4 ways to keep and attract the aging workforce, according to research

Filling open jobs with qualified candidates continues to be a challenge, even though we are several years post-pandemic.¹

Voya Cares® and Easterseals collaborated on research that points to a key segment of the labor force that employers should work to retain: employees who are working passed their typical retirement age, or Employment Extenders.²

The aging workforce is growing

The Bureau of Labor Statistics (BLS) estimates that over the next decade, the labor market will continue to age, with the greatest growth coming from workers aged 55 and over. Additionally, continued growth is expected in the workforce participation rate of those past traditional retirement years — aged 65 to 74.³

But that does not mean that older workers will extend their employment in their current roles. According to AARP, 61% of older workers surveyed have updated their resumes, applied for jobs, posted resumes, gone on job interviews, created LinkedIn profiles, or met with recruiters. As the skilled labor shortage continues, respondents who took some type of training (54%) cited keeping current skills up-to-date and developing new ones as the top reasons.⁴

Attracting and retaining Employment Extenders

This shift in the age of employers’ workforces, as well as Employment Extenders restlessness with their current positions, indicates a paradigm shift for many employers: far from encouraging their aging workforce to retire “on time,” older employees may be encouraged to continue their employment past the generally recognized retirement age.

Many employers are well-positioned to do so by meeting the unique needs of older workers. Others are consulting with advisors who can help them get up to speed and meet the needs of Employment Extenders in their workforce, including the following considerations:

1. Awareness and education

• Planning for longevity, including the cost of care
• How Social Security and Medicare work
• Community resources available to help access services needed to ensure their health and wellbeing
• Planning for predictable income
• Making the most of catch-up contributions
• How employee benefits can meet their needs

2. Guidance tools

• How to manage and invest required minimum distributions
• Transitioning into retirement
• Estimating health care costs
• Tax efficiency planning
• Maximizing benefits decisions

3. Caregiver support

• Remote work
• Flexible schedules
• Health care concierge services
• Leave management programs
• Community-based services available to caregivers and their loved ones

4. Health and wealth benefits

• Health Savings Accounts for post-retirement health needs
• Emergency savings plans
• Retirement plan options that can provide a predictable stream of income
• Managed accounts
• Benefits that help save for future care needs⁵

Access the research and other resources to learn more, or talk to your Voya Representative to learn about solutions that can help retain older workers.

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