Workers are at retirement age, but employers arent sure when they will

Workers are at retirement age, but employers arent sure when they willWorkers are at retirement age, but employers arent sure when they willA vast majority of employers have employees at the age to retire, but face uncertainty because they arent sure when they will do so, according to a new survey from global risk management firm Willis Towers Watson calledThe 2018 Longer Working Careers Survey. Respondents included 143 large U.S. employers employing a total of 2.9 million employees.Eighty-three percent of these employers had a significant number of employees at or nearing retirement. Despite that, only half (53%) of those companies had a good understanding of when those employees would retire.Employers are worried about the inevitable brain drain 80% of employers view older workers as a vital part of their success. Retirement will mean the loss of their experience and skill 48% are concerned about the loss of institutional knowledge, and 50% expect it to be challenging to find wor kers with similar skills to replace them.While employers are concerned with what theyll lose with older workers retirement, they also acknowledge that their staying and delaying retirement equally causes complications, most notably on the cost of benefits. Nearly 50% of employers said they were worried benefits costs would rise because of employees delaying their retirements. 41% of employers said that workers who delay their retirements will increase wage and salary costs.According to the survey, employers are most often using the following plans to manage employee retirementsWellbeing Retirement planning programs (66%), modifying work conditions (36%)Flexible employment From moving positions (30%) to offering part-time employment (27%)Consulting 49% offer retired employees work as consultantsPhased retirement 10%But not everyones ready to retire data shows that a top reason people stay on is that they need to save more, and more recent research says 53% of Americans over 60 are postponing retirement.Older workers are clearly a sought-after resource, and our research shows there is a definite supply of employees who would like to work into their 60s or beyond,said Lauren Hoeck, director of Retirement at Willis Towers Watson. We believe employers can effectively draw on the expertise of older workers, and this opportunity will require careful management.