1 HRM Chapter 10 / Page:393 to 395 Presented By: Me Presented to: Sir Tasman Retirement Hi!

10–2 What is Retirement? Retirement is the point where a person stops employment completely. Usually Between the age of 60 to 65 years. The act of leaving a job or career at or near the usual age for doing so, or the state of having left a job or career. A state of being withdrawn from the rest of the world or from a former busy.. Retirement planning does not soon just benefit to be retirees; Its also increasingly important for the employers

10–3 Recent Survey 78% employees said they expect to continue working in same capacity after normal retirement age. Only about third said they plan to continue work for financial reasons. Most Employees said they want to be active. About 30% of the employees in one survey therefore reported having formal pre retirement Counseling aimed at easing the passage of their employees into retirement.

10–4 Pre Retirement Counseling! Counseling provided to employees who are about to retire, which covers matters such as benefit advice, second career. Etc… Most Common Pre Retirement practices are: 1.Leisure Time Counseling (86%) 2.Financial & Investment Counseling (84%) 3.Health Counseling (82%) 4.Psychological Counseling(35%) 5.Counseling for second career outside & inside the company (35% )

10–5 Second Career Second Career helps laid-off workers get the skills training they need for high-demand jobs in their communities. Second Career provides career planning and financial support, to the employee which is near to be retire.

10–6 Early retirement Early retirement can be at any age, but is generally before the age needed for eligibility for support and funds from government or employer-provided sources. Thus, early-retirees rely on their own savings and investments to be initially self-supporting, until they start receiving such external support. Early retirement is also a euphemistic term for accepting termination of employment before retirement age as part of the employer's labor force rationalization. In this case, a monetary inducement may be involved.

10–7 Pension A fixed amount of money paid regularly to somebody during retirement by the government, a former employer, or an insurance company The retirement with a pension is considered a right of the worker in many societies, and hard ideological, social, cultural and political battles have been fought over whether this is a right or not. In many western countries this right is mentioned in national constitutions

10–8 Attracting and Retaining Older Workers In General: Human Resource Policies tend to discourage older workers employments Some Suggestion are: Human resource training practices in many firms allot most of the training resources to younger workers, which may also discourage older workers from retraining, and make them unproductive workers. Labor Force Participation of Older People and the Employment of Older Workers

10–9 Attracting and Retaining Older Workers Create a Culture that Honors Experience Offer Flexible Work Offer Part-Time Work HR Practices for Older Workers

10–10 HR Practices for Old Workers In many firms,the work environment and human resource practices are often explicitly or implicitly biased against older workers. Changing this culture and making the workplace more attractive to those of retirement age, requires concrete action. For example : CVS executive took several steps to make their company retirees friendly. Create a Culture that Honors Experience

10–11 HR Practices for Old Workers Companies should offer to design jobs such that staying on is more attractive than leaving. One of the simplest way to do this is through flexible work, specifically, making where one works and when the work is performed flexible. Offer Flexible work to employees to stop early retirement

10–12 HR Practices for Old Workers Grating part time employment to employees as an alternative to outright retirement. Several blue and white collar employees show that about half of all employees over age 55 would like to continue working part time after they retire. Offer Part time work to employees

10–13 HR Practices for Old Workers By this strategies one need not wait until someone is ready to retire to provide retirement planning assistance. For example: American express ( a CC Business Company ) introduce an online asset allocation tool for use by its employers-clients’ retirement plan participation. The web based tools are called Retirement Guidance Planner. It is based on the employees progress within the firm. Offer Part time work to employees

10–14 Retirement procedure… Retirement procedure must comply with the law. For example current and former agents of the New York Life insurance Company filed a suit statement that the company defrauded agents of their retirement and health insurance benefits.