At a time when many older workers are considering returning to work as the cost-of-living soars, research from Canada Life reveals that nearly a fifth (18%) of older workers say they don’t feel valued as an older employee. Over a quarter (28%) of 55+ workers say there are less opportunities for them to progress in the workplace.
Currently, only one in four (25%) employers have introduced policies specifically aimed to support the older employees. When asked what was important in supporting them in the workplace, over three-quarters of older workers said appropriate workplace benefits (77%).
Dan Crook, Protection Sales Director, Canada Life, comments: “The cost-of-living crisis is putting significant pressures on household finances. Not only is it forcing the older generation to continue working for longer, but in some instances is causing people to do a u-turn on their retirement plans and re-enter the workforce.
“The workplace should be an inclusive environment for people of all ages, and employers need to recognise the different measures and practices required for different employee demands. However, our research highlights that there is still a large number of employers who are yet to introduce policies aimed at supporting the older workforce. Looking ahead, employee attraction and retention will be vital. Benefits such as group life, group income protection, group critical illness cover, and support services, are called out as examples by employees to help recruitment and retention of a diverse workforce, where everyone feels valued.”
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