Thursday, January 10, 2008
Employers attracted to older workers' experience
Although employers are attracted to older workers and their experience, they are concerned about the healthcare costs associated with an older workforce.
While employers find the work ethic and experience of older workers attractive a 2005-2006 MetLife Employee Benefits Trend Study found that "81 percent of senior managers ranked healthcare costs as their top concern."
The Bureau of Labor Statistics is estimating that the number of workers 55 and older will increase by 50% between 2002 and 2012.
Whatever you can do to tame the fears of employers about the potential costs is important. Here are two reasons that some experts and employers are pointing to that might help you to manage the employer fears here.
- After age 65, workers will be eligible for Medicare, which will make the company health plan a secondary provider, cutting the employer's cost.
- Workers in that age group are less likely to have children who need coverage in the company's health plan.
- Let them know as well if you are already covered in alternative plans.
The AARP (American Association of Retired Persons) is promoting the value of older workers as well, by urging employers to meet the needs of this segment of the workforce by "offering more flexible schedules, providing updated training and using retired workers as consultants."