Market Development Leader, UK, Mercer Marsh Benefits
Cohesive people strategies to mitigate the risks of the ageing workforce are not yet common, but they are firmly on the radar of CHRO’s. Our latest research with the Reward & Employee Benefits Association revealed that increased awareness of HR risks is linked to longer working lives.
Throughout this series, and in each of the eight reports we’ve developed with the Reward and Benefits Association (REBA), we have highlighted the increasingly urgent pace of change reported by respondents. Innovation, market demand, environmental targets and digital and technological development are the key components forcing this transformation, both on an iterative and a revolutionary scale.
Creating cohesive strategies to mitigate the risks of longer working lives
Employers are conscious of the need to better understand the long-term effect of longer working lives on their organisation, both from a talent perspective and in terms of employee benefits.
From our research, the impact of changing working lives in the workplace is notable:
increase in organisations discerning obsolete skills
increase in organisations reviewing extended employment strategies
increase in organisations reviewing their investment in skills
Our research also revealed that an ageing workforce is behind the demand for greater financial and caring support. Employers are largely relying on traditional, core benefits to support employees throughout their career. Although these are effective, shifting expectations and societal trends are highlighting the need for a broader range of benefits that can support longer working lives.
At a glance, over the next two years, companies intend to introduce the following financial and care support:
This report is the eigth in our Transforming Engagement series with REBA and aims to provide the context and practical steps needed to understand how to transform reward and benefit strategies to mitigate people risk.