Whether by choice or out of financial necessity, a growing number of caregivers are working past traditional retirement age, and employers need to take steps to retain those seasoned employees, according to a recent study.
The Mather Institute surveyed 232 workers aged 50 or older from nine senior living communities and found that employers of people in this age group need to be prepared to support them as they age or risk losing them to early retirement, retirement or other career opportunities. Such employers also risk having a disgruntled workforce.
Suggestions for employers include providing wellness programming and generally fostering a workplace perceived as supportive and inclusive for workers of all ages. Generational inclusiveness is closely tied to general job satisfaction, turnover intent and burnout prevention among older workers, Mather said.
More than half of the workers surveyed said they planned to retire at some point, or were unsure of their retirement plans. Of those that are thinking about retirement, most said they planned to work until the age of 69 or so, but surprisingly, “financial security does not appear to be the sole or even primary factor when considering retirement,” according to the report.
Because money often is not the prime motivator for people to keep working later in life, nonmonetary perks such as flexible scheduling can go a long way toward worker retention, Mather said. Intellectual programming is another area that could help, according to the respondents, because it could provide opportunities for them to expand their interests and knowledge outside of the daily work regimen.
