There are several advantages to having a lot of employees who are roughly the same age. They may have similar interests, lifestyles, and ways of thinking that'll make for a more friendly and cohesive environment. Unfortunately, they might all retire at the same time, too.
One solution is to establish some sort of dedicated training system by which older employees will teach younger ones what they know. Having both groups around at the same time could have an unfortunate effect on your payroll, but it's better than being left with a clueless workforce.
Another idea is to simply keep would-be retirees around. Even if they're only on hand a few hours a week, a more passive type of knowledge transfer is liable to take place, and not having to do the 40-hour grind might actually make them more productive than ever.
In any event, the Life Options Institute reports, "Many experts are predicting a shortage of 10 million workers by the year 2010. By 2014, nearly 20 percent of the workforce will be comprised of people age 65+."
A hat tip goes to Ana Patricia Ferrey, and we hope retirees enjoy taking advantage of the iffy real estate market.
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Exit Strategy and Retirement
Early retirement packages are a rare breed but HR departments should begin the use of the term and the potential of an "exit strategy" with their senior employees. Instead of creative termination, the potential of costly wrongful dismissal litigation, the attitude of devising a plan for that final pay check would be much more positive. The departing employee would leave with much more good will and memories and hopefully more money. It might also cost the employer less in terms of finding the right replacements. Less stress and anxiety for both sides, knowing that competent replacement is in the future and not hearing the repetitive question from the boss about, "well, when are you going to retire?" is better than taking days off stress leave or heaven forbid, an accident. When both employer and employee are part of the exit strategy, the potential for the expense of a severance package and a worse case scenario of a labor lawsuit is neutralized. These two people have the potential of still being friends after the last day. Such a plan could look like a well planned flow chart to which both sides have contributed to. After all, you are a team; now let's make it work for both sides, right. Include some time off in the form of annual leave, and sabbatical if you're a long time employee with some significance to the company or organization. Thinking that you deserve taking a much needed longer vacation as you plan such a meeting with your employer is better than seeing your stress management therapist. You may suspect that I know where of I speak and you're right.
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