Employers and HR consultants for years have pondered ways to retain aging workers as the retirement wave nears. But as companies start to tackle the issue, many are realizing that the solution is not just about coming up with new ways of working; it’s about creating a culture where employees close to retirement age feel comfortable discussing their plans with their managers.
By the time companies initiate conversations with older workers about what they can do to get those employees to stay, it’s often too late. These employees already have a date in mind and have discussed their plans with friends and family.
At National PEO we realize the need to establish a dialogue about retirement with these employees.
To address the issue, interviews were conducted with a dozen top corporate executives to see what their retirement plans were and what would keep them.
A number of the executives revealed they were burned out and wanted time to rejuvenate, but could work longer.
By talking early to a select number of executives who are approaching retirement about how the company could keep them on longer. We have arranged for key employee to work part time for a few months and thereafter will have a variable schedule which the company and the employee will agree upon.
And employees value the frank discussions!
A recent study conducted by the Tennessee Valley Authority in which workers were asked about their retirement plans, we noticed that “They got a tremendous amount of data and employees really liked the fact that they were being asked.”
It would behoove companies to be proactive in this area because once employees start planning and talking about retirement; it might be harder to get them back.