Employers should be doing more to encourage older workers in order to recruit, retain and engage talent, according to a new survey.
The research, carried out on behalf of the Chartered Institute of Personnel and Development (CIPD) by Cranfield School of Management found that the ways employers who reward and recognise talent and employee contribution appeal to the older demographic.
Results show that a holistic approach to pay and reward is vital, and that organisations should look across their financial and non-financial reward offerings to consider whether they are attractive to older workers.
A ‘total reward’ approach has been recommended as a way of helping employers meet the challenges of an ageing workforce by looking at what motivates them in the workplace. Using non-financial rewards promotes a work-life balance, and can therefore be an effective way of promoting the attraction and engagement of an older workforce, the report stated.
“Employers are recognising the importance of an older workforce but this is being influenced by the law and what they can and can’t do, rather than what they should be doing,” said Charles Cotton, CIPD reward and employment conditions adviser.
“While employers have been examining pay progression, few have evaluated whether the way they structure pay is sufficiently flexible to meet aspirations across all age groups. When reviewing and revising their reward approach, employers need to examine whether how they reward their employees is appealing to older workers,” he concluded.
The research also warns employers not to neglect training needs of older workers.
© Crimson Business Ltd. 2008