, workplace productivity and business innovation. If employers do not pay attention to the concerns of mature workers, organizations may lose out on the valuable traits and skills of this generation: leadership, mentorship and the imparting of knowledge and best practices to the next generation of employees.

To retain and recruit these productive, skilled and respected mentors, employers need to be prepared to address mature workers’ health concerns. Adopting a progressive approach to workplace wellness contributes to a healthier aging population and can help make it easier for companies to extend health benefits beyond traditional retirement age – a desire of nearly half (48%) of the study’s respondents.

“Employee Assistance Programs (EAP) can help alleviate mature worker concerns over succumbing to deteriorating health problems and outliving retirement savings,” says Estelle Morrison, vice-president, clinical and wellness services at Ceridian. “Through EAPs, employees and their families gain valued access to resources, expert advice and tools to keep physically fit, mentally healthy and financially secure.”

According to the study, the traditional nine-to-five, five-day work week doesn’t appeal to many who are choosing to work beyond retirement age. As such, employers should consider the following strategies:

  • non-traditional work arrangements such as flexible hours and job-sharing as desired by 46% of respondents;
  • phased-in retirement options, as desired by 41% of respondents to accommodate a strong desire for work-life balance;
  • workplace mentorship programs (as supported by 29.9% of survey respondents) and inter-generational training (24.8%); and strategies or training to combat age discrimination – whether real or perceived – in the workplace.

For more information on the survey and to download the accompanying research report go to: ceridian.ca/second_wind

About the Survey:

Ceridian and CARP executed Second Wind: The Evolving Nature of Retirement, between May 24 and May 29, 2013, in Canada. More than 5,230 Canadians responded to the online survey. The margin of error of the survey is +/- 1.4%, at a 95% confidence level.

About Ceridian:

Ceridian is a leader in human capital management with more than 100,000 clients in over 50 countries. We deliver trusted results and transformative technology. Our offering includes the award winning, cloud-based Dayforce HCM, LifeWorks, PowerPay and International Payroll. Ceridian is transforming the world of work. For more information, visit www.ceridian.ca or call 1-877-237-4342.

About CARP:

CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, promoting social change that will bring financial security, equitable access to health care and freedom from age discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of Canadians as they age and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission. For more information, please visit: www.carp.ca.

SOURCE: Ceridian Canada Ltd.

© Ceridian Canada Ltd./CARP