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HRM Asia
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Bridging the retirement readiness gap – A strategic HR opportunity
- By 2050, Asia is projected to have nearly 1.3 billion individuals aged 60 and above, emphasizing the importance of addressing challenges of an ageing workforce.
- Traditional workforce hierarchies are evolving to adapt to global competition and technological advancements, focusing on talent management and a multi-generational workforce.
- Neglecting the human element in workforce management by disregarding older employees' experience can result in loss of valuable knowledge and skills.
- Retirement can be emotionally challenging for long-serving executives and employees, impacting their sense of dignity and security.
- Transitioning late-career employees thoughtfully is crucial to maintaining productivity, efficiency, and institutional knowledge within organizations.
- Supporting employees through emotional and practical aspects of retirement can mitigate risks and maintain operational stability.
- Financial readiness is a key stressor in retirement; HR-led initiatives can help employees make informed decisions and feel confident about their future.
- Coaching plays a vital role in helping employees navigate retirement insecurities, reflect on their careers, and define a purposeful vision for the future.
- Transitioning senior employees into advisory and mentoring roles acknowledges their expertise, providing a sense of purpose and recognition for their contributions.
- Creating active alumni networks post-retirement fosters goodwill, loyalty, and can leverage retirees as brand ambassadors, supporting recruitment and organizational culture.
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