Instead of retiring at milestone 65, most employees would like to ease into retirement but they don't know how to start the conversation - employers must make that first move.
Two thirds (63%) of current Boomers (age 50 to 64) employees said they'd rather either ease into retirement or stay on with their current employer past a hard-stop date. Most (59%) would prefer part-time work in this transition period. Half of those who wish to continue say they have to because they need the benefits or money, but the other half want to stay active and challenged.
However, only one third (33%) of Canadian employers say they would be very likely to allow their employees to stay on past a traditional retirement age, and even fewer (21%) would be very likely to allow employees to ease into retirement through part-time work. So there's a major disconnect between each other's expectations.
Employers must take the first step and become involved
1. Take the time to identify what the Boomer Brain Drain means to them - Who are the boomer employees you can't live without? 2. Let the managers lead the conversations - not Human Resources. Employees don't trust HR. They are seen as the "police" and "rule keepers". Employees have well established relationships with their managers and are more willing to share their plans. 3. Be willing to move away from "one size fits all" - Boomers will demand personalized solutions that meet their needs for employers to meet theirs. 4. Be open and honest about expectations and limitations - Employees will be planning their future and need good information to make the best decisions for themselves.
Employees have a responsibility to prepare for the meeting and to speak their mind
"The employee's first step is to know what you're looking for. A retirement roadmap helps to focus the initially awkward employer/employee conversation and to set the meeting agenda. The plan can be adjusted through any ongoing conversations with the employer."
Boomers don't communicate?
But it would appear that there's a lack of communication between Boomers and their employers: when asked how many of their direct Boomer reports likely have a retirement plan, executives indicated that it was probably limited to about half (53%) of these employees, and of that group it was estimated that approximately one half (48%) had shared this plan with them.
Put into perspective, the survey suggests that of those Boomers in the workplace right now, only one quarter (25%) have actually shared their retirement intentions with their employer.
Alberta and Atlantic-based employers more willing to negotiate with employees for an early retirement
Not all provinces are alike. There are some provinces where employees could do better than others in discussing retirement, especially if their plan is to head to the beach a few years early instead of slugging it away in the office. Leading the way in being most likely to entertain this type of discussion are executives in Alberta (41%), followed by those in Atlantic
"These data suggest that, for many Boomers, the conversation may be just an 'ask' away if they can find a way to raise it with their employer", said
Open door and tools are part of the solution
According to
The Ipsos Reid survey was conducted between
Methodology: For this survey two national samples from Ipsos' Canadian online panel were interviewed between
For a copy of the detailed findings, please go to: http://www.ipsos-na.com/news/pressrelease.cfm?id=4649
For further information: For further information: Victoria Ollers, (416) 822-2288, [email protected]; or Paul Tyler at (905) 235-7285, [email protected]
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