A recent survey by the Employee Benefit Research Institute (EBRI) revealed the most effective ways that employers can incentivize older workers to put off retirement--by asking these workers what would make them stay.
The survey, conducted among 4,891 workers between the ages of 55 and 65, asked what opportunities would be most effective in persuading them to delay retirement. EBRI had the workers rank their top three incentives employers could provide that would be the most effective.
Here are the five incentives that were most often cited in respondents' "top three," followed by the percentages of those who deemed each opportunity as the "most effective."
- Feeling truly needed for an assignment (29% said it was in their top three ; 12% said it was the most effective incentive)
- Receiving a full pension while working part time (24%; 9%),
- A pay increase (22%; 7%)).
- Continuing company-subsidized health insurance at the same level as full-time workers (21%; 5%).
- Receiving a partial pension while working part time (21%; 6%).
No other incentives were ranked among the top three by 20 percent or more of respondents. Notably less effective opportunities included a one-time cash bonus (10% in top three; 2% most effective); receiving additional paid time off each year (8%; 1%), and being able to take a paid sabbatical (6%; 2%).