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Seven in 10 businesses failing to provide for an ageing workforce

Supporting relatives can take its toll on older workers’ health

Seven in 10 companies are not making provision for dealing with an ageing workforce, research shows.

Towergate Health & Protection, which published the findings, said baby boomers (aged 51-74), who are one of the largest demographics in the workplace, have quite specific needs.

Although they may be close to paying off mortgages and saving for retirement, they can still have significant financial obligations, including funding eldercare, helping children get on the property ladder and supporting grandchildren.

The intermediary warned that supporting elder and younger relatives alongside work can take its toll. Physical conditions can not only become an issue, but also affect mental wellbeing. 

Brett Hill, distribution director at Towergate Health and Protection, said for employee benefits to really make an impact it’s important they are tailored to the needs of a workforce.

“And with an ageing workforce it’s particularly important that the specific needs of Baby Boomers are taken into account. This generation isn’t always the most vocal about what support they need, but – like all generations – the better they’re looked after, the more engaged and productive they are,” he said.

The survey found 84% of companies offer private medical insurance, 76% offer an employee assistance programme and 63% offer a healthcare cash plan.

Other benefits provided include dental insurance (58%), health screening (55%), travel cover (39%) and international PMI (21%).

According to Towergate, specific benefits that are relevant to an ageing workforce might include group critical illness, fast-track access to physio and rehab, bereavement support, dealing with probate and finding eldercare.