Bog 07 - Managing Retirement process of an Employee
Managing Retirement process of an Employee
According to Maddox (1973), retirement may be an emotional and traumatic experience for aged personnel. Human resources is critical to making a smooth transition from employment to retirement. To do so effectively, HR should have a thorough awareness of the employer's benefit packages, benefit alternatives accessible to the retiring employee, healthcare eligibility, pension plans, and, if relevant, severance packages.
According to
Jonsson (1994), the following strategies can be utilized by HR to assist
employees during transition.
- Be available
and accessible so that employees feel safe approaching you when they need
to;
- Foster a
trusting climate in which employees may be open and honest about their
retirement goals.
- Understand
the retirement procedure so you know what is expected of you and your
staff member, as this will aid with the preparation process.
- Be prepared to
listen to and inquire about staff members' retirement plans.
- Be patient:
decision-making in the early phases of planning and preparation may take
some time.
- Be upbeat and
urge the employee to think about the future and the benefits of
retirement.
- Encourage
staff to take little actions toward their transition; this may be
accomplished by defining short-term goals that will assist keep the
momentum of planning and preparation going.
- Assist workers
in resolving any issues that arise throughout the planning phase.
- Encourage
happiness during the adjustment and transition phase;
- Make sure employees know where they may go for help and advice as they prepare to retire.
Making Retirement-Ready
According to Cho et
al. (2016), the measures listed below can be taken to prepare an employee for
retirement.
- Specify what
you want staff to do. Are you attempting to retain long-term staff on a
full-time basis? Working part-time? As role models? Do you want to make it
more difficult for them to leave?
- Establish your
organization's objectives. Survey all levels of the organizational
structure thoroughly. Hold focus groups to learn more about the company's
needs and the attitudes of its personnel.
- Ensure that
key executives are on board with the idea. Changes will be implemented
more readily if employees perceive that management prioritizes the
policies.
·
Actively promote
the strategy. Display banners at the office. Organize educational gatherings.
Older employees may be hesitant to work part-time because they are concerned
that their decision will be used against them. Send unambiguous signs that
everything is well.
· Be precise. To minimize disagreements and misunderstandings, specify who is eligible for each program. If you want to give phased retirement to only specific sectors of the workforce, explain why to everyone. Conversations about age and retirement are fraught with potential liability issues. Choose your words wisely.
Furthermore,
According to Mattson et al. (2019) it is stated that
following the change process will help an employee through retirement
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Change
process (Mattson et al., 2019) |
Reference
Cho, J.,
Lee, A., Woo, K. (2016)A
Comparative Study on Retirement Process in Korea, Germany, and the United
States: Identifying Determinants of Retirement Process. DOI: 10.1177/0091415016657556
Jonsson, H. (1994) the retirement process in an occupational perspective.
DOI: 10.1080/J148n11n04_02
Maddox, G.L. (1973) the Retirement
Process. DOI: 10.1037/0011853
Mattson,
M.K., Hauzenberger, A., Fredrickson, R. (2008) Eliciting theory about
retirement process DOI: 10.4236/jsea.2008.11001
Very informative blog post. There is another concern in the business context with the retirement of the baby boomers and the arrival of Gen X get rationale collisions. Carr et al (20117) explains that Senior leaders across a broad array of industries continue to highlight retirements, turnover and succession planning as key issues confronting their organizations. Much has been written and reported on the impending retirement wave of baby boomer workers as one of those areas of concern.
ReplyDeleteAs new generations enter the workforce and older generations remain at work longer, employers must evolve to meet new employee needs. Most solutions involve recruiting tactics for attracting new, younger talent to industry ranks through collaboration with local colleges and technical schools, but it is a fact that it always transferring the “tribal knowledge” of departing workers to their replacements.
Thank you Adrian for your Comment. Transferring Knowledge is also important in business. It may Include tack ticks, SMART ways of getting the work done and having more in depth knowledge. According to Mattson et al. (2019) It is crucial to implement good knowledge transfer - or continuity - practices in order to retain important knowledge. Knowledge transfer is the process of identifying, capturing, and transferring tacit knowledge which is critical to job performance. This type of knowledge is often operation specific, or concerning the reliability of systems, or how to perform a job safely.
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