Work til you drop ‘is threat to recruitment and retention’

working

The study among HR executives found 41 per cent believe companies face looming problems in retaining and recruiting new staff if existing employees are unwilling to or unable to afford to retire.

Employment data shows 1.19 million over-65s are still working – slightly down on the 1.202 million peak at the start of 2015 – but still nearly double the 635,000 over-65s in the workforce in 2006.

Working past 65 is increasingly seen as an option by employees, research indicates. The nationwide study found just 29 per cent of employees have ruled out working past 65. Younger workers – who face higher State Pension Ages – are the most likely to work past 65 with just 23 per cent of those aged 25 to 34 saying they will definitely stop work by 65.

Portus Consulting Commercial Director Steve Watson says: “Working past 65 is becoming increasingly normal with more than 1.1 million over-65s in employment.

“But if people are staying in work simply because they cannot afford to retire then it becomes a possible flashpoint for employers and a potential issue in managing their business for the benefit of all employees.

“New pension freedoms have meant increased flexibility over pension funds and increasingly put the responsibility for retirement planning on employees. People however need support in managing their retirement plans and employers have a role to play in delivering guidance.”

Moreover, the research shows 79 per cent of employees would welcome online guidance through their employer which enables them to keep track of their retirement planning and to have all relevant information in one place. Those aged 35 to 44-years old are particularly supportive – 84 per cent said they would use an online service.

 

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