Boomer Retirement Planning: It's Not Just for the Retirees

Guest post by: Terri Benincasa
Become an Author

Free PDF Download
"Bottom-line" Culture vs. a Healthy One? - By Terri Benincasa

According to a new survey by Hewitt Associates, a global human resources outsourcing company, U.S. employers are facing a troubling talent shortage, with 25 percent of the workforce nearing or at retirement age. “With the rising tide of boomer retirees, employers will be losing key talent at a time when attracting and retaining skilled workers will be more important than ever,” stated Allen Steinberg, a principal at Hewitt Associates.
Talent means the deep knowledge-base, exceptional skill-level, and heightened leadership capacities that come from decades of experience and learning (Boomers are also the best educated generation).
The good news: Companies are finding that the most effective way to combat such a monumental loss that could take years of time and revenues to repair, is to establish a “phased retirement” program, designed to consciously tap and pass down what Boomers know to those who will take their place.
The bad news: Only 5% of those companies have developed a formal program for it.
Fortunately, creating such a program is both an ultimate cost-savings, and relatively simple to implement. “Working with senior management to determine how phased retirement programs will benefit both employers and employees is an important first step. To create a truly successful program, however, it’s critical that employers understand employees’ perspectives,” said Steinberg.
“Gathering formal input from employees through focus groups or other initiatives will enable companies to design programs that can truly help with retention needs—but do so in a cost efficient way. This is particularly important for employers concerned about workers in specific roles or with specialized skills that represent the greatest risk of loss to the organization.”
According to Terri Benincasa, CEO of Benincasa & Associates Coaching & Consulting, “recognizing and acting on this burgeoning problem must be a priority for any company that would rather be spending its time bringing in new business and keeping customers happy, than spending it catching up with its own loss of key information and skill-sets.”
And although many HR professionals and Business Coaches/Consultants have expertise in program development designed to mitigate a company’s vulnerabilities, there are few who specialize in issues of and about Baby Boomers. When companies seek a professional to lead them into and through a successful phased retirement program, it is important they choose someone who has what Benincasa calls “knowledge and experience in all things Boomer.” That includes an understanding of the growing generation gap between Boomers and Millennials so the program design considers how both generations communicate, learn, and respond best to change initiatives.
“When your desired end result is founded in a cross-generational transfer of information, the people you choose to create and implement your phased retirement program must have a comprehensive understanding of the view from both sets of windows, with a handle on the differences and similarities between the two groups. That way, the latter can be optimized, and utilized to ensure the former doesn’t get in the way of a successful outcome.”

An Easy Home Based Business Opportunity Supplements Retirement Income for Single Women in the Baby Boomer Generation

Self Employed Opportunities for Retirees

How the Retirees should do their own Financial Planning

Baby Boomer Generation Concerns Are Being Resolved by an Easy Home Based Business Opportunity

The history and myths of retirement

Baby Boomer Women Are Hit Hard By Todays Economy

Home Based Business Ideas For Retirees

An Easy Home Based Business Opportunity Combines Travel with the Baby Boomer Generation

Will You Outlive Your Savings?

Why A Lucrative, Easy, Legitimate Home Business Opportunity Provides A Solution For Retirement

Women Baby Boomer Entrepreneurs

The Reality of Encore CareersWhy the word Retired should be retired

Retirement Strategies for the Younger Generation

Retirement put on hold: Option, start your own business

What Is Your Retirement Plan Baby Boomer?

How Many Buckets Do You Need for Retirement?

How To Avoid Being Complacent About Your Retirement

Can Baby Boomers Retire

Will Your Retirement Income Be Enough To Live On?

Are You a Baby Boomer and Is Retirement for You?

Home > Business-Coach > Terri Benincasa > Boomer Retirement Planning Its Not Just for the Retirees > Google +

Free PDF Download
"Bottom-line" Culture vs. a Healthy One? - By Terri Benincasa

About the Author: Terri Benincasa

RSS for Terri's articles - Visit Terri's website
Terri Benincasa is a nationally known as a Boomer expert, and host of the successful broadcast radio show Boomer Nation! on WGUL 860AM out of Tampa Bay, FL (heard nationally: www.860wgul.com), the only broadcast show of its kind in the Southeast, and one of the few of its kind in the nation. Boomer Nation! gives information & inspiration to "live, work, and play at our Boomer-best!" Most importantly, Terri is a proud Boomer herself.
Terri holds a double Masters in Counseling Psychology from Columbia University, thus is clinically trained in the art/science of human behavior, has been a stage and commercial actress for 25 years, and has over 20 years of senior management/business ownership experience. She has spent the last 10 years (and counting) studying the charactistics, research, and trends of her generation, giving her a unique knowlege base, and insight, into what Boomers need, want, and respond to in both business and life (including what business need to do to handle both cross generational discord, and the mass exodus of Boomers as they retire, taking with them their vast knowledge and skill base).

She has been seen on the Tampa Bay NBC affiliate's ‘Daytime' Show, on PAX-TV's 'The Hayward Henson Show', and is authoring her first (and soon to be released) book, Is That My Light at the End of the Tunnel, chronicling how her generation "got lost" (abandoned the ideals of their youth that brough about some of the greatest societal changes in history), and what they can do to regain their greatness.

Click here to visit Terri's website.

More from Terri Benincasa
Millennials Cant Work With EmCant Work Without Em So whats a company to do
Older Employees in Big Demand
SIX SIMPLE STEPS TO ENHANCING YOUR WORK ENVIRONMENT
According to Market Watch
Women How to Optimize Your Inner Leader

Share this article. Fund someone's dream.

Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Boomer Retirement Planning: It's Not Just for the Retirees

Related Articles

Related Forum Posts

Share this article. Fund someone's dream.


Name:
Email: