What employers need to know about America’s health span gap
Even though people are living longer, they aren’t necessarily living those additional years in good health.
The number of adults ages 65 and older in the United States continues to grow, driven largely by the Baby Boomer generation. This is projected to nearly double from 52 million in 2018 to 95 million by 2060, with aging adults ultimately comprising nearly 25% of the total population.
Not only will there be more older adults, but they are also living longer. With that comes a shift in the traditional stages of life and retirement in the mid-60s no longer a given. Older adults are continuing to work beyond traditional retirement years for several reasons. Some enjoy the purpose and meaning work brings to their lives, while others relish the mental stimulation and the social engagement. For many it may no longer be a choice as a growing number cannot afford to retire.
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Employers have historically not given much attention to the needs of older employees, instead focusing on those of younger working age. With today’s aging workforce employers must take into consideration and prepare for the potential impacts to their health care costs and productivity.
Even though people are living longer, which would suggest an ability to continue working longer, they aren’t necessarily living those additional years in good health. While life expectancy at age 65 in the US has climbed to 19.6 years, healthy life expectancy lags at only 13.1 years – adults at age 65 can expect to live only 6.47 additional years in good health, on average. This gap between life expectancy and healthy life expectancy is known as the “health span gap.” Employers face concerns around how to maintain productivity as their workforce ages, with older workers often having advanced company-specific knowledge and skills that are not easy to pass on to new, younger employees.
The nation’s adults employed full-time report working 47 hours per week on average. Given that employees spend more than one-third of their lives at work, employers have the responsibility and ability to help keep their employees healthy. With strong correlations between employee health and productivity, absenteeism and presenteeism, employers should recognize the natural financial incentive to help their workforce remain healthy. In spite of the supporting data, employee health continues to worsen, with reports of increased rates of anxiety and depression and feeling fatigued while at work.
Between being forced into retirement due to poor health and the 56% of workers over the age of 50 who have been forced out of their jobs by their employers, society is doing itself a disservice. The benefits of a multigenerational workforce are well-documented. Having diverse perspectives and experiences on a team can provide an opportunity for colleagues to learn from one other while fostering innovation when multiple outlooks come together to solve a singular problem. Mentoring relationships can blossom between more seasoned employees and more junior employees in both directions, and additional learning and mentoring opportunities can help to keep employees happy and engaged at work.
Employers that will benefit from an aging and multigenerational workforce are those that adapt and create a welcoming environment devoid of ageism, accommodating variations in workplace habits and health needs. Strategies such as a more inclusive hiring process, flexible work hours, phased-retirement programs, additional skills training, creating new positions or adapting old ones, and changing workplace ergonomics can all help employers adapt to an aging workforce.
Offering insight for employers, a recent report published by the Society of Actuaries conducted by a group of Vitality researchers explores the health interventions that can help people live a longer life in good health such as vaccines and screenings, condition management through medication adherence, physical activity, and a healthy diet. Focusing on the pivotal role that controllable risk factors play in facilitating a longer and healthier life among those in retirement provides a robust framework that helps bridge the health span gap. Employers must do their part to help close this gap — and that requires a focus on healthy aging.
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