More than one in three employees who are near retirement age or over plan to continue working in their current role.
Research by workplace savings company Aegon also revealed 28 per cent expect their employer to create a part-time or flexible position for them.
Around three in five workers intend to remain employed beyond the retirement age to supplement their pension.
There are also a significant number of workers who want to carry on working for the enjoyment, routine it provides regardless of their financial situation.
With the UK’s ageing population continuing to grow more and more workers are placing demands on their employers to help them continue working as they approach retirement age.
Angela Seymour Jackson, Managing Director of Workplace Pensions, Aegon UK said “with so many expecting to work on past traditional retirement age on more flexible contracts, employers will need to move quickly to accommodate this new later-life work culture.”
Accommodating workers near retirement age
To support the UK’s workforce approaching retirement age, employers need to respond by adjusting the working environment to meet the needs of older workers.
Earlier this year, MetLife Employee Benefits suggested organisations should adopt a flexible approach after research revealed employers’ concerns that most of their staff would struggle to continue in their current roles past the traditional retirement age.
It is important for managers to recognise what impact the abolition of the Default Retirement Age could have on their business.
After all, this doesn’t solely impact older workers but also those who need to care for their parents, plus workers with caring and financial responsibilities for children and grandchildren.
So how can organisations meet this demand for flexible working?
Flexible working patterns stands out as an effective way to support workers who are approaching retirement age but perhaps, for whatever reasons, want to carry on working but are unable to do so in the same way.
Allowing older workers to work shifts that suit them will make them feel valued in their role and improve their productivity.
Retaining older workers bring benefit to organisations as it helps them to retain key skills, knowledge and experience that would otherwise be hard to replace.
Cloud-based workforce management solutions provide organisations with the flexibility they require to create a flexible working environment.
With on-demand access to a historical audit trail of data, managers can create ‘what if’ scenarios to understand what potential impact flexible working patterns will have on the business.
For instance, it may be possible for an individual to work from home, go part-time, work compressed hours over four days instead of five or simply work fewer hours during quieter periods.
Employers must address the challenges they face from of an ageing workforce and act now to ensure they have robust initiatives in place to ensure they can effectively manage the health and attendance of an older workforce.