Lead the Wise Way: Navigating Retirement for Employers
Support from Employers is Crucial to Address the Increase in Retirees
2025 is shaping up to be a landmark year, with an estimated 4.18 million individuals reaching the retirement age. While this indicates a large number of Baby Boomers exiting the workforce, the concerning statistic is that 28% of those retiring may struggle with depression. With this reality looming, it's essential for employers to step up and support these retirees through their transition.
Supporting Retirees: A Three-Part Approach
My recent research for my dissertation has shed light on the three main concerns retirees confront as they make their way towards retirement: Is it time? What's my purpose beyond the workplace? Who are my people?
Is it time?
The question of the ideal retirement age is complex, with societal and cultural pressures urging people to leave the workforce at 65. However, due to increased life expectancy and continued productivity, it's crucial for both employers and employees to discuss this matter seriously.
Employers can help in this process by collaborating with employees as they approach retirement. Offering flexible work arrangements, such as gradual retirement or part-time positions, can create a smoother transition, benefitting both employees and employers who often struggle to find top talent.
What's my purpose beyond the workplace?
Retirement doesn't have to mean giving up one's passions and purpose. That's why it's essential for employers to help employees discover their strengths and how to apply them outside of the workplace.
One example is a CEO I worked with, whose passion was simplifying complex situations. He struggled in retirement until he found a new outlet for his skills in woodworking. Employers should offer career coaching to help employees adapt their strengths to new pursuits, ensuring they maintain a sense of purpose and fulfillment.
Who are my people?
Loneliness is a significant concern for retirees, especially when they lose the social connections they had with their colleagues. Employers can encourage a phased approach to retirement, gradually reducing the number of workdays while maintaining relationships. Implementing mentorship programs can also help retirees and current employees stay connected while sharing knowledge.
Final Thoughts
Employers play a pivotal role in supporting their employees during retirement. Offering financial education and resources is essential, but addressing the emotional and psychological needs of retirees is equally crucial for a successful retirement transition.
By preparing employees for retirement, both financially and emotionally, employers can help them make a smooth transition to the next phase of their lives. It's time employers take on this responsibility!
** notes:
- An overview of retirement planning for employers
- The importance of purpose and engagement in retirement
- Managing the emotional aspects of retirement
- The role of family and social connections in retirement
Do I qualify for the Forbes Coaches Council?
- Lorraine Wiseman, the CEO mentioned in the article, could potentially benefit from a mentorship program to establish new connections during her retirement.
- Retirees may find it challenging to lean on their peers for support, especially when they lose their workplace social connections.
- Employers should consider transferring their retired employees' knowledge and skills to their younger counterparts, especially to help those retiring struggle less in the transition.
