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Category Archives: Retirement/Preparation

The Great Paradigm Shift

Posted on December 5, 2023 - 12:31 pm by

The age pyramid is changing, and this is having a significant impact on the workforce. According to the World Health Organization, by 2050, the number of people aged 60 years and older is expected to double, and by 2100, it is expected to triple! This means that the proportion of older adults in the population is increasing, while the proportion of younger adults is decreasing.

Due to this paradigm shift, more and more employees are finding themselves caring for ageing parents. This can be a significant burden, both financially and emotionally. Many employees are forced to take time off from work to care for their parents, which can negatively impact their career prospects and financial well-being.

In addition to the changing age pyramid, the workforce demographics are also shifting in a way that is creating new challenges for employees. The so-called “sandwich generation” refers to individuals who are caring for both their ageing parents and their children.

According to a report by the Pew Research Center, nearly half of adults in their 40s and 50s have a parent aged 65 or older and are either raising a young child or financially supporting a grown child. This means that more employees are finding themselves with parents to care for rather than kids.

The Impact on Employees

The ageing population and changing demographics of the workforce have resulted in an increasing number of employees facing the challenge of balancing work and caregiving responsibilities. This can be especially challenging for those caring for ageing parents, who may need to take time off from work to provide care, impacting their career prospects and financial stability.

Additionally, caregiving can take an emotional toll, leading to decreased productivity and more absences. These challenges can have significant impacts on both employees and their employers.

The Importance of Support – The Role of Employers

As the number of older adults in the workforce continues to grow, it is becoming increasingly important for employers to help them stay well for longer by offering flexible work options, providing financial planning resources, encouraging health and wellness, offering phased retirement options, and providing opportunities for mentoring. These support initiatives can help employees feel more confident and prepared for retirement while remaining engaged and contributing to an organisations success. By investing in health and well-being of their employees, employers can benefit from the retention of knowledge, experience, and expertise of the most experienced workers.

Get in touch with us at Junoverse to learn more about how our retirement readiness solution READY™ can help your senior employees or employees with senior parents to care for, boost their well-being while preparing them for retirement in a wholesome and holistic way!

Check out our official video below for further insights.

The Importance of Diversity and Inclusion in the Workforce for Senior Employees

Posted on June 23, 2023 - 2:42 pm by

In an era of global demographic shifts, our workforce is evolving into a rich tapestry of generations. The buzzwords of our time—diversity and inclusion—ring true as older adults extend their careers, with companies increasingly appreciating the wealth of experience, knowledge, and skills they bring to the table.

Diversity and Inclusion in the Workforce: The Need for Belonging

However, with this diversity comes the need for inclusion. In addition, it’s important to recognise that inclusion goes beyond just diversity. It’s about creating a sense of belonging for all employees, regardless of age, race, gender, or background.

This means creating a workplace culture that embraces and celebrates differences, while also fostering a sense of community and togetherness. By creating a different way of belonging, companies can harness the full potential of their diverse workforce and drive innovation, creativity, and productivity.

Encouraging a diverse and inclusive workforce not only demonstrates a commitment to social responsibility but also fosters an environment where all employees, from entry-level to the most senior positions, feel valued and supported.

Research Insights: Senior Employees and Job Satisfaction

Research underscores a compelling narrative – senior employees often find greater job satisfaction compared to their younger counterparts. A Society for Human Resource Management study revealed that employees over 55 were 20% more satisfied with their jobs than younger colleagues. Moreover, senior employees demonstrated a 41% lower likelihood of missing work due to illness or personal reasons, signifying their profound dedication to their roles. Yet, the persistence of ageism and negative stereotypes about older workers continues to present formidable challenges in the workplace.

Accommodating the needs of senior employees

In parallel, employers must take targeted actions to accommodate the unique needs of senior employees. This includes providing ergonomic workstations and offering flexible work arrangements that address potential physical limitations that can arise with age.

Employers may also consider implementing age-inclusive policies such as phased retirement programs, which can help older employees transition to retirement while still contributing their skills and experience to the workforce.

Work beyond a paycheck

Acknowledging the distinct perspectives and needs of senior employees enriches the organizational fabric. By fostering a culture of diversity and inclusion, employers create workplaces that benefit all employees, regardless of age.

This can lead to increased job satisfaction and retention among senior employees and can help organisations retain valuable institutional knowledge and experience as their workforce ages.

Recognising Work’s Intrinsic Value

It’s imperative to recognize that work offers individuals more than just a paycheck. It provides a profound sense of purpose, identity, and social connection.

For many, their job is an integral facet of their identity and a source of fulfilment. However, as individuals traverse the journey of ageing, transitioning out of the workforce can be a challenging endeavour. This underscores the crucial need for discussions about preparing for this transition, encompassing both financial and emotional aspects. Understanding the profound value that work brings to individuals reinforces the importance of planning and preparing for retirement or other workforce transitions.

Supporting Senior Employees in the Workforce

Another approach to supporting senior employees in the workforce is through pre-retirement practices. These measures aid senior employees in their preparations for retirement while simultaneously boosting their levels of engagement, contentment, and involvement. Offering senior employees access to pre-retirement practice engagement platforms facilitates the maintenance of their physical and mental well-being, reduces sedentary behaviour, and ensures they are prepared for the retirement transition.

Junoverse Ready: Empowering Diversity and Inclusion

Junoverse Ready stands as a comprehensive pre-retirement program specially designed for senior employees. It offers a wide array of resources and activities to help senior employees remain actively engaged in the workforce while preparing for retirement.

By granting senior employees access to Junoverse Ready, organizations reinforce a culture of diversity and inclusion within the workforce. It communicates a deep-seated appreciation for their contributions and a commitment to supporting them throughout their career and retirement journey. This, in turn, bolsters employee satisfaction and retention while providing senior employees with the necessary resources for success.

Junoverse Ready furnishes human resources managers with invaluable insights into senior employees’ sentiments regarding age inclusion, workplace culture, and employability.

Ready to Learn More? Request a Demo Today!

Interested in delving deeper into our ecosystem of digital solutions? Request a demo today and gain profound insights into how Junoverse supports diversity and inclusion in the workforce.

As you explore, take a moment to watch Junoverse’s corporate video below!

Understanding Retirement Challenges and How to Overcome Them

Posted on May 22, 2023 - 10:45 am by

Retirement Challenges: Navigating the Transition with Confidence

Retirement is a major life event that many people look forward to with excitement and anticipation. However, the transition from working life to retirement, often accompanied by various retirement challenges, can also be a time of uncertainty, stress, and anxiety for many. It is a time of significant change, not just in terms of daily routine and financial circumstances, but also in terms of health and wellbeing.

Addressing Retirement Challenges: The Impact of Sedentary Behavior

As people approach retirement age, they often begin to plan for their future post-retirement activities. While much is discussed about the importance of physical activity for healthy ageing, little attention is given to the impact of sedentary behaviour during the retirement transition. Research suggests that helping individuals adjust to a routine that includes both physical activity and reduced sedentary activity is crucial for promoting healthy longevity.

The Importance of Preparation Programs

Making positive behavioural changes during the retirement transition is essential, as this is the period when people are thinking about their retirement and preparing for it. Unfortunately, many people do not prioritize their health during this time, even though changes in physical activity and sedentary behaviour patterns are closely linked to health and wellness in later life.

The transition from working to retirement is a significant turning point in people’s lives, and it is not always a voluntary choice. Even if it is, it can be a step into the unknown, and for many older couples, the first few months or even years of retirement can be a stressful and challenging time. The change from a full-time engagement in employment to a round-the-clock leisurely state of being, coupled with an increase in time spent with spouses or partners, can have a negative impact on older persons’ physical, economic, emotional, and social well-being.

Preparing for a Fulfilling Retirement Experience

To mitigate these negative effects, there is an urgent need for the revival of pre-retirement planning programs. Such initiatives can help to provide positive outcomes for older persons both during and after the retirement transition by leading to better levels of health, satisfaction, and marital relationships in later life. By focusing on healthy ageing and positive lifestyle changes, these programs can help individuals adjust to retirement and maintain a high quality of life in their later years.

Therefore retirement is a significant life event that requires careful planning and consideration. By prioritising healthy ageing and making positive lifestyle changes during the retirement transition, individuals can improve their physical, emotional, and social well-being in later life. Pre-retirement planning programs can play a critical role in helping people make this transition successfully, leading to a happier and more fulfilling retirement experience. leading to a happier and more fulfilling retirement experience.

Contact us to learn more about overcoming retirement challenges and planning for a brighter future!