As Human Resources professionals, your radar screen has been attuned to the subject of an ageing workforce for several years. You have run the numbers for your own company’s demographics and know how the retirement of the largest generation of workers in history, the Baby Boomers, will affect your business. Most of you have plans in place.
How ready is your company for the exodus of some of your most experienced and knowledgeable employees? How ready are the Boomers themselves?
We have witnessed a growing number of organizations go beyond traditional financial retirement planning for their employees by offering life and work transition planning as well. We call this New Retirement Planning. So, how does this planning benefit your organization? How does it benefit your people?
Value to the Organization
New Retirement planning is an important component of your HR best practices:
- Succession planning: helps to open up career opportunities for your younger, high potential talent
- Employee recognition: recognizes the value of mature employees when they are asked or choose to take on transitional roles or retire
- Knowledge transfer: creates opportunities for Baby Boomers to share their knowledge and mentor young talent before and during retirement
- Wellness program: offers benefits and services relevant to Boomers’ stage in life
- Company values: demonstrates respect and commitment to your older employees
Value to Boomers
There comes a time in their careers when Boomers start prioritizing areas of life that have been put aside because of the demands of work. The New Retirement program provides a diagnostic and framework to jump start self-reflection. Individuals then receive the support needed to plan their transition and get excited about the next phase of their lives or possibly a new work orientation.
Value to Clients
The following testimonial was written by Lucie-Marie Gauthier, Vice-President HR & Communications, Fednav Limited, after five of their employees received retirement coaching services from Mary and Jeannette in Montreal.
In 2014 we projected that about 35% of our employees at the management/professional levels would retire over the next 5 years. This would obviously have a major impact on our organization.
We needed to manage this situation, recognizing that a departure due to retirement impacts not only the individual but also the entire team. By offering personalized coaching support to our future retirees, we help individuals manage their stress in preparing for this important stage in life. We also ensure that the individuals take the necessary steps to transfer their knowledge and identify the legacy they wish to leave to the organization.
As a result, retirement departures happen in a much more organized and serene fashion. The future retirees manage their departure like a project, thus reducing their own stress and those around them.
I have personally witnessed the evolution of individuals who have participated in the retirement coaching process and have seen the positive impact it has had on the work climate. This investment definitely adds value to both the individuals and the organization.