{"id":2001,"date":"2020-04-23T10:26:06","date_gmt":"2020-04-23T17:26:06","guid":{"rendered":"https:\/\/ascentblog.org\/?p=2001"},"modified":"2020-05-27T15:29:47","modified_gmt":"2020-05-27T22:29:47","slug":"how-to-prepare-for-employee-retirement","status":"publish","type":"post","link":"https:\/\/ascentblog.org\/how-to-prepare-for-employee-retirement\/","title":{"rendered":"How to Prepare for Employee Retirement"},"content":{"rendered":"<p>Retirement is a hard-earned privilege that many of us look forward to\u2014a reward for decades of hard work. But for many companies, the sudden loss of a valued employee with many years of knowledge leaves them unprepared for meeting crucial business needs they might have taken for granted. Anticipating when key employees might be retiring can help your organization prepare for that inevitable day\u2026even if it\u2019s many years in the future.<\/p>\n<h2>Predicting Retirement is Difficult<\/h2>\n<p><a href=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2020\/02\/old-person-copy.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"retirement\" src=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2020\/02\/old-person-copy-297x300.jpg\" alt=\"Portrait of an elderly woman smiling leaning forward on bicycle handlebars\" width=\"297\" height=\"300\" class=\"size-medium wp-image-2002 alignright\" srcset=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2020\/02\/old-person-copy-297x300.jpg 297w, https:\/\/ascentblog.org\/wp-content\/uploads\/2020\/02\/old-person-copy.jpg 500w\" sizes=\"auto, (max-width: 297px) 100vw, 297px\" \/><\/a><\/p>\n<p>Employers have two choices when it comes to retirement: they can be passive or proactive. The former involves waiting for employees to retire, while the latter means planning for retirements in advance\u2026whether they\u2019re six months or ten years away.<\/p>\n<p>Unfortunately, it isn\u2019t always possible to predict when an employee will retire. The traditional retirement age (65-67) is one benchmark, but keep in mind that workers aren\u2019t bound to these rules and can actually retire anytime they want. This often occurs with little or no notice. When that happens, many employers find themselves struggling to deal with the sudden loss of crucial skills and talent many long-term employees possess.<\/p>\n<p>A 2018 <a href=\"https:\/\/www.willistowerswatson.com\/en-US\/News\/2018\/12\/many-employers-express-limited-understanding-of-when-workers-will-retire\" target=\"_blank\" rel=\"noopener noreferrer\">survey<\/a> illustrates these pitfalls:<\/p>\n<ul>\n<li>Just 53 percent of employers who responded believed they had a solid understanding of when employees will retire.<\/li>\n<li>Only 25 percent of respondents had processes in place to manage the pace and timing of employee retirements.<\/li>\n<\/ul>\n<p>Asking employees about their retirement plans is fraught with peril. This could be perceived as encouraging older workers to retire and open you up to discrimination charges. A better approach involves workforce planning. Study data from your workforce to learn about potential workforce trajectories should older employees retire at a specific age and what impact that will have on your business operations. Equally important is identifying departments where staff aren\u2019t retiring when expected, which can limit promotional opportunities for younger employees.<\/p>\n<p>Another step you can take to gauge possible employee retirement plans is to take a look at benefits data. Health benefits usage can give some indication as to a person\u2019s retirement plans; those considering retirement in the near future might scale back to a less-expensive health plan in order to accumulate more discretionary income, for instance. And employees who roll over funds from their health savings accounts (HSAs) might be banking the money for future health expenses once they no longer have coverage. Again, you\u2019ll need to proceed with caution, as there are potential legal implications\u2014not to mention the possibility of making erroneous assumptions about a person\u2019s plans.<\/p>\n<p>To better prepare yourself, make it a priority to have older employees share their knowledge and skills with younger staff members and encourage an open dialogue about long-term career plans long before you suspect an employee might be nearing retirement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retirement is a hard-earned privilege that many of us look forward to\u2014a reward for decades of hard work. But for many companies, the sudden loss of a valued employee with many years of knowledge leaves them unprepared for meeting crucial business needs they might have taken for granted. Anticipating when key employees might be retiring&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"schema":"","placeID":"","no_match":false,"name":"","company":"","review":"","address":"","city":"","state":"","zip":"","lat":"","lng":"","phone1":"","phone2":"","fax":"","mon1":"","mon2":"","tue1":"","tue2":"","wed1":"","wed2":"","thu1":"","thu2":"","fri1":"","fri2":"","sat1":"","sat2":"","sun1":"","sun2":"","hours-note":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-2001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-advice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Prepare for Employee Retirement | ASCENT: Administrator Support Community for ENT<\/title>\n<meta name=\"description\" content=\"ASCENT: Administrator Support Community for ENT | Retirement is a hard-earned privilege that many of us look forward to\u2014a reward for decades of hard work. 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