What does an ageing population mean for employers?
With life expectancy increasing, it comes as no surprise that Britain’s population is ageing. Around a third of children born in the UK in 2012 are expected to celebrate their 100th birthday, compared to just 1% of those born in 1908.
With the inevitable retirement of the ‘Baby Boom’ generation imminent, this could mean greater pressure on the UK workforce as the demands of an ageing population unfold.
Retaining older workers with their lifetime of training and on the job experience is going to become increasingly more important to employers. They have familiarity and know-how which is vital to covering skill gaps in certain sectors. Therefore, it’s important that employers recognise the need to retain an older workforce as their skills are not ones which can be easily replaced with a new hire, they can only be learnt over time.
So what do the older generation want?
Perhaps it’s flexibility, maybe its ill-health plans and insurance? But perhaps, they are simply more inclined towards enhanced retirement and investment options.
Whatever it is, benefits packages are one of the most tangible ways for employers to show that they value their employees regardless of age. It could be useful for a business to evaluate their HR strategy to understand just what it is their employees want and tailor their offering in order to retain key employees who are integral to the day to day functioning of the business.
To discuss this further, or to see how we can help, please contact one of our financial planning consultants on 01772 821021.