( by Andres Rojas )
A company is like a well-greased machine in which every department and worker has a role. As upper management, your job can cover things like record-keeping, managing assets, and taking major corporate decisions.
Indeed, how well covered are your older workers is probably the last thing on your mind. After all, employers have no legal obligation to discuss Medicare open enrollment for 2021 with their employees.
However, even the most pragmatic employers and HR executives will recognize the benefits of keeping highly-experienced workers over training new ones. So read on to learn why you should care about the Medicare open enrollment for 2021.
Older workers can punch way above their weight
While few in numbers, older workers bring tons of skills and experience to the table.
Indeed, most employers and HR executives can sign up a brilliant 25-year-old college graduate. However, the chances of a fresh-out-of-college candidate beating a veteran worker with decades of experience on the same job are slim-to-none.
When challenged, millennials and Gen Z workers will often seek Google’s help. “Perennial” workers, on the other hand, will just roll up their sleeves and attack the problem at hand.
However, the issue of age can never be reduced to an either-or question. In fact, companies of all sizes can benefit immensely from keeping multigenerational teams. By pairing younger and older workers together, companies can leverage their strengths to overcome each other's weaknesses.
Employers and HR must consider that today’s workforce is getting older and savvier
After years of taking a back seat to millennials, perennial workers are finally making a comeback. In 2020, workers aged 65 and over represented 6% of the workforce. Yet, a survey by the Bureau of Labor Statistics estimates that workers aged 65 and over will make 8.3% of the workforce by 2022.
The labor market is changing rapidly. Indeed, many senior Americans aren’t looking forward to retiring today. When given a choice, almost 30% of workers over 65 said they would rather spend their golden years working rather than rocking a chair on the porch.
Whether it’s due to the economy or personal satisfaction, this trend represents a golden opportunity you can’t afford to miss. So what better way to capitalize on it than by giving more health coverage options to your most valuable employees?
Medicare can cover part or all of your most older workers’ health expenses
Now that you know how valuable older workers are, it’s time we address the big elephant in the room. Older workers are experienced and reliable, but they’re also…old.
Sure, their age means they’re more likely to depend on medical services in the near future. But while you have no legal obligation to discuss the Medicare open enrollment with them, the long-term benefits far outweigh the trouble.
For starters, explaining the rules for Medicare to your employees could help reduce the strain on your company’s benefits system. But more importantly, it will maximize your ability to hire and retain the best talent in the market.
Start 2021 on the right foot by talking about Medicare open enrollment with your employees
At first glance, your older employees’ health coverage might seem unimportant. Yet, even one pebble can start an avalanche — especially if that pebble comes from upper management.
By learning and sharing everything you can about Medicare open enrollment with your employees, you will create the type of company culture that has an easy time recruiting and keeping top talent. After all, who wouldn’t want to work for a company where even the boss makes the employees’ health a top priority?