Thanks For All Your Hard Work and Dedication!

I saw a recent study in the US titled the ‘Baby Boomer Retirement Crisis,’ and their research suggested that over the next 5 years, 5.5 million of the most experienced employees will leave the workforce. The same demographic destiny holds true for us.

And when they are asked to leave, they’ll take with them their incredible talent, a resilience baked-in for decades, unreplicatable business knowledge and experience that simply can’t be trained. HR professionals and business owners should act now and avoid the inevitable loss.

From countless personal stories, we know the transition to retirement can be disastrous for some as individuals can’t imagine life without work, they may have been with your company for decades and they’ve built life-defining relationships.  Some simply can’t afford to leave work and others are just afraid having seen what happens when “retirement” becomes part of the conversation at work. I think we owe our longest-serving, most loyal staff better treatment and the safe transition they have earned.  But how?

Is this individual “stuck at the top”?  I heard that phrase recently - what the heck does that mean?  I think it’s code for “let’s offer them a redundancy package” which is certainly an easy and less expensive option. I’m not even sure it’s legal.  But is it right?  Is it fair?  Does it honor decades of commitment? Nope!  When did experienced human beings become commodities?

Start early – research suggests retirement planning in general should be done 5 years in advance (and not just the money stuff).  And although there is no one right “time”, having the conversation sooner rather than later makes the most sense for everyone. I know of man who spent 30 plus years serving an organization – within one month he went from busy thriving at work to failing at retirement.

Initiate the conversation – employees are afraid to bring up retirement for fear of looking like they aren’t committed to their role.  I can understand why given the horror stories we have heard. It’s time for leaders to not drop “hints” but rather have real conversations well in advance.

Put them in the driver’s seat – if you want to get the best out of someone in their final years of work with you, let them take command and co-direct the process. Give them options. They’ve been with you for years, trust them.

Provide options – there are dozens of ways to successfully transition one of your senior people into “retirement” rather than simply lopping them off and letting them quietly walk out the door with the institutional knowledge from decades of work.  Get creative.

Do better.  Become an Age Smart Employer and change the narrative