Essay from the year 2019 in the subject Business economics - Personnel and Organisation, , language: English, abstract: The paper describes employee benefits for older workers. It explains that the role that older employees play in the organisations cannot be understated. They have vast experience in their various areas of specialisation if they are carefully developed and managed. The older employees can be more effective and efficient thus leading to better performance of the business. Despite the important role that older employees play in their organisations, a number of firms and employers are of the perception that the older employees are change resistant, have low self-esteem and are generally difficult or hard to motivate. On the contrary, the older employees are highly reliable, loyal, have rich skill sets and greater knowledge of the organisation, and have a higher commitment to the organisation and the work. This indicates that older employees’ benefits is an essential element that can be used to boost the performance of the organisation.

Aging men and women are increasingly remaining in the labor force. Most often the reason for this is that they need to work additional years in order to be able to support an increasing number of years in retirement. This leaves employers scrambling for ways to adapt to a growing number of retirement-aged workers. Clark and Morrill provide a thorough assessment of the costs and benefits of accommodating later retirement ages, and they describe options employers may use to create some new form of employment contract with aging workers. The most prominent issues employers with aging workers face are declining productivity, rising labor and benefits costs, and a suboptimal age distribution of their workforces. According to the authors, employers could respond to these issues by finding new ways to accommodate older workers with, for instance, phased retirement and return-to-work policies. But the success of such policies also depends on tax policies and whether government-provided retirement benefits could be redesigned to play a role in a newly-defined employment relationship.

At the 1993 Employee Benefits Conference, senior executives, human resource managers and benefits professionals concur: - companies and employees must be mutually responsible for medical coverage and retirement, - a carefully planned benefit strategy is essential for successful rightsizing, - outsourcing benefit functions can be profitable as well as efficient, - managed competition and defined benefit plans are already contributing to national health care reform.

The definitive handbook for every benefits professional, providing you with new material on HIPAA and COBRA, key legislation, and more The encyclopedic The Handbook of Employee Benefits is the essential reference in the human resources industry, helping you understand and select benefit plans that work best for both employers and employees. Important changes and additions to this sixth edition include new material on behavioral/mental health-care benefits, disease management, alternative medicine, and elder care. In addition, executive compensation plans in a pay-for-performance environment are covered for the first time, as are important changes in benefits following September 11, 2001.