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Managing employee retirement a challenge

Recently a girl came up to me and told me that she wants to quit her job, that she doesn't want to work any more or go to school. "It sounds like you want to retire" I said.
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Recently a girl came up to me and told me that she wants to quit her job, that she doesn't want to work any more or go to school.

"It sounds like you want to retire" I said. "What would you do with all your time?"

"I might want to do some travelling or play basketball, I really don't like working" was the response.

"That sounds like retirement to me" I suggested.

"How are you going to pay for those activities?"

To that, she didn't have a response. My gut feeling is that she wanted her parents to pay for her retirement.

Knowing her parents quite well, I suspected that would never happen.

I myself am at the age when some of my friends are talking about retirement. Some of them are tired of working, and others would like to move on to doing something else.

I heard last week that my friend Al recently retired from his job and was spending his days doing yoga.

A few years back, Workopolis surveyed 4,000 Canadians and found that most people will have two to three different careers in the course of their working years.

The three main reasons most people left their jobs were:

1. They wanted to find a career that they were passionate about.

2. They were becoming bored or disillusioned with their current job.

3. There was a lack of opportunity for advancement in their current career path.

This can be a challenge for employers.

When employees leave a job for whatever reason, there is a significant cost to replace them.

Losing good young people because we haven't been able to create jobs that are challenging and motivating is discouraging for us and our employee.

As baby boomers grow older and reach that retirement age, there is the possibility that firms will lose the brainpower that had fueled the company for many years.

While this leaves the opportunity for younger staff with new ideas and youthful energy to direct the company, often there is a gap in skills and the risk of loss of knowledge if we haven't prepared for this transition. There is a challenge for employers but retirement can also be a challenge for the ones retiring.

I have seen work cultures where staff are seen as a commodity who should feel privileged to work for us them or to have a job at all.

There is no foresight into how these employees will be able to live out their remaining days after many years of working to benefit the company.

Usually this doesn't end well for the company or the employees. As leaders we must consider the long term welfare of our staff.

Not only should we, the senior management team, have a decent retirement package, we should have a plan for our front-line workers as well.

As business leaders, our retirement can be a daunting thought.

For many of us who own our own businesses, we don't have a real strategy for who will take over the company and manage our clients or customers.

Yes, we might be burned out and looking forward to a new "career" travelling, playing golf and drinking coffee with our friends, but like my 18-year-old friend, as entrepreneurs, we really don't have a clear idea on concerning how we are going to pay for those activities.

It's unlikely that my 18-year-old friend can retire or should live a life of leisure.

However, if we can help her find a career that is meaningful and lifegiving, there is no reason that she would want to retire for at least 35 years or 40 years.

When we are passionate about our work and continue to feel that we are creating something meaningful and valuable for society, there is less internal pressure to quit our jobs and hang out at a yoga studio or basketball court.

Dave Fuller, MBA, is an award-winning business coach. Fuller probably could retire but is passionate about making live better for business leaders and their employees. Retire your thoughts to dave@profityourselfhealthy.com.