 By 2012, nearly 20 percent of the total U.S. workforce will be age 55 or older, up from 12 percent in 1992. As the proportion of younger workers continues to decline, attracting and retaining mature, experienced workers will become increasingly critical for employers to gain a competitive advantage.
In 2008, AARP is recognizing 50 companies who have taken steps to retain and/or hire older workers through its Best Employers for Workers Over 50 program. These companies span industries across the U.S.
For example, some companies are in the industrial sector, others are in the service sector and still others are part of education, government or the not-for-profit sectors. The annual recognition program, established in 2001, acknowledges those companies and organizations whose best practices and policies for addressing aging workforce issues are roadmaps for the workplaces of tomorrow.
According to AARP's latest report, "AARP Profit from Experience: Perspectives of Employers, Workers, and Policymakers in the G7 Countries on the New Demographic Realities," all of the G7 countries (U.S., U.K., Canada, France, Italy, Germany, and Japan) are experiencing demographic shifts, with the population aging and the possibility of a large cohort of workers planning to retire in the not too distant future. The study shows that because of this shift we will have a global seller's market for talent, which is great for employees deciding where and how they want to work.
The study also found that those countries and companies that are investing the time today to understand the coming demographic challenges and which are laying the groundwork for recruiting the best and the brightest, are the countries and companies best positioning themselves to compete globally in the future. In New York State, AARP highlighted three companies for their efforts on behalf of mature workers.
The YMCA of Greater Rochester was recognized as an AARP Best Employer for the fourth straight year. The YMCA of Greater Rochester offers flexible work options such as job sharing, part-time professional positions, and flexible work schedules to assist employees with balancing work and family life.
Additional Policies and Practices:
- Recruiting: The YMCA of Greater Rochester uses senior placement agencies to target mature workers and retirees. The YMCA has a partnership agreement with Lifespan, which provides information, guidance, and services to assist the mature population. The organization participates in recruiting events at the Veterans Outreach Center and also at the Rochester Area Employee Network, which recruits individuals age 50+ with disabilities.
- Workplace Culture/Continued Opportunities: Full- and part-time employees are offered many learning and development programs: tuition reimbursement, in-house classroom training, on-line training, and certification classes. Employees must work 25+ hrs/week to be eligible for the tuition reimbursement program. In the past 12 months, 75 percent of YMCA employees participated in at least one training opportunity with an average of 40 training hours. The YMCA encourages employees to participate in professional societies, attend developmental conferences, and pursue their own professional development. Accommodations are given to employees with special needs: TTYs for those who are deaf/hard of hearing, ergonomic evaluations, and handicap accessible facilities.
- Benefits/Health: Full- and part-time employees (working 25+ hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, individual and family vision and dental insurance, individual and family long-term care insurance and short-term disability. Long-term disability is also offered to full-time employees. Health benefits for retirees pre-65 and 65+ include individual as well as spouse medical and drug coverage, vision and dental insurance, as well as life insurance or other death benefit coverage. Retirees 65+ also receive individual and spouse long-term care insurance and EAP services. New hires are eligible for all of these benefits upon retirement. The YMCA offers an FSA account to assist employees with their out-of-pocket health care costs. Retirees are also offered a YMCA family or individual membership.
- Benefits/Financial: The YMCA offers a 403(b) plan to its full- and part-time employees and a match to the program. The organization encourages employees to participate in the 403(b) plan by offering all new hires the opportunity to automatically enroll in the plan, employees may choose to invest in life cycle funds, employees 50+ can make catch-up contributions, and tax deferred annuity options are given as well as an optional 457(b) plan. Employees receive financial planning information from the financial services firm that administers their 403(b) and from external financial planning experts not associated with the 403(b). The YMCA offers paid time off specifically designated for caregiving, short-term time off without pay as well as long-term leaves of absence (6 months) without pay to allow for caregiving. The organization offers wellness programs to full- and part-time employees: health screenings, health risk appraisals, smoking cessation programs, health club discounts, physical activity/exercise programs, weight loss programs, and stress management training. Employees can access electronic wellness newsletters. Ninety-nine percent of employees have used at least one of these wellness benefits in the past 12 months. The YMCA partnered with Preferred Care in efforts to assist older adults in improving their health. Full- and part-time employees are offered on-site childcare, and referral services to assist with childcare and eldercare. YMCA full-time employees pay a reduced rate for their childcare programs.
- Benefits/Alternative Work Arrangements: Full- and part-time employees can chose from a range of alternative work arrangements: flex time, compressed work schedules, job sharing, telecommuting, and a formal phased retirement program. The phased retirement program gives employees the opportunity to phase down their work expectations without jeopardizing their retirement payout. Full-time employees are eligible to move to part-time work on a permanent or temporary basis .
- Opportunities for Retirees: The YMCA currently has 40 retirees. A person with direct responsibility for retiree relations communicates regularly with retirees, inviting them to events and providing them with ongoing access to retirement planning information. The YMCA also formally acknowledges employees when they retire. The Y EX-EMPS Group is a formal retiree association, which hosts annual retiree luncheons, weekly retired men's club events, and an Active Older Adults Program. The organization offers retirees temporary work assignments, consulting/contract work, telecommuting, as well as full- and part-time work. There are also volunteer and donor opportunities.
- Age of Workforce: Twenty-five percent of the YMCA employees are 50+. The average tenure of employees age 50+ is 10 years.
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