Employers shouldn’t stop caring about employees as soon as they reach retirement age. Employees will provide lifelong dedication, loyalty, and hard work to your company, and they are one of the main pillars of success for any business. When it’s time for an employee to retire, the process should be smooth and beneficial for all parties. A supported, prepared, and educated employee will be a productive, happy, and loyal employee. Beyond offering typical retirement plans, there are actually many ways to provide retirement support to employees throughout their time with your company.
Efficient Retirement Plans and Matching
Most companies offer their employees some type of retirement funding plan, such as a 401(k) or an IRA (individual retirement account). When selecting retirement plans to offer to your employees, you will want to make sure they are efficient. You’ll also want to give employees diverse choices and educate them on the differences when applicable. Employers should match contributions as a minimum to ensure enough funding is secured for retirement. Evaluate plans thoroughly for their benefits and drawbacks. Invest in your employees’ future, and they’ll invest in you.
Progress Reports
Retirement plans aren’t the simplest concepts for the average person. Even when you know what employees and employers contribute, it’s hard to visualize in reality. Provide regular progress reports that include how much the employee and employer have donated thus far and what progress they’re making. Include information about average costs in retirement and how employee contributions compare with average savings recommendations. Provide opportunities to meet and discuss progress reports and retirement plan adjustments.
Reduced Hours
When an employee is nearing retirement, they may not have the time or energy to work full hours. They may need additional time off for retirement planning and preparations. If the employee desires it, allow the reduction of hours regularly or as needed to help them adjust and prepare for retirement. Reduced hours for retirement shouldn’t cause them to lose any benefits you offer them.
Financial and Retirement Education
It may be counterproductive to assume that your employees know everything about retirement, savings, and financial savviness. To ensure that your workforce can make well-informed financial and retirement decisions as early as possible, include optional (but recommended) education on financial and retirement topics. Email newsletters, company meetings, HR consultations, and educational videos can all be great ways to help your employees learn more.
Retirement Savings
Proper financial practices, including retirement savings, can reduce stress and improve workplace positivity and productivity. Savings aren’t the only aspect of retirement that employees should learn, either.
Senior Communities
Educate employees on their options regarding senior living communities, including nursing homes or assisted living. They should know what to look for in a senior community in terms of security, safety, and quality. Employees should also understand their rights as residents of any retirement or nursing community to mitigate the risks of senior abuse or neglect. Nursing homes should never inappropriately use physical restraints, belittle patients, or neglect resident needs.
Retirement Health
Employees should also understand the importance of daily routines and managing senior health. This should include fitness and mobility tips they should keep in mind as they age. Healthy eating and good nutrition habits are also of the utmost importance. Loneliness and isolation can become bigger problems as you age. Arming your employees with knowledge can help them enjoy a safer and happier retirement.
Remote or Hybrid Options
Some employees close to retirement age may wish to continue to work full time but may not have the mobility or energy they used to. If applicable to the role or industry, consider giving the option for fully or partially remote work. Working from the comfort of their home without a lengthy commute can benefit many employees, especially older ones. Webcam and phone software can keep them just as connected and engaged in work as they are in the office.
Phased Retirement
Similar to reducing hours, phased retirement refers to an employee adjusting their work schedule or workload to prepare and plan for retirement. Many phased retirement options include transitioning from full-time to part-time. Others will work on certain days or hours only. Night driving may increase in difficulty as employees age; reducing work hours to only bright daytime hours may be beneficial. You can keep the employee’s experience while reducing their strain before retirement. Once again, they shouldn’t lose access to their retirement benefits during this period.
Inclusive Health Plans
People generally require more healthcare visits as they age due to preventative treatments or age-related conditions. Your employee healthcare plans should have a wide range of coverage, including preventative screenings and treatment when applicable. If an employee can’t afford healthcare under your plan, you may want to revisit your plans to adjust.
Mental Health Support
Mental health support is vital during any stage of life, and it’s ideal for your company to provide mental health resources regardless of age. However, mental health conditions or symptoms may develop or worsen with age. Make sure your employees know when and where to go if they are experiencing mental health concerns. Ensure your healthcare coverage includes mental healthcare. On-site counselors can be very beneficial in the HR department.
Employees should be able to voice their concerns about retirement or healthcare plans. Encourage feedback regarding coverage or plan limitations for both health insurance and retirement plans. Use that feedback to adjust your rates, premiums, plans, or deductibles whenever possible. Feedback is a valuable tool for a happy and productive workforce.
