Off-boarding benefits not only your retirees but your entire organization
Most organizations focus on bringing people in rather than helping them make their exit. While entire departments are created to interview, screen, hire and recruit candidates, companies seldom give much thought to employees nearing retirement. As a result, good talent from the baby boomer generation gets lost and retirees may leave on a sour note. Properly planning the Off-Boarding Benefits goes a long way in reducing this heart burn.
Off-boarding is the strategic process of transitioning your retirees from your organization into retirement. And Off-boarding benefits play a big part. If you don’t have sound off-boarding procedures in place, you’re missing out on key opportunities to retain some of what your retiring employees can still offer as they transition to the next phase of their lives.
Off-Boarding Benefits
The number of retired workers collecting Social Security benefits has steadily increased over the past decade, adding an average of one million retirees each year, according to the Social Security Administration. So your company will only face more off-boarding issues as time goes on.
Unfortunately, the typical off-boarding process includes a whirlwind of project wrap-ups, tons of paperwork, uncomfortable exit interviews and a hasty farewell. These lackluster off-boarding processes can add stress to an already difficult life transition. Three in 10 workers surveyed in Employee Benefit Research Institute’s 2017 Retirement Confidence Survey felt mentally or emotionally stressed about preparing for retirement.
An improved off-boarding process can ease retirees’ minds and open opportunities for your entire company. Retirees can pass along valuable knowledge to their successors and provide off-site consultation through video conferencing or side-by-side screen sharing. Retiring workers who aren’t ready to let go of their careers yet can ease the transition with part-time consulting work or by planning an “encore” career.
Earn Lifelong Supporters
Even after employees no longer work with your company, they can still make or break your brand and organization, especially with today’s social media influence. A retiree who feels that her skills and knowledge were put to good use and that her contribution to the company was appreciated will continue to support the organization going forward. Whether it’s recruiting young talent for the company or serving the company in other capacities throughout retirement, a retiree who has experienced a positive off-boarding process become a lifelong advocate for the organization.
(This post first appeared in a ProfEd blog)
By Kara H
