Seven out of 10 companies are not making provision for an ageing workforce, according to the latest research.
Towergate Health & Protection found the majority of companies were not looking at the specific needs of baby-boomers, and the fact many may be unwiling or unable to retire at 65.
Baby-boomers (now aged 51-74), are one of the largest demographics in the workplace. Many in this group may be close to paying off mortgages and this group, and – as a whole – this group has more adequately funded pensions. However, baby boomers can still have significant financial obligations, including funding eldercare, helping children get on the property ladder and supporting grandchildren.
Towergate says this can cause anxiety and stress, while physical conditions can become more prevalent at this age, and also affect mental wellbeing.
Towergate Health and Protection distribution director Brett Hill says: “For employee benefits to really make an impact it’s important that they’re tailored to the needs of a workforce.
“With an ageing workforce it’s particularly important that the specific needs of baby boomers are taken into account. This generation isn’t always the most vocal about what support they need, but – like all generations – the better they’re looked after, the more engaged and productive they are.”
Of the health and wellbeing benefits that are offered, supporting physical and mental health tops the list. The research found eight out of 10 companies (80 per cent) offer PMI, 76 per cent offer and EAP and 63 per cent offer a healthcare cash plan.
Hill says that while it is great to see that there is widespread coverage of more general health benefits, specific benefits that are relevant to baby-boomers include group critical illness, fast-track access to physio and rehab, bereavement support, dealing with probate, and finding eldercare.
Hill says: “It’s important that these are considered in the mix along with more traditional benefits.”
