Better with age: Benefits that matter in the silver economy

Employers need to focus more on recruiting and retaining older workers and combatting ageism if they are to adapt successfully to changing demographics, according to a new paper from Bank of America and the Global Coalition on Aging.

The paper, Better with age: Benefits that matter in the silver economy, says employee benefits packages play a pivotal role in older worker recruitment and retention and should be robust and tailored to providing support for older workers both inside and outside the workplace. Understanding individual employee needs is key.

The report says comprehensive benefits include carer’s leave, help with retirement savings, financial checks, coaching, learning and enrichment opportunities and flexible working. These enable older employees to prepare for retirement on their own terms, enhance engagement and support employee health, productivity and organisational success.

The report states: “By embracing age-inclusive practices and tailoring benefits packages accordingly, businesses can attract and retain talent and foster a more productive, engaged and resilient workforce in the years to come.”