Retirement is a new, exciting and daunting chapter of life as you step away from what you’ve known and rebuild your life within completely new parameters. You’re not on your own. There is support available to help you establish the purpose and impact you’d like to have post-career. Through coaching you can reflect on your working years, define your priorities and create a retirement plan that fulfils you.  

While the journey to a happy retirement is a personal one, retirement transition coaching is something worth discussing with your employer. It would be an amazing employee benefit to offer because it has significant advantages to the individuals retiring, the team they leave behind and the organisation as a whole. 

What Does Non-Financial Retirement Support Involve?

Once an employee has made the decision to retire, they embark on one of the biggest transitions in their lifetime. They lose one of the main determinants of how they spend their time, find fulfilment and have a purpose and impact – their career. Rebuilding what their day-to-day, month-to-month and year-to-year life looks like is a significant undertaking. And one that triggers a range of emotions. For a greater understanding of the emotional aspects of retirement download the Six Emotional Stages of Retirement free guide. 

Non-financial retirement support such as retirement transition coaching gives soon-to-be-retirees a safe space to discuss their future plans and provides tools to help them figure out their new lifestyle and find their new purpose. For example, the modality I use with my clients going through the retirement transition is the LifeOptions Profile.

This assesses an individual’s retirement readiness across 20 lifestyle and attitudinal dimensions in six life arenas: Career and Work, Health and Wellness, Finance and Insurance, Family and Relationships, Leisure and Social, and Personal Development. The insights garnered enable us to determine their desired retirement lifestyle and identify any challenging areas so they can create and implement a realistic and fulfilling retirement plan. 

The Advantages Of Retirement Transition Support

Whether you are an employee looking to retire soon or an HR professional looking for meaningful ways to support your employees, you can suggest company-funded retirement support and backup the proposal with all these justifications. 

For the individual 

How an individual leaves a company can be just as important as their time working at the company because it’s their final impression. Make it a good one by giving them the chance to prepare for the transition and feel comfortable embracing the change. 

1. Empower employees – Providing an employee with non-financial retirement support empowers them as they transition into a new phase of life. Instead of feeling like they are dropping off a cliff on their final day, they feel like they are closing one door and opening another. Isn’t helping employees to make the most of their retirement the best leaving present you could give them? 

2. Reduce stress and anxiety – As retirement approaches, an employee may experience an increasing sense of dread because they don’t know what their new life will look like. Coaches are trained to help people process those kinds of emotions. As retirement transition coaching is all about preparing for the transition, it reduces stress and anxiety and enables them to enjoy their last few months at work. 

For the team

Someone retiring from the team is a significant shift in team dynamics. Any shift in team dynamics is worth navigating with care to ensure the team retains their unity and strength. As the team witnesses how retirement is handled by the company, it sets a precedent which can reaffirm to employees they are in the right place or chip away at their sense of belonging.  

1. Smoother knowledge transfer – The remaining team may worry about the impact of losing the retiring employee. Retirement transition coaching facilitates a seamless knowledge transfer process. Coaches work with employees to capture and document their knowledge, ensuring a smooth handover to their successors which eases concerns about losing the team member. 

2. Foster a culture of caring – By investing in their retirement journey, you create a culture that values and supports employees and their wellbeing at every stage of their professional lives. It strengthens the company culture and shows the remaining team you are committed to them as people, not just employees. This fosters loyalty, boosts morale, and enhances your employer brand, making your organization an attractive destination for top talent. 

For the organisation 

By investing in supporting retiring individuals and the remaining team, your organisation will weather the loss of the team member much better and grow stronger. There are two specific benefits it provides to the organisation as a whole.

1. Retain institutional memory – Many retirees have spent years at the organisation so they have gathered a lot of insight and wisdom. Retirement transition coaching helps capture these invaluable resources and ensures that they are transferred to the next generation of employees. By preserving institutional memory, your organization continues to benefit from the accumulated knowledge of retirees even after they have left. 

2. Enhance employee engagement – As the individual retiring feels appreciated and the team witnesses how an exiting employee is looked after, a positive and inclusive environment is created that encourages employee engagement and loyalty. Employees feel motivated to contribute to the company because they trust their employers to look after them. This supports productivity, performance and retention. 

Smooth transition = Happy retirees

As you can see, funding retirement transition coaching results in a return on investment because it elevates the employee experience. It helps the retiree to find their feet in their new chapter of life, it steadies and motivates the team during a time of change, and it helps the organisation to preserve generational wisdom and team strength. 

That’s plenty of reasons for a company to include non-financial retirement support as an employee benefit. My retirement transition coaching programmes run for 3 or 6 months and include the LifeOptions Profile retirement readiness assessment and access to the Retirement with Purpose Toolkit. You can book retirement transition programmes for individuals online or discuss your organisational needs for workplace coaching on a call. Retirement is an opportunity. Make the most of it!

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