A new survey conducted by the nonprofit Transamerica Institute and its Transamerica Center for Retirement Studies (TCRS), shows that nearly 7 in 10 employers (69%) currently use or plan to use robotics or artificial intelligence to increase their human workforce.
“Robotics and artificial intelligence may be revolutionizing the business world, but human workers are still critically needed. “Many employers are feeling the pain of the prolonged workforce crisis,” said Catherine Collinson, CEO and president of the Transamerica Institute and TCRS. “Those with innovative and robust benefit offerings have an advantage in the competition for talent.”
In fact, 37% of employers say labor shortages are negatively impacting their overall business and daily operations, and nearly half of employers (49%) indicate that employee recruitment and retention are one of the top priorities related to workforce management.
The new report, “Workplace Transformations: Employer Business Practices and Benefit Offerings,” provides insight into employer concerns, workforce management priorities, flexibility and alternative work arrangements, and health, wellness and retirement benefit offerings.
It also provides recommendations for employers and policymakers, including:
1. Facilitate professional development
The workplace is being transformed in large part due to new technologies like artificial intelligence. Consequently, employers must help their workers keep their job skills up-to-date and relevant.
2. Expand alternative work arrangements
Many employers offer some type of alternative work arrangement, but they may be even more flexible. The most frequently offered arrangements include flexible work schedules (59%), ability to adjust hours as needed (54%), ability to take unpaid leave (44%), hybrid work (43%) , ability to work somewhere on-site (38%), ability to work exclusively remotely (37%), and ability to go from full-time to part-time and vice versa (36%).
3. Support caregivers in the workplace
Amid an aging population and the skyrocketing cost of long-term care, many workers must care for an aging parent or loved one. However, employer support for caregivers is limited. The most common forms of support are unpaid leave (39%), paid leave (35%), online resources and/or tools (25%), a benefit that offers referrals to back-up care (23%), and training employees on how to handle caregiving situations (23%).
4. Offer phased or flexible retirement
The huge Baby Boomer generation is retiring, and the older Generation X is close behind. They are envisioning a gradual transition to retirement rather than an immediate cessation of work. Only 35% of employers have a formal phased retirement program with specific provisions and requirements and 28% plan to implement one in the future.
5. Foster an age-friendly work environment
The multigenerational workforce includes four generations spanning more than seven decades of life experience. He brings an unprecedented diversity of perspectives, skills and experience. Nearly 9 in 10 employers consider themselves age-friendly (87%), but survey results suggest otherwise. Only 44% have adopted a formal diversity, equity and inclusion policy statement that specifically references age.
6. Provide more health, wellness and retirement benefits
Many employers offer some benefits to their employees, but they could offer even more. Health insurance (64%) is the most frequently offered benefit, followed by a 401(k) or similar plan (59%), life insurance (46%), an employee assistance program (35%). %), a workplace wellness program (35%) and disability insurance (34%).
7. Improve retirement benefits
The SECURE 2.0 Act of 2022 makes it easier and more affordable for employers that do not offer retirement benefits to adopt a plan. It also has plenty of provisions for current 401(k) plan sponsors to enhance their plans and help workers build their savings. Only 32% of 401(k) plan sponsors are “very” familiar with the new law, while only 2% of employers that do not offer retirement benefits are “very” familiar with it.
“An employer’s ability to pursue business opportunities, implement new technologies and ultimately compete in the future of work requires a vibrant workplace. “Employers who provide flexibility, a variety of supportive business practices and innovative employee benefit offerings will prevail in the intense competition for human talent, now and in the future,” Collinson said.
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