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courses on Career Paths WBT - The Changing Career Strategies - Phased retirement
Organizations typically devote far more energy to recruiting
and retraining than to phasing out workers. Phased retirement is one
intervention that workers and employers can use at the latter end of the career
cycle.
- During
phased retirement, workers gradually taper their work schedules until they
reach full retirement.
- Other
career development interventions such as flextime and job sharing are typically
incorporated into phased retirement arrangements.
- Retirees
may work part time and serve as mentors or trainers to their successors.
- Benefits to
employees include a greater sense of control over the transition from work to
retirement, lowering the risk of economic insecurity, and more social support.
- The
employer benefits by retaining valued talent and minimizing labor shortages.
For example, consider Bobby a senior manager, who at age 64
is beginning to look forward to retirement. However, he also is concerned with
“letting go”, and afraid he might be bored when he retires. And, after 17 years
as part of the senior management team, Bobby will leave a huge void in the
company operations. Bobby's company has a phased retirement plan, and works with
him to set up his new schedule. Bobby will be involved in selecting his
successor, and will work as coach and mentor full-time for a while. After three
months, he will scale back to three days per week, then eventually to two days,
and so on until he does not come into the office at all. For another six months,
Bobby agrees to be available as a consultant and advisor on an as needed basis.
The entire phased retirement plan takes place over a two-year period.
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