What can employers do to retain aging workers?

To retain, attract and engage workers 50+, organizations will need to offer the right mix of rewards, including health care benefits, innovative growth and development opportunities, competitive retirement benefits, and, perhaps most importantly, flexible work and part-time employment opportunities. Organizations will also need to pay closer attention to the work environment and cultural factors that contribute to a positive working experience for what is quickly becoming a multigenerational workforce.

It is important for organizations to segment areas of focus for policies and strategies. The AARP recommends focusing on four key business areas, vital to engaging older workers:

1. Benefits and compensation. Are there benefits (both core and ancillary) that resonate with workers 50+ that could also benefit younger workers?

2. Training and re-skilling. Are training opportunities and funding readily available to workers who want to enter a particular industry after careers in other industries? Are continuing education opportunities available to those even in remote areas?

3. Environment and tools. Are workers given the tools they need to get the job done and lessen the physical impact of the job, which could enable them to remain in the job longer (e.g., in the health care industry, are automatic lift beds available such that a nurse does not have to lift patients)?

4. Worklife and wellness. Are proper programs in place to address the needs of employees 50+, such as caregiving?

The AARP suggests that in addition to realigning focus on the above four factors, an organization could also benefit from the following actions:

• Inventory current talent and define future needs, based on an analysis of the organization's near- and long-term business plans.

• Model cost trends to understand the business case for investments needed to attract or retain 50+ workers, focusing on total compensation costs for the various talent pools and taking into account one-time turnover costs.

• Pay equal attention to revenue and performance considerations, including the impact of employee engagement on company performance and turnover risk.

• Study the available labor pool and define talent strategies, keeping in mind the specific requirements (physical, mental and scheduling flexibility) of each job.

• Align reward programs to support business and talent objectives.

• Align workplace policies and workplace culture, as all of the available research points to the work environment as a key consideration for 50+ workers in deciding whether to join or stay with an organization.

Source: Interview conducted by Wolters Kluwer Law & Business of Emily Allen, director, Workforce Initiative in the AARP's national office, Washington, D.C.