Compensation and benefits packages that cater to older workers play a key role in improving retention, according to case studies of “best practice” companies in the “Wisdom at Work: Retaining Experienced Nurses” study. Successful strategies included tying pay scales and pension contributions to seniority, and giving financial rewards to employees who demonstrate successive levels of competence in certain areas. Older workers also appreciate the opportunity to take advantage of phased-in retirement options, which allow them to retire and be rehired or work part-time after retirement.
Benefits that appeal to older workers include “eldercare” programs that help employees provide in-home care to aging, disabled or ill spouses or relatives, and flexible schedule arrangements that allow senior employees to work on a seasonal basis or work unusual or reduced hours. Scheduling flexibility lets employees continue working even if they spent part of the year in an alternate location or if they take care of aging, disabled or ill spouses or relatives.
- A phased health retirement program at Scripps Health in San Diego that lets employees 55 or older work a reduced schedule with full health benefits. (PDF)
- Wisdom at Work: Retaining Experienced RNs and Their Knowledge Case Studies (PDF)
- A pay scale at Carondelet Health Network in Tucson that ties raises to seniority and gives financial rewards to nurses who demonstrate increasing levels of competence. (PDF)
- Opportunities at Bon Secours Richmond to retire and be rehired after a short period to enable employees to collect retirement benefits as well as regular paychecks. (PDF)
- An eldercare program at Bon Secours Richmond Health System that helps employees provide in-home care to aging, sick or disabled family members. (PDF)