Why Retirement Support is a Priority for HR Teams

March 4th 2024 | Posted by Dave

Preparing employees for retirement is an essential aspect of the HR manager role. There is no set way for people to retire, as everyone is different. However, advice and support help all individuals, no matter which path they decide to take.

Top HR managers understand the value of this type of planning for employees who are retiring and for the business. We will discuss this value in more detail and reveal why retirement planning is a priority for HR managers and their teams.

Helping employees to visualise retirement

People often find it difficult to visualise the major changes to their lives that come with retirement. It’s hard for them to take time to imagine what retirement will be like and plan accordingly while they are still working. This is one of the major challenges of retirement for employees.

Progressive HR managers understand that providing retirement coaching helps employees overcome these challenges by providing them with support and time to consider their future while still employed. It also benefits the business as supported employees are more likely to be positive about the organisation when they leave. In addition, other employees see the positive experience of retiring individuals, which elevates their opinion of their employer.

How HR Managers provide the necessary retirement help

There are several steps that experienced HR managers take to provide retirement support to employees. We will examine them in more detail.

Providing advice that is free and impartial

One of the biggest concerns for many individuals is how they will afford retirement and what their life will be like financially. Providing employees access to independent financial advice makes them more relaxed about their retirement path and removes much of the fear involved.  Experienced HR managers know that it helps to offer overarching support to all employees instead of making assumptions based on age or length of service.

Using expert outplacement services

Financial advice for potential retirees can be part of the services provided by outplacement experts. Companies partner with these experts to secure advice for retiring employees about their opportunities after they leave employment. These opportunities include securing a part-time or more flexible role, taking on new hobbies, or undertaking voluntary work. The advice provided is a valuable tool that improves employee experience and enhances the reputation of an organisation as an employer.

Ensuring employees know that support is available

Effective communication is essential to all aspects of business operations. The area of retirement advice is no different. HR professionals who want to optimise the benefits of this advice know that communicating its existence, and how to access it, is essential. The more employees know about retirement support initiatives, the more likely they are to access them and the more valuable they become.

It’s clear that retirement support is of significant value to employees as it helps them plan for life when they finish working for an organisation. It also benefits the business as it becomes known for the way it values and supports its employees. For these reasons, work in retirement support is a priority for HR managers and their teams.