New Organizational Retirement Preparation Guide Released by McLean & Company as Global Workforce Continues to Age and Retire

According to the new resource, having a complete retirement process helps support both the organization and retiring employees as they transition out of their roles.

TORONTO, Aug. 9, 2023 /CNW/ - With more than 150 million jobs expected to be held by workers over the age of 55 by 2030 in the Group of Seven (G7) countries, the global workforce is rapidly aging and starting to transition into retirement. The surge in retiring employees has illuminated the need for organizations to streamline retirement processes that support the needs of both the business and its employees. In response, global HR research and advisory firm McLean & Company has released its timely new Organizational Retirement Preparation Guide.

The firm explains in the resource that HR's role is to support both the organization and its employees to bridge the gaps left behind by retirees as they depart. The new research will guide HR in curating resources to effectively manage retirements before, during, and after they occur.

"Employees often don't have the right support or resources to plan and execute their retirement," says LynnAnn Brewer, director of HR Research & Advisory Services at McLean & Company. "An intentional process ensures the right steps are taken for a smooth transition. As such, HR must work with the organization to develop an effective retirement procedure and provide appropriate resources to employees to better support both soon-to-be retirees and the employees affected by the departure."

In the guide, a three-phase timeline of the retirement process is outlined to assist HR leaders identify which outcomes must occur in each stage for successful planning and retirement support. The phases and their required components are as follows:

1.  Pre-retirement: Activities that take place before an employee announces their intent to retire. The first phase is focused on forecasting workforce needs and preparing employees for retirement. Pre-retirement planning includes:

2.  Peri-retirement: The second phase includes activities that occur once an employee has announced their intent to retire. This phase focuses on preparing for the employee exit, ensuring a smooth transition of work, and the transfer of knowledge. Peri-retirement planning requires:

3.  Post-retirement: The third and final phase consists of activities that take place as and after a retiring employee exits the organization, with a focus on successful offboarding and maintaining relationships. Post-retirement planning and support outcomes include:

"There is a common misconception that the relationship between an employee and the organization ends when the employee retires," explains Brewer. "But continuing to engage alumni post-retirement creates benefits for both the employees and the organization."

McLean & Company advises HR leaders that taking an active role in all three phases of the retirement process is key to overall mutual success, and that the journey does not end upon retirement. Designing an impactful organizational alumni program that includes retirees, offers organizational benefits, including increased brand awareness, access to desirable talent pools, and support for strategic goals and objectives, and fosters a sense of belonging and increased personal and professional networks.

To access the full guide, download the Organizational Retirement Preparation Guide.

As a future-focused advisory partner, the firm has also recently released its cutting-edge The Future of HR Report, which examines how HR leaders must prepare for the unpredictable through the evaluation of HR trends and consideration of drivers of change.

For HR leaders as well as C-suite and VP-level executives who are responsible for enabling, streamlining, and future-proofing their organization's HR functions, Signature, the highly anticipated HR industry conference from McLean & Company, is returning from November 5-7, 2023, in Orlando, Florida. Register for Signature 2023 or learn more here. Early bird tickets are available until August 1, 2023.  

Media interested in connecting with McLean & Company analysts for exclusive, data-backed insights and commentary on the retirement planning process, generative AI in HR, the future of work, and more can reach out to [email protected]. 

About McLean & Company

Through data-driven insights and proven best-practice methodologies, McLean & Company offers comprehensive resources and full-service assessments, action plans, and training to position organizations to meet today's needs and prepare for the future.

McLean & Company is a division of Info-Tech Research Group.

Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 industry analysts through the firm's Media Insiders program. To gain access, contact [email protected].

SOURCE McLean & Company