16 December 2019
Majority of companies not making provision for an ageing workforce: research from Towergate Health & Protection
Research1 undertaken by Towergate Health & Protection shows that seven in 10 (70%) companies are not making provision for dealing with an ageing workforce.
Baby Boomers (aged 51-74), are one of the largest demographics in the workplace, and with their age comes experience which can be of huge value to employers. And, like all demographics, they have quite specific needs. Although they may be close to paying off mortgages and saving for retirement, they can still have significant financial obligations, including funding eldercare, helping children get on the property ladder and supporting grandchildren.
Neither is anxiety and stress over for this group, as supporting elder and younger relatives alongside work can take its toll. Physical conditions, too, can not only become an issue, but also affect mental wellbeing.
Brett Hill, Distribution Director at Towergate Health and Protection said: ‘For employee benefits to really make an impact it’s important that they’re tailored to the needs of a workforce. And with an ageing workforce it’s particularly important that the specific needs of Baby Boomers are taken into account. This generation isn’t always the most vocal about what support they need, but – like all generations – the better they’re looked after, the more engaged and productive they are.’
Of the health and wellbeing benefits that are offered, supporting physical and mental health tops the list:
Health & wellbeing benefits offered include:
- 84% offer PMI
- 76% offer an EAP
- 63% offer a healthcare cash plan
- 58% offer dental insurance
- 39% offer travel insurance
- 55% offer health screening
- 21% offer international PMI
Brett Hill continued, ‘It’s great to see that physical and mental health is being so widely supported, but for employers to really get value from their benefits it’s important that what they offer is relevant to their particular workforce.’
Employee benefits for an ageing workforce
Specific benefits that are relevant to an ageing workforce might include group critical illness, fast-track access to physio and rehab, bereavement support, dealing with probate, finding eldercare, so it’s important that these are considered in the mix along with the more traditional benefits.