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Benefits That Appeal to Older Workers Can Give Your Company a Competitive Edge

More than likely, your company offers a smorgasbord of employee benefits. But are they the right kind to attract the 50+ job candidate? Here are some tips on how to tweak existing benefits or introduce new ones to attract skilled and experienced workers.

Consider These Appealing Health Benefits

• "Provide discounted prices on supplemental policies that cover gaps in Medicare or contribute a specific amount toward those premiums", says Barry Barnett, principal at PricewaterhouseCoopers in NY. At the very least, they provide workers with added protection and shows employees that you care about their well-being. Do the same with concierge benefits, ranging from vision and dental to pet insurance. "Employers don't incur any expense but the employee benefits from reduced costs," he says.

• "Identify medicines that are most frequently used by employees. Chances are many are being prescribed for mature workers who may not be able to afford them, such as cholesterol, diabetic or heart medications. Then check into the patient assistant programs offered by the pharmaceutical companies that manufacture these drugs and ask for discounts", says Michelle Katz, president of HC Strategies in Washington, DC. "Sometimes the insurance company has already done this, but sometimes they haven't," she explains. "Cut out the middle man and go right for the gut."

• "Offer health care plans that cover second generation family members who are dependents like grandchildren", says Dorma Kohler, owner and managing partner at AlteraMed Group in Houston. Many plans don't offer this extended coverage.

• Establish group rates for long term care and long term disability with guaranteed issue (where no one can be turned down). "Some people who are now in their 50s are thinking they need to pick these benefits up and are finding it's very costly," adds Kohler. "Once you start having health problems, it's hard to pick these benefits up as an individual."

Offer Training Opportunities to Help Employees Soar

"Proactively offer your training programs to mature workers, regardless of their position or work status. The MGM Grand Resorts employs two workers over the age of 80 who completed the company's entire computer series. The series includes everything from Microsoft Word to Excel and its online leadership courses, says Earl Falls, executive director of employment and technology at the MGM in Las Vegas. Others who enjoy hobbies outside of work take advantage of the company's life skills classes like cooking, floral arrangements, candy-making or quilt-making. "The need to learn is a driving force for many in this age group," he says. "The more robust your training and educational programs are, the more this group will be attracted to your [company]. It's all about inclusion, respecting everybody's contributions."

These Flexible Work Options Attract Workers 50+

"Create passport or snowbird programs that allow employees to work in different parts of the country. Many employers are already doing this, says Roselyn Feinsod, principal, workforce effectiveness at Towers Perrin in NY. She points to Home Depot, CVS, and Borders as examples.

"Present the option of shorter shifts, adds Feinsod. This may be especially appealing to employees whose job requires them to stand on their feet all day, such as nurses or cashiers.

"Develop temporary employment opportunities where employees act as consultants. Tim Phoenix, principal at Deloitte Consulting in Austin, TX, knows of a large manufacturing company that offers such opportunities to engineers, who are in short supply. They're hired for various projects throughout the year and can work as much or as little as they want. Some work three months a year, spend the winter in Florida, then return to work for another two-month project. "It's the idea that people work very intensively for short periods of time," he says. "It's a tremendously good practice in the high skills area like [with] executives or management level [employees] where it can be project-driven."

Consider Offering Attractive Pre-Retirement Options and Savings Plans

"Allow employees to test-drive retirement. At The Aerospace Corporation, in El Segundo, CA, employees who are eligible for retirement can work part time or take up to 90 days to try out retirement but not lose their job or employee benefits if they opt to return to work full time, according to Dave Jonta, company spokesperson. If they retire, these employees can also return to work on projects for up to 1,000 hours a year and still retain their retirement benefits.

"Enable employees to draw retirement benefits while still working. Since 2002, employees who are eligible for retirement at Baptist Health South Florida in Coral Gables, FL, can withdraw funds from their retirement account without penalty, still hang on to their job and full benefits, and continue participating in its retirement program, according to Bob Shirk, corporate director of benefits at Baptist.

"Offer 100 percent vesting of stocks for employees who reach the age of 62. At Burns & McDonnell, which introduced an employee stock ownership plan back in 1986, employees must wait six years before they're vested. But when they reach the age of 62, it's automatic-they own the stock, explains Melissa Wood, associate vice president of human resources at the engineering firm in Kansas City, MO. She says this strategy was implemented partly because engineers are valuable at any age. "When you're recruiting the 58-59 year-old, that vesting schedule is attractive to them," she says, adding that engineers are never ready to retire. "There's no weight or burden of, 'I have to be here for seven or 10 years to be vested.

Other Appealing Perks

"Consider offering shuttle service, especially for those who work evening hours at one location. Some individuals, regardless of age, are reluctant to drive on busy streets at night or on a freeway, says Barnett at PricewaterhouseCoopers.

"Serve lunch or dinner before or after a shift. Create social opportunities around the meal that create a sense of family or community, enabling employees to get to know their peers on a personal level. Barnett says many employers are actually considering it. Falls at MGM says all workers receive a free meal on the clock.

These benefits are attractive to employees of all ages and can be effective recruiting strategies to bring top talent to your company. They also convey to workers that their employers value their contributions to the workplace. What employer doesn't want to be seen as a cut above its competition in the race to seed top talent?

AARP Resources

AARP Workforce Assessment Tool
This interactive tool will help you assess your company's preparedness to meet tomorrow's staffing needs and challenges. Adobe Acrobat 8.0 or higher is needed to best view your results.

Highlights of Winning Strategies: AARP's Best Employers Program Honorees
AARP recognized these companies for developing and implementing exemplary practices to recruit, retain, and manage workers 50+.

AARP Profit from Experience
Perspectives of Employers, Workers and Policymakers in the G7 Countries on the New Demographic Realities Addresses, through best practices and case studies, how to develop and implement effective strategies for recruiting and retaining workers 50+.

AARP Age Equity in Employment Checklist for Employers
An online checklist to help employers assess their company's policies and practices to attract and keep valuable employees, including older workers. Topics include recruitment, policy development, training, and job redesign.