Invest in people's health to make future workforce a success, say US and global business leaders

HERNDON, Va., May 1, 2024 /PRNewswire/ -- A global study by BSI has found that employee health and employer flexibility are key elements to harness a future age-diverse workforce. Evolving Together: Flourishing in the age-diverse workforce considers how business leaders think businesses and policymakers can respond to demographic changes to enable individuals to thrive and organizations to grow as greater numbers work beyond the age of 65.

BSI's global survey finds that business leaders want government support to create the conditions needed to attract, train and retain age-diverse talent and experience – through tax benefits or other financial incentives. Asked to rank policy priorities, US respondents backed affordable insurance premiums and tax breaks to encourage employers to invest in employee training and mental health as their most-desired initiatives. Across all countries, there was limited appetite for governments to formally raise the retirement age (13/13) or legislate to prohibit age-discrimination (11/13).

Of the countries surveyed, American business leaders prioritized government action around insurance and healthcare more than any other country, reflecting current levels of US investment in healthcare and retirement support.

Senior professionals from nine countries spanning seven sectors prioritized structural shifts – how, where and when work is done, the economic realities and career pathways, formal leave policies – over focus on workplace culture. While health, flexibility, renumeration, skills training and acknowledgement of caring responsibilities were the top six priorities for individuals, being part of an inclusive culture and diversity, equity, and inclusion (DE&I) training provision were prioritized by under a third globally. The US was one of very few countries to note that benefits around caregiving would be extremely important moving forward, in contrast with nations with stronger national care systems in place.

Asked how businesses could make the age-diverse workforce a success in the US (across 14 options), business leaders indicated that to future-proof operations they should focus on retraining employees, (1/14) delivering flexibility (2/14), and supporting employees around physical health, psychological and mental well-being (3/14). American respondents clearly prioritized employer investment in their careers, but also notably ranked diversity and inclusion training as a higher future priority (5/14) than the average country surveyed (9/14).

Xavier Alcaraz, Global Practice Director for Health, Safety & Well-being, BSI, said: "As the US navigates the impact of demographic changes on the workforce, this research places such interventions as flexible work schedules, well-being, and upskilling/re-training high on the agenda. While policymakers have a role to promote this agenda, there is a clear opportunity for businesses to invest in their people and their future workforce through greater engagement to understand their challenges and needs followed with prioritized actions."

Overall, responses were similar across markets and sectors, indicating that despite social and cultural differences workers globally have much in common, mostly a united focus on health and mental well-being, showing that working for longer will require a thoughtful, joined-up approach to care.

With AI transformation gathering pace, respondents identified the value of upskilling people to use new tools. They backed measures such as providing opportunities for retraining people to new roles or supporting returnships (3/14) and a focus on ensuring people remain challenged (4 /14). This suggests there is a key opportunity to enable experienced workers to flourish in the future workplace with skills maintenance and development.

Susan Taylor Martin, Chief Executive, BSI, said: "Our working world is changing. Organizations and policymakers have the opportunity to harness these changes to help more people thrive in a future age-diverse workforce. Business leaders around the world agree that investment in health and well-being is vital. So too is being agile and creative when it comes to flexibility, skills, training and recruitment. Putting people and their needs at the centre of change offers the potential to unlock long-term productivity gains by empowering experienced people to stay in the workforce. BSI is committed to being a partner on this journey to accelerate progress towards a future of work where everyone can flourish."

Media Contact: Jennifer Lipman, [email protected]

SOURCE BSI