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The Future Workforce is Shifting in Age. Are You Prepared?

- August 1, 2023

When we look to the future of work, it might look a little different than you’d expect.

We’re finding that fewer young people are starting their careers. And on the other side of the coin, older and experienced workers are expected to make up more than a quarter of the workforce by 2031. In fact, in its global study, Bain & Company found that 150 million jobs will shift to workers over the age of 55 by 2030.

With this change in worker demographics on the horizon, is your business prepared? Here are some things you can do now or put into place to specifically support older workers.

  • Robust training – In Bain’s survey, 22% of respondents aged 55 to 64 said they need more tech skills for today’s workplace. Offering learning and development opportunities to all employees is a great tool for growth and retention and can help older workers learn new skills or refine their craft.
  • Mentoring opportunities – Leverage the knowledge and skills of experienced workers through a mentoring program. This can provide satisfaction for mentors while allowing them to pass on their expertise to younger colleagues.
  • Flexible schedule – Offering flexible schedules, like part-time work or the opportunity to work just a few days a week, allows older employees the chance to work at a pace that works for them. It’s a win-win!
  • Financial wellness offerings – With retirement close at hand, you’ll want to provide these employees with a variety of tools and educational pieces that can assist them in meeting their financial goals.
  • Phased retirement – Consider adding a phased retirement option to your benefits plan. This means a worker can gradually transition out of full-time work–which can be a great choice for you and the employee.
  • Earned wage access – Also known as on-demand pay, this ensures your employees have access to their earned wages when they need it. This provides greater financial flexibility and eliminates the stress of waiting for payday.

Planning ahead for the future doesn’t have to be stressful or complicated. CPU can help you modernize your benefits, offerings, and technology so you’re prepared.

Give us a call today to get started.