COVID-19 undoubtedly affected the lives of millions of people across the globe, from lockdowns to social distancing restrictions to redundancies. When it comes to employees leaving the workforce due to COVID, this could be for many reasons, but one thing is certain according to a recent study – the rise of older employees leaving is not entirely the fault of COVID.
So, what is the reason for older people leaving employment?
We can’t blame everything on COVID
As we enter a post-pandemic world, it can be easy to place blame on COVID for numerous things such as the increased need for appropriate hygiene practices, hybrid working models, and of course, redundancies or employees leaving the workforce.
In fact, at the height of the pandemic in 2020, UK redundancy rates increased faster than during the economic turmoil of 2008 to 2009, showing how the COVID-19 pandemic negatively impacted the UK labor market.
The cause of older employees leaving work
On the other hand, whilst it can easily be said that the increase in the number of older employees leaving could be due to COVID as well, research has suggested other factors for their cause of leaving.
In particular, of the 50 to 60-year-olds who were economically inactive in the second quarter of 2022, they reported ill health as the main reason for leaving employment or inability to return to work.
‘Ill health’ refers to being:
- Temporarily sick/injured
- Long-term sick
- Disabled
This research indicates that sickness and poor health, not COVID, are the drivers for older people leaving employment and unable to return to work.
What does this mean for businesses?
What employers can do to prevent this
In order for businesses to improve employee retention of older employees, employers must start thinking about ways to support their employees during periods of illness. We have listed the following as examples of what employers could do to prevent older employees from leaving their workforce due to ill health:
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Financial protection
Employers should care about their employees’ financial well-being, whether that is in the form of group income protection or financial well-being programs to help their employees develop a better understanding of how to manage their finances should they find themselves out of work.
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Healthy living programs
Initiatives that encourage healthy living can be a great way to prevent employees from being in poor health in the first place. Free fitness classes or discounts on gym memberships, as well as policies in place such as eating at least 1 fruit a day in the office. Employees will feel more motivated if there is an incentive, so employers should promote rewards if employees reach a certain number of steps taken each day/week/month as example.
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Access to private healthcare
Providing easy access to healthcare such as private healthcare is still another way to help minimize the number of older employees leaving. Perhaps even having access to a medical professional that employees can call whenever they need to is something to consider too, should they wish to discuss something privately. Plus, access to a portal where they can book appointments and such is also useful.
With these ideas in mind, you will be able to provide meaningful benefits to better support your employees and retain their talent.