Many a work-related article has been dedicated to the Millennial generation. From recruiting and retaining new, young talent to understanding how they tick, HR leaders have placed most of their recent attention on those coming into the workforce. However, a huge population of workers demands HR’s attention, especially in today’s work world.
An entire generation is retiring en masse. A recent report claims that approximately 78 million Baby Boomers will retire in the upcoming years. That’s an average of 10,000 workers a day. It is crucial for HR leaders to step in and assist its oldest generation of workers, because, in reality, retirement is just another form of career transition that must be handled with tremendous care by HR professionals.
Transitioning out of a company is often difficult for participants, even those who don’t think they’re in need of support. Outplacement services like Careerminds can play a role for those leaving a company, for both those looking for their next employment opportunity and for those looking to retire. In the same way that career coaches are beneficial for those headed back to the job search, retirement coaches can be crucial for maintaining the well being of those transitioning out of the workforce entirely. Even when employees plan financially for their retirement, there is often a need for support in planning what exactly they’re going to do when you retire.
For a generation of Boomers who have worked most of their lives, just settling down and stopping is overwhelming. Retirement coaching can help ease a transition. A New York Times article on the matter said, while many are urged to make sure their financial retirement plan is sound before retirement, “it’s far harder to compute in advance how to best navigate the intangibles like building a new social network and finding value in how you spend your time in retirement.” Retirement coaching helps those in transition take the time to outline what’s important to them beyond the monetary sphere.
Many of those retiring today are high level employees, executives who are stepping down from positions of leadership they have held for many years. Even when a much needed break arrives, many retirees realize that the calmer life they never had the time to lead is not all they had imagined. They still hum with a purpose that their careers left them with, and, in order to ensure their passions are still fulfilled, working with a professional may be the extra support they need.
HR leaders need to make sure they are paying as much attention to their longest-working generation as they are to their youngest working generation. One of the best ways to do so is by supporting retiring employees with proper planning and coaching tools. Make sure not to let some of your company’s most valued workers get lost in their exit from the workforce.
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