A survey of Canadian employers found that 55% provide retirement information online, 48% offer group financial planning seminars, but only 19% offer individual sessions and 11% offer group counseling on the psychological transition to retirement.
Over 3 in 4 employers (78%) believed their employees were prepared for retirement, even though less than half of the employees themselves felt that way, suggesting a potential disconnect in the perceived need for employer-provided preparation help.
In 2020, I wrote an article entitled, Helping employees prepare for retirement – a win/win approach (here) which appeared in Municipal World magazine.
I outlined three actions a supervisor, manager, or human resource professional can take to assist employees prepare for life after work. The steps are:
- Understand. Understand what’s keeping boomers up at night when it comes to retirement. (i.e. How much money will I need? What’s going to be my purpose in life? How do I maintain or improve my health and wellness? What am I going to do with my time?)
- Be empathetic. Be willing to listen and help. Asking appropriate questions (i.e. What scares, attracts, or excites you about retirement? What does retirement mean to you? Who is in your retirement picture?)
- Provide Assistance. Aiding an employee who wants your insights, thoughts, and experience. Asking questions: How can I help? How can the organization help? Would you like to attend a retirement planning workshop or lunch ‘n learn? What about books, articles, or other resources about retirement?
Best practices
When considering what assistance to provide, here are “best practices” used by various organizations, including the Retired Teachers of Ontario, Magna International, Agency for Co-Operative Housing, Lincoln Electric, Ontario Dept. of Agriculture and Food, and City of Lethbridge.
- Offering workshops/lunch ‘n learns (i.e. invitations for both employees and their spouses/partners)
- Provide books, articles, and online resources (i.e. CANNAV, with over 3000 employees, commissioned articles on retirement planning and included them in the CANNAV monthly employee newsletter)
- Dedicate HR personnel who are knowledgeable of all aspects of retirement including the psychology of ageing (i.e. go-go years, slow-go years, and no-go years)
- Offer one-on-one coaching with a retirement coach
- Form a retiree’s social group, including inviting employees nearing retirement.
Payoff for Employees and Organization
Employees:
- Employees gain a better understanding of their retirement needs before crisis occurs
- Better decision-making about retirement plans
- Discover opportunities that add excitement in their life after work
Organization:
- Increased productivity due to reduced stress and anxiety
- Higher retention and loyalty resulting from actions of an employer who cares
- Increased overall well-being translates into a healthier, more stable workforce
