Organisations are already facing the challenges of an aging workforce, with the increase to the retirement age employers will have to place more emphasis on effective long term workforce strategies.
Here are four key questions HR should be helping the business to address now to deal with the increasing age of its workforce.
How will we support the workforce with financial planning for the future?
The smart firms will be offering financial planning support – whether it simply be awareness training or paid for advisors. It has the benefit of not only enhancing the organisation as a responsible employer but can also be a preventative strategy in the area of financial people risk.
How do we motivate employees whose planned retirement age may have now changed?
With employees having to work longer than they anticipated, traditional approaches to increasing engagement may fall short. New ways of working that allow employees the chance to visualise their path to retirement within an employer are key.This means promoting opportunities such as; flexible working arrangements, offering tailored benefits, creating networks to share experience and promoting and supporting involvement in community activities will all help.
What health and well being strategies increase a healthy workforce?
The focus needs to be wider than health awareness and risk assessments. Digital advancements will see an increase in self monitoring of health with a focus on prevention. HR should to consider how it can utilise Big Data to be ready to offer support on early health interventions prolonging the health and capability of its workforce.
How do we manage a multigenerational workforce?
Organisations will need to work out how to develop and maintain a cohesive company culture through multiple generations of employees. At Capgemini we are utilising the digital propensities and skills of our millennial workforce to up skill our baby boomer colleagues. HR departments need to be considering how to manage and maintain the digital skills of their aging workforces.
The challenge for HR is to get these items on the corporate agenda with the view of introducing long term strategies. The future ‘employers of choice’ will be those organisations that deal with this challenge now and see it as an opportunity rather than a predicament.