A core principle of marketing is to listen to the voice of the customer: identify the needs, wants and expectations of the customer, then build the product and service strategies to connect with the customer.

A recent report by Towers Perrin prepared for AARP titled The Business Case for Workers Aged 50+ draws upon extensive studies of issues and interests of employees in the 50+ age group. Key findings from the report give “voice” to the 50+ employee/customer, and provide insights into policy and best practice initiatives focused on attracting and/or retaining the 50+ employee.

Plans to continue working
In a study by Georgetown University professor Murray Gendell, the median age for retirement in the 1990’s was 62 for men and 61.4 years for women. In a 2003 survey of 1020 employees aged 50 to 70, 68% of respondents said they plan to work in retirement or never retire, with a median age of 67.5 years of those with plans to stop working entirely. Of those who plan to continue working, only 18% want to work full-time and 31% want to continue in their current careers. A majority, though, are interested in a career change.

In a related survey of 1500, employees were asked: “If you expect to work upon reaching age 65, which of the following is most likely?” Responses include:
Work full-time, current occupation - 10%
Work full-time, not in current occupation - 7%
Work part-time, current occupation - 21%
Work part-time, not in current occupation - 48%
Not work after age 65 - 13%

Why continue working?
The top five reasons cited in the study for continuing to work after age 65:
Need income - 22%
Health benefits - 17%
Stay mentally active - 15%
Be productive - 14%
Stay physically active - 9%

Additional reasons cited include helping others (6%), doing something fun (5%), being around people (4%), learning new things (3%), and pursuing a dream (3%).

Wants and Expectations
For people planning to work after age 65, change is the essential finding of the survey. When asked to define what they want in their next job in their retirement years, employees cite the following:

Stay mentally active - 87%
Stay physically active - 85%
Be productive, useful - 77%
Do something fun - 71%
Need health benefits - 66%
Help other people - 59%


Additional comments include: being around people (58%) needing money (54%), and learning new things (50%).

In regard to the next opportunity as an employee, feeling valued is key.

Expectations Very Important Work environment where employee opinions valued - 66%
Employer willing to let older employees continue to work - 58%
Flexible work schedule, able to take time off - 57%
Able to set own hours - 56%
Employer offers health benefits to retirees - 55%


Recommendations
Employers intent upon recruiting and retaining the 50+ age worker will need to develop programs that respond to both the wants and expectations of this group. Key considerations include:

1. Work design: assignments that are interesting, challenging, and flexible for both qualifications and time commitments
2. Corporate culture: environment that promotes collaboration, team and individual engagement
3. Recognition: accountability and reward systems tied to performance

In many respects, the essential requirements closely parallel what it takes to be a best in class employer. But a customized program designed to address the Needs, Wants and Expectations of 50+ age employee is essential to success. Make good plans!