TALENT MANAGEMENT
company. Without this process, staff can feel disengaged and demotivated in their role. It is also equally important that
senior members feel able to retire. Those employees that have dedicated years of loyal service to the company deserve to finish their career and feel positive about the future. If they feel forced to remain as part of the business, it could have a severe impact on their well-being.
AN AGE OF WELL-BEING For some employees, working into old age isn’t always a positive choice. In many cases, a lack of financial security post-work is the thing holding them back from retiring. In this scenario, it is not uncommon for their overall attitude to suffer and impact how they carry out their role. Even if the company is highly
supportive and engaging, as individuals progress through their career – and their lives – other factors tend to take priority. Whether it is children, grandchildren or personal projects and goals, employees at retirement age deserve the opportunity to explore these ambitions. As such, a fundamental, though often forgotten part of employee well-being is ensuring that employees feel positive about their financial situation. Financial wellness in old age often relies upon a standard pension scheme and little else. Without further support and encouragement, many employees are not prepared for a life outside of work. The simple answer is that staff need
more time to save, pay off their loans and think about their post-work life. In an ideal world, these considerations would be spaced out over the course of an entire career, but in reality, staff often put these plans off, which leads to increased negativity and frustration as they approach retirement. Companies, therefore, need to establish initiatives to build employee awareness of their finances and enable them to support themselves in retirement.
EDUCATING STAFF The government and industry bodies may take steps to address this issue in the future, but businesses can take immediate action to reduce the number of workers who remain in employment longer than
they wish to. Unsurprisingly, the solution to this is making sure staff are educated and aware of the options available to them. Through increased understanding around the importance of financial well-being – both during and after their work life – staff will have a greater awareness of the requirements needed to retire at the state pension age or their target retirement age. At the moment, financial well-being
at work is often limited to a standard pension scheme, yet figures from research by Fidelity show that staff need to save an average of 13% of their annual household income to maintain a similar standard of living in retirement. Companies will need to look beyond the traditionally defined contribution strategy to make sure staff are financially secure. One option that businesses can
consider is subsidising employees’ regular outgoings, whether that is supporting their travel, gym memberships or childcare costs. Combined with improved education on saving, this approach will make it much easier for employees to put money into savings, ISAs and stocks. Flexible working or shared increases in regular pension saving are two further options. However, initiatives like these aren’t a silver bullet. Although they may help employees who are part-way through their career, they will have a limited impact on those nearing retirement. As such, businesses need to adapt their financial wellness education to also address this older demographic. Any benefits that are designed to
help staff to save more also need to be supported with broader lifestyle initiatives.
For example, giving older staff the ability to work flexibly, spend time with their families or pursue their personal projects will be vital to keeping these older employees feeling motivated and productive. Businesses should also consider giving
junior staff opportunities to buddy up with someone in a more senior role while the employee is still working. Shadowing or job sharing can be an effective way of keeping the junior members of the team engaged and motivated in their role, while also allowing senior members a chance to have an improved work-life balance. An ageing workforce will continue to
be a growing concern for businesses. For those who are nearing or are at retirement age and still face a few more years in the office, it is important that companies provide opportunities for them to wind down and impart their experience to more junior members. Conversely, for employees who are
still a few years off retirement, building a
comprehensive financial wellness
strategy will help to lay the groundwork that’s needed for staff to leave work at a reasonable age. If this can be established, businesses will be better prepared to manage their workforce for many years to come.
Find out about age diversity at the Festival of Global People and join our Think Global People Community.
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