A new report welcomes proposals to scrap the retirement age of 65 years, stating that the move could prove profitable if performance management is up to speed.
According to the report, published by the Employers Forum on Age (EFA), the decision to let workers continue working beyond 65 effectively forces middle management to improve their operations while also shifting some of the burden from employers in general.
It was found that those employers who chose to let workers continue past 65 did not regret doing so, one of the key benefits being not having to spend on the retirement process.
There is also reduced risk surrounding line manager consistency on retirement and lower risk of legal challenges being imposed.
"Once employers got the message across to employees that this wasn't removing the right to retire or collect a pension the hardest job was done," commented an EFA spokesperson, according to Personnel Today.
Older workers are largely prepared to innovate in the workplace, according to a recent survey from BlessingWhite, with nearly two-thirds of over-65s ready for change.