Essential businesses like the healthcare industry are
experiencing increased staffing needs as a result of the coronavirus pandemic.
One source of trained and experienced professionals being recruited to fill
those needs are former employees who are currently retired.
However, these professionals are less likely to come out of retirement if their monthly pension payments are suspended as required by some pension plans. In order to remove that obstacle, employers should seek to amend their plans to remove or modify this provision for those rehired during the crisis. It would make the road to reemployment smoother for these retirees.
Milliman’s Vicki Mazzie highlights several issues for plan sponsors to consider in her article “Impact of COVID-19 on your pension plan: Rehiring retirees in healthcare and other essential businesses.”
While employees across all generations might share common goals
and challenges, priorities will vary depending on where they are in their lives
and careers. For example, research shows the goal of aligning employer and employee
values is particularly important to Millennials.
In today’s tight labor market, companies need to look beyond salary in order to attract and retain employees. Companies must also understand what employees really want from their jobs and be purposeful and creative with the benefits packages they offer. Designing such comprehensive, competitive benefits packages means looking beyond the old standards—health insurance, retirement, paid time off—and embracing forward-thinking options like nontraditional and voluntary benefits, and improvements to a company’s work environment and culture.
As with financial security, flexibility is also
an important goal for everyone. How that looks could vary significantly, from
telecommuting and remote work to phased retirement options. Employers who take
into account such differences in priorities are more likely to create an
inclusive benefits environment that meets the needs of all their employees.
To read more about what companies can do to attract and retain employees, read this paper by Ellen Harrington and Valerie Verrecchio.
By 2020, five generations will work together at some companies for the first time. Human Resources (HR) departments that prepare to meet the different needs of each generation will secure the best talent. A recruitment approach that aligns corporate business strategies, internal equity, and employee compensation can be an effective strategy. Milliman’s Anthony Halim offers perspective in his article “Effective intergenerational employee compensation approaches.”