November 2024
Benefits that matter to an aging workforce
Offering holistic benefits that support healthy aging can have a positive impact on the workplace. A company culture that fosters respect for employees of all ages can help employees feel more valued and provide them with meaningful work and purpose. For employers, this can lead to greater productivity and retention of experienced workers. And for older employees, this can help facilitate the extension of their careers and retirement on their own terms.
As a long-standing member of the Global Coalition on Aging (GCOA), Bank of America partners with them to explore the dramatic shifts in global demographics and how they impact the workplace. Lorna Sabbia, Head of Bank of America Workplace Benefits™, recently delivered a video message to global leaders at GCOA’s Silver Economy Forum in Berlin, Germany, addressing the challenges of a multigenerational workforce and actionable tips for employers to tailor benefits that promote healthy aging and age inclusivity.
“People are working longer than ever before,” explains Lorna Sabbia, “and it’s critical to thoroughly understand the issues that presents for employers and employees alike.”
Fostering an age-friendly culture can help ensure inclusive workplaces that support employee well-being and business success.”
In addition, Bank of America and the Global Coalition on Aging have released a new study, Better with Age: Benefits that Matter in the Silver Economy. The report offers employers a guide to navigating the changing landscape of an aging workforce and outlines current trends in demographics, unique needs of older employees and practical ways to support this valuable segment of workers.
Key takeaways
- Download the full study conducted by Bank of America and the Global Coalition on Aging.
- Help promote an age-friendly work environment to support the well-being of all employees, with healthy-aging literacy, education and resources.
- Tailor benefits that address employees’ differing needs at different life stages.
- Consider taking actions presented in the video and report—such as, offering menopause benefits, phased retirement, multi-generational team building at work and caregiver support.
- Talk with your Bank of America representative about implementing communications and engagement strategies that are relevant and meaningful in the silver economy.