Article: How employers can do more to support their employees

Compensation & Benefits

How employers can do more to support their employees

Most employers (84%) consider their companies to be "age-friendly" as they offer work arrangements, and training and tools needed for employees of all ages to be successful. However, only 65% of workers consider their employers to be age-friendly, according to a new report.
How employers can do more to support their employees

Eighty-one per cent of employers feel responsible for helping employees maintain their long-term health and well-being, while 47% have found it difficult to recruit new employees, according to a new survey report.

Almost two-thirds of employers (64%) believe health insurance, retirement benefits, and/or other benefits to be very important in their ability to attract and retain employees, the report added. 

The report, based on a survey of more than 1,800 for-profit company employers in the US by nonprofit Transamerica Institute and its Transamerica Center for Retirement Studies examines the impacts of the pandemic on employers and their health and welfare benefits, retirement benefits, and business practices.

Despite the rising focus on employee benefits, there is still a sizeable shortfall when comparing the percentage of employers that offer specific benefits with the percentage of workers who value them as important, stated the report.

"In the wake of the pandemic, employers have been navigating complex issues in a rapidly changing environment, especially in managing the needs of their workforce. However, they can be doing even more to support their employees," said Catherine Collinson, CEO and president of Transamerica Institute and TCRS. 

"As employers evaluate their benefits offering, they have an opportunity to further support the physical and mental health and the financial well-being of their employees." 

Best practices for a multigenerational workforce

"Today, four generations in the workforce bring diverse skills, expertise, and life experiences to their jobs. Employers that implement best practices for a multigenerational workforce can potentially increase productivity while supporting the professional growth and work-life balance of their employees," said Collinson.

Most employers (84%) consider their companies to be "age-friendly" by offering opportunities, work arrangements, and training and tools needed for employees of all ages to be successful. However, only 65% of workers consider their employers to be age-friendly. 

The survey finds many employers are embracing a multigenerational workforce in some respects but, in other ways, they have not yet addressed the opportunity. For example, only 34% of employers have adopted a formal diversity and inclusion policy statement referencing age among other demographic characteristics, added the report.

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Topics: Compensation & Benefits, Employee Relations

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