• Long-Term Care Readiness: An AARP Survey of Adults 50+. June 2022. It’s no secret that long-term care is expensive. However, many people incorrectly believe, or are uncertain about whether, Medicare covers long-term care services. The majority of adults also believe that they will need assistance with their daily activities as they get older. Yet fewer than three in ten have given serious thought to how they will continue to live independently if they need such assistance.

• LGBTQ Adults 45+ Are Worried About Discrimination and Support as They Age. June 2022. A new AARP survey finds LGBTQ Americans age 45 and over share concerns about how they are treated, with many supporting workplace training about inclusion and legislation to provide legal protection. There are more than 2.4 million LGBTQ adults over age 50 in the United States, and the vast majority (85%) are concerned about discrimination based on sexual orientation. Many also have concerns around caring for themselves and loved ones as they age.

• Labor Force Participation for the 65+ Remains Below Pre-Pandemic Levels. June 2022. A new Bureau of Labor Statistics analysis of Current Employment Statistics (CES) industry survey data shows that US employment levels have recovered from pandemic-related changes across many industries. Labor force participation rates have also recovered to pre-pandemic levels among many demographic groups, including workers ages 55 to 64. Yet the same cannot be said of the 65+ workforce. Many of these workers who retired during the pandemic were already at or beyond retirement age. This makes it less likely that they will return to the workforce—though larger numbers returning is not an impossibility.

• Gone for Now, or Gone for Good? Centre for Ageing Better, June 2022. When the UK labor market re-established itself after COVID, older workers fared far worse than other age groups. Two years on, UK workers in their fifties and sixties are continuing to leave the labor market in droves. The question is, have they gone for now, or have they gone for good? It’s vital for the economy, employers, and individuals, that this is only a temporary hiatus.

• Americans are embracing flexible work—and they want more of it. McKinsey & Company, June 2022. Flexible-work offerings have become a fixture of the modern workplace, and according to the third edition of McKinsey’s American Opportunity Survey, 58% of Americans reported having the opportunity to work from home at least one day a week. This option is notably not limited to white-collar jobs, and when given the chance to work flexibly, 87% of employees take it.

• How Upskilling Can Drive Employee and Business Growth. Forbes, June 2022. High turnover from the “Great Resignation” is pushing many organizations to invest more in employee development. However, small businesses are falling behind. In fact, only 32% of small employers are increasing investments in learning and development this year, compared to 48% of midsize businesses, and 56% of larger enterprises. In a competitive job market in which workers have the advantage, growing businesses can retain talent by creating an engaging work environment where learning is encouraged and applied.

• Caring for the Caregiver: Balancing Work While Caring for Others. Morgan Stanley, 2022. For employee caregivers, finding the right balance between employment and personal well-being can be difficult. Some actions caregivers can take to manage working while providing care include focusing on their own financial health, mapping out a realistic plan for how much care they can provide, and taking advantage of employer benefits like employee assistance programs.

This month, we're pleased to also highlight the work of one of our members, Fidelity.

Experiences from the COVID-19 pandemic are dramatically shifting how society thinks about work. Employees are re-evaluating their careers, including how and where they work, as well as for whom they work and why. The relationship employees have with their jobs, their workplaces, and their employers is changing, ushering in the next generation of work. Rapid shifts in the workforce have led to a dynamic known as the “Great Resignation,” a phenomenon resulting in fewer available workers during a time of intense economic growth. But that is not the whole story. Swiftly changing market conditions and employee expectations are challenging employers to adjust and adapt. To win the war for talent, employers are compelled to reimagine the workplace, improve company culture, and foster employee wellbeing.  

New employer and employee research from Fidelity suggests employers should approach benefits offerings more strategically to better attract, retain, and engage their current and future workforce. The Great Recalibration: How to transform your benefits strategy to meet employees’ evolving needs examines how drivers of the Great Resignation are challenging employers to rethink their benefits strategies to meet the unique challenges of the workplace. Fidelity’s insights will help employers understand employees’ top workplace priorities to more effectively meet their needs now and in the future. You can read the full report here.  

The Living, Learning and Earning Longer Collaborative (LLEL) works with global companies to refine the business case for age diversity and highlight promising practices from around the world. With the World Economic Forum (WEF) and Organisation for Economic Co-operation and Development (OECD), AARP is considering the complexities of the multigenerational workforce in the context of an organization’s recruitment and retention practices, flexible work and caregiving benefits, lifelong learning, and training and assessment procedures. To learn more, visit Growing with Age: Unlocking the Power of the Multigenerational Workforce, LLEL's digital learning platform which offers tools—including the latest research that makes the business case for age diversity—to help employers build, support and sustain multigenerational workforces.

If your organization has not done so already, we highly encourage joining the AARP Employer Pledge Program. This program connects a nationwide group of employers that stand with AARP in affirming the value of experienced workers and is committed to developing diverse organizations. Learn more about signing the pledge.