Some of our employees are aging, and there is no stopping it. Their age might affect their productivity and input these days, but their experience in your company is held in great regard by those with whom they have worked for years.
About 24% of the current workforce comprises employees aged 55 and above. There is a chance that you have a couple of these veteran employees, and it’s only suitable that you manage them properly and give them the necessary benefits to help them transition to the later stages of their life. These employees aren’t going to be working forever, and it’s up to you to make their stay in your company memorable.
If your company hasn’t provided long-term employees with investment and insurance choices, then now is an excellent time to start.
Did you know that the government benefits that many Americans have once they retire aren’t enough for them to live a comfortable and happy life? Americans who have none of these benefits have to make do with a meager annual household income: clocking in at only $8,900 a year. That’s a budget of only $740 a month! If you have paid all your bills, sure, it’s enough to survive, but that’s it. They’ll be living day to day in their homes without a chance for any recreational activity. Allowing your employees to invest will significantly help them in the later stages of their life. There are a number of investment plans you can offer in your company.
Currently, the 401(k) is the most attractive investment plan for many small businesses. It’s also good for corporations. If you’re planning to implement this, you’ll have to know how much your employees are willing to give to the investment program. Providing them with clear information on the amount of money they will receive upon retirement can encourage them to put a reasonable amount of their income in this plan.
Stocks should be the next thing in your mind. Much like the 401(k) investment plan, it all depends on how much your employees want to give to the program. If you want a safe bet, consider putting all of your investments into index funds. Also, consider hiring a stockbroker to watch over your investments. This ensures that no one gets left behind.
Many of your older employees have families. Some of them might even have grandchildren. These are people they worry about on a day-to-day basis. They might be thinking of what would happen to them once they are gone. This might worry them while they are at work, thereby affecting their work and responsibilities. One way to assure them that everything will be alright is by enrolling them in an insurance policy.
Many insurance policies are catered to older people. These policies are meant to ease their thoughts on the worse things that could happen. So make sure they have access to these policies in your company.
A Place to Stay
The veteran employees in your company might not be settling yet for the long run. They might still have the energy of a thirty-year-old once they retire. But the thought of a place to stay is always in their mind.
Sure, many of your old employees have homes and families they can live with as they grow older. But many of these family members might not have the time to take care of them later on. This is why you should partner up with a local hospice that would provide options to your employees. Hospices offer care services for older employees once they retire. They should be the first entities to negotiate a partnership with, especially if your company has many aging employees. This will ensure that they have a place to stay once they’ve grown old enough. This also ensures that there will be people who are willing to take care of them.
There might be some who wouldn’t want to be a part of this program due to various personal reasons. Give them a chance to opt out and choose another program that would tailor their needs instead.
Value the Experience and Work They Offer
Older employees want to feel fulfilled more than younger employees. This is because the job they have in your company might be the last one they’ll ever have. Appreciating them for what they do and for their experience is essential if you want them to be more productive in what they do. Learn from their experiences, and let others learn from them as well. This is the simplest way you can value them from what they are and not only what they do. In doing so, you will be making their final years in the company worthwhile.