Dr. Dawson presenting "The Upcoming Retirement Wave: What HR Needs to Know" at the 2009 Cleveland HR Star Conference.

The 2008-2009 economy may have delayed retirement for some, but be assured, the delay is only temporary. With approximately 80 million Baby Boomers in the U.S., many are already planning their exit strategy from the work place – whether or not the economy cooperates.

What Impact Will Retirements Have on HR?

Major waves of retiring employees could potentially leave some businesses reeling from changes. HR needs to start thinking about the following critical issues now.

• Succession planning
• Knowledge transfer
• Multiple generations in the work place
• Pension/401K Plans
• Health care benefits
• Employee wellness programs

For HR and Retirees Alike, The Time to Make Plans is Now, written by Dickson Dawson, Ph.D., owner of Retirement Intentions, LLC and an Ease@Work retirement coach, spells out some of the things HR, and potential retirees, should be considering for future wellness.  He also presented “The Upcoming Retirement Wave: What HR Needs to Know” at the 2009 Cleveland HR Star Conference.  Follow the above link to download a copy of his presentation.

• What will you do after retirement?
• What impact will retirement have on your social life?
• How will your relationship with your spouse/partner change?
• Will you have enough money to live in the way you are accustomed to living?
• Do you have other interests/hobbies to pursue?
• Should you consider volunteering?
• Are you interested in a second career?
• What does “wellness” have to do with retirement?
• Will you be happy as a retired person?

Retirement Coaching for Employees

Working with a certified retirement coach can help employees assess retirement preparedness. Taking work-life wellness to another level, Ease@Work began offering retirement coaching in 2008 as an extended benefit of our employee assistance program (EAP).  Employees can access up to three hours of retirement coaching in the same way that they would access a counselor.

“We anticipated the need for retirement coaching based on the knowledge that the work force and employers, would be entering an unprecedented wave of retiring individuals with the baby boom generation,” said Patrick Gaul, Ease@Work Account Executive. “As an EAP with focus on the wellness of the organization as a whole, we felt that access to an expert was essential as employees considered this next stage of their lives and as management contemplates how to prepare for this turnover.”

The program also offers employers and their HR professionals guidance regarding managing the new challenges of high volume retirement, such as succession planning and transfer of knowledge.

With the Baby Boomer generation reaching retirement age, it’s important that businesses take a closer look at their employee populations. How would a “retirement tsunami” impact productivity and profitability in your workplace? What should you, as an employer or human resource professional, be doing now to avoid losing your company’s knowledge base?

NASA Glenn Research Center (NASAGRC) is one organization facing potentially devastating losses due to retiring employees. A recent article in Crain’s Cleveland Business describes why NASAGRC leadership thinks it’s important to attract new talent now and what they’re doing to accomplish that goal.

Not all employees want to retire “cold turkey”. In cases where employees are open to easing-in to retirement, it can be helpful for the retiring employee and the company to keep the retiree on board after retirement as a consultant. Recently, a manufacturer facing a critical brain drain due to retiring machinists initiated a management consultation to discuss this issue. We suggested a consultation with Ease@Work retirement coach Dickson Dawson, PhD to identify young workers that were good candidates to study under retiring or retired machinists.

In addition to helping companies to deal with the brain drain of pending retirements, retirement coaching can help to encourage retirement as part of a workforce reduction in an effort to reduce potential layoffs.  To learn more about Ease@Work’s retirement coaching services contact Patrick Gaul.