Great news: People are now living and working longer than ever before.
The workplace is getting older. In fact, almost 20 percent of Americans age 65 years and older are now working, according to the U.S. Bureau of Labor Statistics. That means a fifth of the elderly population is still willing to work — possibly for your company.
Also, 27 percent of Americans plan to work as long as possible, according to a 2015 Federal Reserve study. The same study found that another 12 percent have no intention of retiring at all. With retirement becoming a thing of the past for so many, it’s time to think about the longevity of your workforce.
Sure, some of these older workers are unable to retire for financial reasons, but many employees — especially educated ones — actually like their jobs and enjoy being involved with their company. And a study from the Employee Benefit Research institute found that some people just don’t enjoy retirement at all. Retirement trends are changing, and that’s not necessarily a bad thing.
Let’s not forget that many employers need older workers at their companies. The U.S. unemployment rate is at 5 percent, the lowest it has been since 2008, and some older workers may be irreplaceable. With an educated, older workforce on the rise, companies need to take a hard look at how they can keep their more seasoned employees happy and healthy.
An aging workforce with employees who plan to work for a long time (and don’t forget, millennials aren’t going anywhere ) means companies need an HCM solution that caters to long-term wellness and benefits. That’s where Workterra can help.
Workterra’s Wellness tool integrates health assessments and biometric screenings into company wellness programs, which helps identify and evaluate employees health levels. This allows companies to identify health risks within their organization, provide a baseline to create goals and challenges, and send personalized nutrition and exercise tips.
The wellness solution also offers an activity calendar, which can track employees’ workout and sleep habits, water intake, and meal plans. And, yes, the activity calendar can integrate with an employee’s wearable fitness devices like Fitbit, Garmin, Nike+ and more.
A healthier workforce means a longer, better living workforce. Employees young and old benefit from wellness programs that cater to their well-being. Investing in those programs now is an investment in their future and their company’s future.
And speaking of health, employees who are going to be around for a while need an HCM solution that will take care of their health care cost needs financially and intuitively.
Workterra’s Exchange tool is based on a defined contribution model that puts employees back in charge of their health care costs and provides a wider range of benefit options to employees. The exchange tool is interactive, intuitive, and beneficial to employees young and old.
Employees of all ages also need a benefit administration solution that alleviates the complexities of benefit enrollment and Affordable Care Act compliance.
Workterra’s BenAdmin tool is easy to use, tracks open enrollment processes, manages year-round life events, sets payroll schedules, and more. The self-service dashboard is designed to promote employee self-service and increase overall user engagement of the benefit enrollment process.
With an engaged, healthy, and fully-equipped workforce, companies can empower employees of all ages to take control of their wellness, finances, and benefits. And Workterra can help get them there.