Can You Spot the Future Retirees in Your Organization?

Kristen Borrego, Outsourced Consulting Services

 

Future retirees are present in every organization no matter the industry or size. Some future retirees are easy to spot; they discuss their plans to retiree openly. Others are quiet about the plans they have for their futures. In these cases, the organization may have no idea that the employee plans to retire until he or she gives notice. And, there are also those employees who want to retire, but are too afraid to take that step.
Meet Claire; she is a well-liked, knowledgeable employee. She has been with the organization for 30 years. Claire does an excellent job and has developed a number of key processes that allow business to operate smoothly day-in and day-out. Claire has been thinking about her retirement for a long time, but she has never mentioned it to anyone in the organization. Claire would like to retire next year and does not think there is any reason to inform the organization until closer to that date.
One of Claire’s co-workers is Henry. Henry has been working for the organization for 22 years. He started off as one of the organizations top performers, but in the past five years as become less than enthusiastic about his position. He spends the vast majority of his days looking at the Internet and handling personal matters. Henry has thought about retirement but is afraid of what his life will look like without work. He plans to do just enough to get by for as long as he can.
Henry and Claire also work with Shannon. Shannon has worked with the organization for about 15 years. Shannon has done a great job and has provided lots of useful knowledge to the organization. She knows many of the day-to-day activities like the back of her hand. Shannon has been very forthcoming with her plan for retirement at year’s end and provided the organization with months of advance notice.
These people are part of a much larger group, the retiring workforce. The past year has shown that number of people exiting the workforce to retire is increasing. Once your future retirees exit, all of that experience and intellectual property goes with them. The key to minimizing the impact on the organization is to create a plan for these future retirees. This can include providing employees access to financial and career counseling to give them an idea of what life in retirement will look like. By providing these services, the organization can create win-win situations and an environment where retirement is openly discussed. Doing this reduces the number of employees who will surprise you with their future plans. Providing assistance to employees who are looking to retire can also help these employees stay engaged, allowing them to provide quality training to those who will take their place.
If you have Claires, Henrys, or Shannons in your organization, consider assisting them with the transition into retirement; it may just be worth your while. Contact me with any questions about this. We have resources to assist you. Simply call 800.884.1328 or email hrmanager@msec.org.