Illustration by Ingo Fast

AARP's Best Employers For Workers Over 50 November & December 2004

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Methodology for Selecting the Best Employers

6 Tricky Interview Questions for Older Workers

Older Americans Going Back to Work on Their Own Terms (November-December 2004)

Find the Fastest-Growing Jobs in Your State (AARP.org)

AARP.org's Careers Channel (AARP.org)

About Our Annual Hot List

Four years ago, when we first set out to honor those employers who welcome workers over 50, such age-friendly practices as flexible schedules, tuition reimbursement, and telecommuting were considered cutting edge. Today these options have become almost standard, and as we discovered this year, a growing number of smart companies are offering even more perks with mature workers in mind, including phased retirement, skills training, and health and finance workshops. "More and more, companies are beginning to recognize that older workers have valuable skills," explains Deborah Russell, AARP's manager of economic security and work. "They want to keep them around."

As for our annual hot list, explains Russell, "we want AARP's members to be able to see how their own workplaces measure up—what other companies are offering that theirs aren't. We also want the companies that didn't make the list to see it as an educational opportunity; they can learn what it takes and what it means to appreciate older employees."

And so we present "AARP Best Employers for Workers Over 50."

A Guide to the Ratings
We evaluated each employer's performance on a range of workforce practices and policies beneficial to 50+ workers.

The five key criteria that follow were rated from one (worst) to five (best) and calculated along with other qualities to arrive at each employer's overall ranking.

Recruiting: AARP reviewed how companies seek out older workers. Among the measures: Are ads placed in publications targeting diverse age groups? Do materials appeal to workers of all ages?

Training: An important part of any job is keeping skills sharp. AARP evaluated not only the skill-enhancing programs companies provided but also how proactive these companies were in encouraging older workers to take part. Ditto for perks such as career counseling.

Health Benefits: This seems like a given, but we dug a little further to assess each company's medical, prescription drug, vision, and dental insurance coverage, including the percentage of the premium that workers are required to pay and whether these benefits are offered to part-time workers. We also looked for extras like long-term care insurance.

Pension Plans: Key measures: Do they offer a traditional defined-benefit plan and/or a defined-contribution plan? Do they have other financial incentives like stock options or profit sharing? Do they offer resources to help workers make informed decisions about retirement savings?

Alternative Work Arrangements: We looked for opportunities like flextime and telecommuting, which are particularly important to workers with caregiving responsibilities. Another grade booster: phased retirement, in which employees receive benefits while working fewer hours.

The Top 10

1. The Charles Stark Draper Laboratory, Inc., Cambridge, MA
Engineering, Research, and Development
1,055 employees; 42% over 50 (60% of managers/executives)

WOW FACTOR: In addition to Draper's age-friendly recruiting practices (70% of flexible-hours employees are retirees), the company sponsors workshops for 50+ employees that cover healthy lifestyles and estate planning. There's a generous undergraduate tuition reimbursement, and master's degree programs related to work are paid in full. Plus, employees can phase into retirement (and collect retirement benefits) while working part-time.

2. Deere & Company, Moline, IL
Agricultural and Forestry Equipment
25,010 employees; 35% over 50 (39% of managers/executives)

WOW FACTOR: Full-time employees at Deere pay only 11% of the cost for health, dental, vision, and prescription drug coverage, while part-time workers also receive highly subsidized benefits for working as little as one hour per week. Add in stock options and a "catch-up" program for 50+ workers saving for retirement, and it's clear why the company's annual turnover rate for older employees is less than 1%.

3. Scripps Health, San Diego, CA
Health Care
10,138 employees; 28% over 50 (43% of managers/executives)

WOW FACTOR: Scripps sponsors on-site training and leadership development programs, including the Generation Chasm workshop, which addresses the challenges of an intergenerational workplace. The organization's 401(a) plan also reflects a commitment to its mature workers: employees with 20 or more years of service who contribute 3% are matched at a whopping 200%.

4. Principal Financial Group, Des Moines, IA
Financial Services
12,498 employees; 17% over 50 (17% of managers/executives)

WOW FACTOR: Principal's on-site counselors provide confidential assistance with interview preparation, networking, and career transitions. Another noteworthy perk: the company's Working Caregiver Leave program allows employees to return to work at half-time status for 12 weeks following a family leave—while receiving full benefits.

5. Pitney Bowes, Inc., Stamford, CT
Mail and Document Systems and Services
21,124 employees; 23% over 50 (30% of managers/executives)

WOW FACTOR: Regular employees 45 and older can take advantage of REAP (the Retirement Education Assistance Program), an educational subsidy that can be used to explore second-career options or hobbies, as well as to learn about finances and investments. A no-cap tuition reimbursement can be tapped to fund undergraduate and advanced degrees.

6. Volkswagen of America, Inc., Auburn Hills, MI
Auto Manufacturer
2,442 employees; 24% over 50 (38% of managers/executives)

WOW FACTOR: Employees with 25 years of service receive a tax-free service award of one month's salary; at 35 years the award rises to two months'. A referral-reward program compensates older workers who recommend new hires to the company, and both employees and retirees are offered hefty discounts on new or used Volkswagens—up to two a year.

7. SSM Health Care, St. Louis, MO
Health Care
23,524 employees; 29% over 50 (40% of managers/executives)

WOW FACTOR: SSM not only actively hires older workers (16% of its new hires last year were over 50); it also strives to keep them. More than half of SSM's executives are 50 or older, and 60+ employees who have five or more years of vesting service can receive their pensions while continuing to work.

8. Scottsdale Healthcare Corporation, Scottsdale, AZ
Health Care
4,782 employees; 28% over 50 (43% of managers/executives)

WOW FACTOR: Scottsdale employees can phase into retirement by exploiting its seasonal work option—taking up to six months of the year off while still receiving benefits, and working full-time or part-time the rest of the year. A generous leave-of-absence policy allows employees up to 24 months off to care for a dependent.

9. Lincoln Financial Group, Philadelphia, PA
Financial Services
5,238 employees; 23% over 50 (25% of managers/executives)

WOW FACTOR: Along with flextime and job-share arrangements, Lincoln offers extensive telecommuting options and compressed work schedules. Workers with disabilities are provided special office accommodations, and "sandwich generation" employees have access to an eldercare support group.

10. Beaumont Hospitals, Southfield, MI
Health Care
13,017 employees; 24% over 50 (45% of managers/executives)

WOW FACTOR: Beaumont's department of "Workability" performs on-site job analyses to determine the needs of older employees or those with disabilities, assisting with job redesign and workplace accommodation when necessary. Employees and retirees have access to highly subsidized health insurance; full-time employees pay only 6% of the premium and retirees pay 50%.

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