Firms focused on extending working life must also prepare staff for retirement. Even as companies encourage 50-somethings to work for them, helping them to retire eventually should still remain a top priority.
Latest research showed that while 55% of employers are actively hiring staff in this age bracket, only one in four offer any form of planning for life after work.
The survey from Hays[i] suggests one in three workers aim to retire in the next five years but only one in ten have actually discussed this with their employer.
Punter Southall Aspire CEO Steve Butler said it was a balancing act facing HR teams. Steve said: “Companies recruiting over-50s will benefit from the knowledge and experience they bring but they also need to help to prepare their colleagues for when they finally want to bring their careers to a close.
“Employers have a unique opportunity to engage their people, to encourage them to save, and to support those retiring with financial education, such as digital tools to help them prepare with greater confidence. In the end, your people look to you for guidance and reassurance.”
Punter Southall’s latest survey* amongst HR professionals found 51% of employers fail to offer any additional support to employees approaching retirement beyond contributing to their pension.
Steve added that the government’s own figures[ii], suggested 12.5m British workers were not saving enough for later life.
[i] https://www.hrmagazine.co.uk/content/news/employers-failing-to-prepare-for-retirement-research-finds
[ii] https://www.express.co.uk/finance/personalfinance/1742325/pensions-warning-cost-of-living
