The MIT AgeLab’s insights reveal that longevity, demographic changes, and technological innovation are revolutionizing the workplace. These changes mean that plan sponsors are facing a number of challenges but, more importantly, some exciting opportunities.
Avoid brain drain by retaining and attracting top talent
With the aging population growing so rapidly and birth rates declining, many industries could be up against labor shortages. As many employers face a coming wave of baby-boomer retirements, the resulting gaps in unique skills, experience, and institutional knowledge may be difficult to fill. Keeping mature workers engaged may help ensure that your company retains the employee knowledge necessary to compete.
Going forward, successful workplaces will not only leverage the skills and institutional knowledge of mature workers, but also appeal to those whose talent they are looking to replace. And if younger workers are going to fill the shoes of those who will be transitioning out of the workforce, they’re going to rely on older generations to pass on their knowledge and expertise.
Appeal to the shifting priorities of modern workers
Whether you’re a retirement-plan focused advisor or looking to expand your business, you can help existing and prospective retirement-plan clients meet new employee expectations. These expectations include training to help them learn new skills and remain employable, flexibility to accommodate active lifestyles and child or eldercare, and collaboration to create a sense of community in the workplace. The employer benefit? A more productive—and potentially more profitable—workplace.
Employers will learn how to:
- Offer educational opportunities to strengthen employees’ skills and help avoid brain drain
- Promote collaboration to nurture a happier, more productive workplace
- Provide flexible options to help employees fulfill caregiving needs and achieve work-life balance
- Download or order The Evolving Workscape white paper at right, under Resources.
- Listen to episode 15 of the Human-centric investing podcast as Dr. Joe Coughlin, director of the MIT AgeLab, discusses the implications of a changing workplace.
- Get The Evolving Workscape workbook by entering your email below. Follow the workbook's actions steps to modernize and maximize your workplace.
John Diehl is a registered representative of Hartford Funds Distributors, LLC. Check the background of this firm/individual on FINRA's BrokerCheck.
The MIT Age Lab is not an affiliate or subsidiary of Hartford Funds.