Aging! It happens to everyone. While we all age, not everyone’s employers are prepared to handle the changing needs of employees as they approach retirement. This article summarizes some recent findings from a UMD Bureau of Business and Economic Research (BBER) survey, which asked local employees about their employer’s aging workplace practices. Here are some of the areas where employees were most satisfied with their employers (areas of strength) and areas where businesses could improve, according to responses from 252 employees at 11 regional businesses:
Areas of Strength
- Staff appreciation Employees feel happy when they know they are appreciated. A large percentage of respondents (88%) agreed that their employer shows appreciation both for current work as well as overall performance.
- Equal Opportunities Having equality in the workplace is important for all employees. Out of the respondents, 86% felt that their workplace provides equal opportunities to all employees regardless of age, and 90% felt there is equal opportunity for further training.
- Perceptions of Older Employees Aging people may have better mental health if they are viewed in a positive light. Overall, 86% of employees felt that their business as well as other employees view older employees as competent.
- Management Having a positive relationship with managers who are willing to discuss personal and professional objectives is something that 83% of respondents felt their business provides, regardless of age.
Areas of Improvement
- Reduced Working Hours is not a common practice among businesses. Less than one quarter of respondents stated they could reduce their weekly working hours during the last years before retirement if they wished to do so.
- Phased Retirement Only 6% of respondents felt they had the option to work full time (with 50% pay) followed by a period of non-working (with 50% pay) over a period of two to three years before retirement.
- Life After Retirement There is little emphasis towards helping retirees with their post-working routines. Only 15% of respondents felt that retirees at their workplace received advice or counseling to develop meaningful daily routines for life after retirement.
- Flexible Retirement Options Transitioning to retirement is a complex process, and 23% of respondents agreed that their business provides retirement processes that are flexible according to the employee’s needs.
These results come from a BBER study being conducted with Principal Investigator Lacey Loomer, associate professor of Health Care Management; Kim Dauner, professor and director of the Health Care Management program; and Lin Xiu, professor of Human Resource Management. Over the past year, the research team has been assessing how business leadership within the Northeastern Minnesota region rates their age-friendly practices and how those perceptions compare to those of the business’s employees.
The team drafted a survey using the Later Life Workplace Index, an instrument that includes 80 items to measure domains of organizational practices for an aging workforce. The instrument covers topics ranging from employee benefits and resources after retirement to opportunities available while employees are transitioning away from full-time employment. The survey was sent to businesses within Northeastern Minnesota and garnered 252 employee responses from 11 businesses. Results were compiled to create regional benchmarks to which employee’s responses can be compared. These regional benchmarks provide a solid foundation for understanding aging workforce relations within Northeastern Minnesota.
If you are interested in learning more about what can be done for the aging population in the workforce, check out some of the resources listed below. If your organization is interested in participating in a future project with the BBER feel free to reach out to Monica Haynes, director of the BBER, at [email protected] or Dr. Lacey Loomer at [email protected]