Over 50's Delay Retirement Due To Cost Of Living Crisis
In a previous article we highlighlighted that flexible working was key to encouraging those over 50's who had left the labour market, back into it. Now new research by Totaljobs has found that 22% of over 55's have taken the decision to delay retirement due to the cost of living crisis.
In the new survey, Totaljobs also found that:-
- 30% of over 55's are concerned that they may not ultimately have sufficient funds to retire on
- 34% of employers admitted having made no attempt to incentivize the over 50's to remain with them. However, 21% stated that they had offered those employers assistance with retirement planning, 19% had offered a pay rise in line with inflation, whilst 16% had offered more options in relation to flexible working. Meanwhile, 8% had offered to provide private healthcare cover
Commenting upon the findings, the CEO at Totaljobs, Jon Wilson, stated: "Businesses need to look at the wider context if they are hiring over 50s or have a large proportion in their workforce. For example, it’s vital to set up facilities by which these workers can share their knowledge and experience with the younger workforce to ensure that knowledge is shared across the business."
Around Two-Thirds Of Workers Tempted To Change Jobs In Return For 4 Day Working Week And / Or Flexible Working
In a new survey of 1000 workers, iCompario found that if offered a similar role by another employer, but with the opportunity to work a 4 day working week, 68% of them would change their job. Moreover, 64% stated that they would change jobs if a job offer provided for flexible working in the form of flexible hours
The survey also found that workers would also be prepared to change jobs if the following workplace benefits were on offer: overtime (63%), flexible working in the form of remote working (56%), an occupational pension (56%), private healthcare cover (54%), bonuses and commissions (54%), an early Friday finish (54%), shares (50%), and employee discounts (50%).
The survey found that 32% of workers already benefit from some form of flexible working arrangement in terms of hours worked.
Interestingly, 33% of workers would prefer that their current employer ditched their current workplace benefits in return for a cash equivalent increase in their pay. Nevertheless, 74% of workers stated that they were happy with their current workplace benefits. However, in terms of those that were not happy, the sector with the highest proportion was the emergency services.
Commenting upon the 4 day working week and flexible working findings, the digital director at iCompario, Kerry Fawcett, stated: "The study findings show how important a role benefits can play in retaining a happy and loyal workforce. Many workplace benefits make a tangible difference to people’s lives, and workers are much more likely to stay put in their current role if they feel that their employer is rewarding them sufficiently for their efforts."
Fawcett added: "Our study gives some indication of the types of benefits that are most sought-after on a general basis, but employers are likely to want to conduct their own research to ensure that they are offering benefits that employees in their specific sector are looking for – getting this right can play a big part in retaining talent."
The chief customer officer at Adzuna, Paul Lewis, also points out: "In 2022, companies are turning to work perks to tempt talent to join them over their competition. Employees are putting more focus on health, wellbeing and work-life balance, so it’s no surprise to see a surge in jobs advertising perks like wellness programmes or getting your birthday off. Against the backdrop of a burnout epidemic and trends like quiet quitting, the best employers are providing extra flexibility and mental health support to their workforce."
