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Our Group company, Towergate Health & Protection are seeing that many UK companies are facing extraordinary difficulty in recruiting skilled staff; as the pandemic prompted a lot of people – particularly the over 50s - to reassess what was important to them, with many quitting their jobs as a result.
But now that there’s a cost-of-living crisis in the UK, conditions that are thought to have prompted people into early retirement have changed, making it much more difficult for people to keep their expected standard of living while in retirement and living off their pension.
The fact that some early retirees might need to come back into the job market is the perfect opportunity for businesses to try and attract this age group, because this demographic bring a host of benefits to the workforce:
Figures released by the Office of National Statistics last year showed that of the 58% of respondents who would consider returning to work, the most important factors when choosing a paid job were flexible working hours (32%), good pay (23%), and being able to work from home (12%).²
Enticing experienced talent to your workforce isn’t always a matter of offering a generous pay packet, though. Workers have told us as much, with research across the board revealing that employee benefits are a big consideration when an individual is preparing to accept a job offer.³
When it comes to workers over 50, they’re likely to find the most value out of the following benefits:
Beyond family security, this age group will have been particularly affected by the cost-of-living crisis. Not only will some of them have been forced out of retirement, but they may also be struggling to afford health maintenance costs. The following benefits address this issue:
Trying to make your company more attractive to your existing workers as well as prospective talent, can be a challenge. If your interested in reviewing your benefits offering, speak to your usual advisor.
References
¹Advantages of employing and retaining older workers | nibusinessinfo.co.uk
³half of employees would sacrifice pay for personalised benefits, report reveals | People Management