Lots of articles talk about what employee benefits millennials want. What about the older generations? In this article, let's talk about what benefits that older adults want and why employers should consider them.
Hiring and retaining older workers is a benefit that is often overlooked due to the swarm of younger, fresher minds in the hiring market. However, older employees can have more advantages for employers than you may think. For instance, they generally have decades of experience behind them, which means that they require less training than younger employees. Moreover, they are known to be more adaptable, responsible, and committed, thanks to work ethics actively promoted in the earlier days.
Therefore, what can employers do to hire and keep their older employees? Here are some of the best benefits and employee rewards programs that can entice older adults to enter and stay in the company:
1. Supplemental health insurance
The notion that older employees are more expensive to hire and keep because of increased healthcare costs is a myth. Government medical programs typically cover adults who are 65 years old and above, so what employers can do to entice them is to provide supplemental healthcare insurance that can include other medical costs outside of government programs.
2. Learning and training opportunities
Just because older employees have years of experience behind them, doesn't mean they can't learn more. For older adults, the opportunity to take additional training may be hugely valuable for them. Thus, employers can offer benefits, such as on-site training, tuition reimbursement, certification classes, as well as online training.
3. Flexible work options
Although older adults are generally more used to a 9-to-5 schedule, flexible work options can still be attractive to them. Employers can offer part-time options, shorter shifts, and even work-from-home benefits that can let older adults enjoy an excellent work-and-life balance.
4. Pre-retirement plans
Adults who are approaching retirement will be more willing to stay in companies that have good pre-retirement programs. For instance, employers can offer a savings plan with an employer matching benefit that can let them save more money for retirement. Alternatively, companies can allow retirees to continue working on a part-time basis after they retire to give them an additional source of income but without the full load of the job.
5. Other perks for older adults
Aside from the three main benefits that were mentioned above, there are lots of other perks that older employees can enjoy. For example, employers can offer a shuttle service that will help employees get to and from work without driving or commuting (which gets more difficult as people age). And since grocery shopping and cooking can be more difficult for older people, companies can offer free meals for their senior employees to make sure they are well-fed on the job.
6. Assistance after retirement
Knowing that a company still cares for them after they are retired can incentivize older adults to stay in the workplace as long as possible. After retirement, employers can offer their former employees some assistance programs like free meals, welfare check-ups, and other things that can help them during retirement.
Older adults are seasoned employees who have the best work ethics of past generations. If you want to hire and keep their loyalty, these are the benefits that may do the trick.