Tuesday, 30 November 2010
MORE older workers HAVING to work into their retirement
Figures published recently by the Department of Communities and Local Government show that almost 250,000 people aged 65+ are still repaying their mortgages and that there are c1 million homeowners yet to clear their mortgage debts who are approaching retirement. Within 5 years the number of pensioners with mortgages is projected to increase to 1 million. This suggests that more and more older workers are likely to need to continue to work rather than retire. The removal of the deferred retirement age next year will at least make it easier for them to do so. These figures add further weight to the argument that employers should ensure that they have effective employment practices in place, particularly the need to update the skills of their older workers who may be employed for longer.
Monday, 22 November 2010
Change at any age
The Employer Forum on Age (EFA) and Cranfield School of Management have recently published research about career transitions. A key finding is the importance of the line manager in this process. The line manager has an " important role to play in ensuring that individuals received the right support and development in order to progress in their careers". The report goes on to say that " Employers may therefore consider providing training to line managers to ensure they are able to manage their subordinates' careers and support them in making career transitions".
This means that the line manager has an important part to play in the final transition IE out of work into retirement or part-retirement and the real question is how well equipped line managers currently feel about doing this?
The research showed that the decision of whether to retire or not was most likely influenced by an individual's financial situation, health and family and just over a third would consider working beyond 65.
The report also stated that "pre-retirement planning at a much earlier age than is generally the norm (if offered at all by employers) may be useful.
Employers concerned about workforce and succession planning issues, when the default retirement age is removed next year, might therefore like to consider the role and training needs of the line manager and the extra support that retirement workshops can provide to all parties as part of aiding future planning for the organisation and for the individual.
This means that the line manager has an important part to play in the final transition IE out of work into retirement or part-retirement and the real question is how well equipped line managers currently feel about doing this?
The research showed that the decision of whether to retire or not was most likely influenced by an individual's financial situation, health and family and just over a third would consider working beyond 65.
The report also stated that "pre-retirement planning at a much earlier age than is generally the norm (if offered at all by employers) may be useful.
Employers concerned about workforce and succession planning issues, when the default retirement age is removed next year, might therefore like to consider the role and training needs of the line manager and the extra support that retirement workshops can provide to all parties as part of aiding future planning for the organisation and for the individual.