For a variety of financial and personal reasons, retirement is now an open-ended choice rather than a given and it is having some serious consequences for organisations.
Three ways the open retirement age could be affecting your business:
Having a succession plan in place is essential to allocating leadership development, maintaining business stability and retaining the confidence of the Board.
Depleted Talent Pool:
With fewer opportunities for moving up the corporate ladder, engagement and retention of emerging leaders has become increasingly difficult.
An unplanned, erratic transition process is destined to create wider disengagement which, if not tackled swiftly, can lead to a more general downturn in morale and productivity.
Savvy companies appreciate the benefits of investing in tailored Lifestyle Choices programmes. Providing staff with such support helps them to better understand the opportunities and risks that come with taking the decision to retire from their present place of work. Many people reaching the perceived retirement age are uncertain about the effects that retirement will have on their financial situation, identity/status and health and well-being. When these fears and challenges are addressed and planned for, the reluctance to retire is greatly diminished.
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