4 ways employers can address the growing number of older workers
29 Oct 2024
5 min
The Dutch labor market is changing. Due to an aging population and the increase in the state pension age, a growing portion of the workforce remains active for longer. In 2024, 27 percent of workers were between the ages of 55 and 75, a significant increase from ten years ago when it was only 20 percent (CBS, October 9, 2024). While this development has its advantages, it also means that employers need to adjust their workforce policies to effectively support these valuable employees.
In this blog, we explore how employers can cater to the specific needs of older workers, including retirement planning and lifelong development, and how Equip can support them.
Prioritize retirement guidance
Employees nearing retirement are often consciously or unconsciously focused on questions about their financial future. Many employers offer employee benefits, but retirement guidance is often overlooked. It’s critical at this stage, especially with all the new choices that have to be made (read more on what HR professionals should know about the Pension Reform Act). Employees may mistakenly think that there is little left to plan when they are so close to retirement age, but nothing could be further from the truth. Offering financial guidance and retirement advice provides employees with peace of mind and confidence while making crucial decisions about their future. This can increase both the satisfaction and loyalty of older employees.
Promote lifelong learning and development
It is essential that employers support a culture of lifelong learning and development, regardless of the age of their employees. For the oldest generation of workers, this can mean access to workshops or webinars on topics that help them stay professionally relevant and personally motivated. Topics such as digital skills, personal development, or workplace wellness can be highly beneficial. In addition, mentor and tutor programs can be valuable tools for encouraging knowledge transfer and strengthening intergenerational connections in the workplace.
Offer financial planning and insights with Equip
One of the primary concerns of older workers is their financial future, both before and after retirement. This is where Equip offers a solution. Through our platform, employers can provide their employees with access to financial reviews and planning services conducted by our expert planners. These reviews help employees gain insight into their current financial situation and what they can expect after retirement. Whether it's retirement planning, purchasing (or selling) a home, or optimizing savings, Equip provides personalized financial advice, empowering employees to proactively shape their future.
Check mental and physical health
While mental health is a top priority for younger generations, it’s equally important to pay attention to this for employees in the later stages of their careers. Offer well-being programs to support mental health, such as stress management workshops or check-ins with psychologists. Additionally, provide regular health check-ups, ensure ergonomic workspaces that accommodate any physical limitations of older employees, and consider small-scale improvements, like quality lighting and easily accessible workspaces.
Conclusion
The rising age of the workforce is a reality that employers must address. By offering retirement guidance, promoting a culture of lifelong learning, and leveraging platforms like Equip, employers can ensure that older workers feel supported and valued. This not only leads to satisfied and loyal employees but also strengthens overall business outcomes.