Celebrating older workers’ dependability and strong work

Today’s workforce is transforming with up to four or even five generations represented in one workplace and an age gap that can range up to 50 years. In the U.S, a quarter of men and 17% of women over 65 are expected to still be in the labor market by 2032.¹

Due to a variety of factors, from greater financial necessity to increased longevity and a desire for the social connection that the workplace can provide, people age 55 and older represent the fastest growing segment of the labor force.²

As more workers in the U.S. work past their traditional retirement age — a group called employment extenders — employers that turn their attention to helping to meet this group’s unique needs may be helping to set themselves up for long-term success.

Older workers’ wealth of experience, dependability and strong work ethic are just a few reasons why employers should work to retain them. Experienced employees can share relationship-building and leadership skills with younger generations joining the workforce. Retention of these workers also leads to savings in the cost of recruiting, onboarding and training new employees.

But employers can no longer rely on legacy employees staying in their current positions until retirement. An AARP survey found that nearly one in four workers over the age of 50 (24%) had planned to change jobs in 2025.³

Better understanding of what can keep older workers in their current positions is key. Research by the Voya Cares® program, in collaboration with Easterseals, is one of the first to identify older workers’ motivations for working longer and the workplace benefits that they need.

Our employment extender research study activates employers to look at their older works as a vital resource. A few suggestions to help employers meet the needs of their aging workforce while they continue to work and prepare for retirement, when they are ready, include:

• Delivering succinct and targeted education to help them prepare for and transition to retirement
   
• Creating easy-access guidance tools to maximize benefit dollars across all benefits
   
• Offering health and wealth benefits to meet your aging workforce’s unique needs

It is time to recognize the high levels of institutional knowledge, decision-making skills and the stability that older workers can bring to an organization.