Employers Need to Do More to Retain, Employ Older Workers
According to the Urban Institute, employers may need to rethink traditional workplace practices in order to attract and retain highly experienced, knowledgeable, and skilled older workers. In its report Current Strategies to Employ and Retain Older Workers, researchers find that many older people prefer part-time work so they can enjoy more relaxed lifestyles and pursue leisure activities, or may need flexible schedule to accommodate family care or physical limitations. Work policies that prevent part-time workers from collecting retirement benefits from their employer often force these workers to leave their career jobs, thus squandering firm-specific skills accumulated over long careers, notes the study. The report suggests employers could offer formal and informal phased retirement options, and creating flexible schedules, job sharing, and telework arrangements to keep the skilled older worker.