With 1.2 million people now working beyond the state-pension age of 66 - almost triple the number of 20 years ago - it is likely that now or in the near future your business will have a significant proportion of your workforce in this demographic. More than ever before it's important that you have a plan to look after this age group.
It’s also important to make sure you are appropriately supporting this age group if you have to make the difficult decision to make redundancies. We know that not everyone in this demographic will opt to retire in this situation, but for those that choose to explore retirement as their next step following redundancy, how can outplacement help?
NFP’s practical, flexible retirement-oriented outplacement support
With any employee redundancies it’s a great idea to offer support to help people move on quickly and positively, and the same is true for those who wish to explore retirement. For many of us this may sound like the dream outcome – moving away from the world of work and entering this long-awaited next phase of life after work – yet in reality, the decision to retire can be laden with conflicting emotions, practical considerations, and a significant change in identity. This can all be heightened in the face of redundancy, possibly speeding up any previous thoughts an individual might have had about making a change, or even making them feel that their hand is forced.
There is no blue print for retirement, and until you do it, it’s very hard to cognitively consider and visualise something you have never experienced. Having the opportunity to talk this through with an experienced career consultant can make a huge difference to how someone approaches this transition.
This is where retirement-oriented outplacement is particularly useful. Working with an experienced coach who has the knowledge and capacity to guide someone through the different options, provide frameworks, and help them clarify their thoughts – as well as carving out the essential time to prioritise doing this – helps people come to better-informed and well-thought-out decisions. This strengthens a sense of purpose and identity in their life after work, both essential components to a happy and healthy retirement.
From our experience, those considering retirement rarely want to put their feet up in front of the telly all day or exclusively spend their time pottering around the garden. More often people want to explore finding a new part time or flexible role, this can often look like something with less stress, pressure, or management responsibility than they currently hold. They may wish to pursue a hobby or interest more actively, or secure voluntary work to feel like they are giving something back.
Our team of retirement experts also have the knowledge and skills to help people reframe their experience if they are looking to take on voluntary or part time work, something they will most likely still need a CV and to interview for. People are often surprised by how competitive these opportunities can be, particularly if moving from a successful career to what they perceive as being a less demanding role.
Our holistic retirement-oriented outplacement support also includes access to our trusted financial experts. This means that your your people will receive the essential financial information they need to work out if they can afford to retire and what sort of lifestyle they can expect to have, taking into account pensions, mortgage, debt, family commitments, future aspirations, and all related tax implications - something that can be very difficult to do alone.
This comprehensive support allows employees to leave with a clear plan of what they want their happy and healthy retirement to look like and how to make this a reality. Instead of feeling resentment at having their timescales influenced by your business decision, they leave as positive brand ambassadors, an important important factor for attracting and retaining new talent in the future. Leavers with long service who could be at risk of feeling neglected or overlooked at the end of their career, are instead invested. Completing a smooth handover means that those around them can see your company living their values of looking after employees, which can in turn can have a positive effect on their own perception of the organisation. You might even find that in offering retirement-oriented outplacement support you actually have people volunteer for redundancy that wouldn’t have otherwise, removing the need for a compulsory process altogether.