seven steps for successfully managing mature age talent transitions
Managing an ageing workforce is an age-old issue for most HR professionals. According to Alison Hernandez, director of Randstad RiseSmart APAC, even with the impact of the pandemic, it is critical for organisations to be aware of both the risks and opportunities that an ageing workforce presents.
As mature workers retire, they take the years of valuable organisational knowledge and experience with them. How can you address this business brain-drain strategically?
Randstad RiseSmart has over 16 years of deep expertise in ageing workforce management and can partner with you.
As the world’s fastest-growing career transition and talent mobility provider, we have a plethora of practical tools and tactics to help you.
Here are our seven steps for successfully managing mature talent transitions.
step 1 - know your numbers
Delve deep into the data to make sure you have a thorough, well thought-out plan for your workforce.
Assess exactly how big your organisation’s retirement risk is before making any concrete decisions. Consider how much it will cost you in terms of recruitment, replacement, restructuring, and retraining costs, so that you can compare it to the potential investment in mature age transition.
step 2 - know your risks
Understand the risks your organisation is exposed to, and how they can be mitigated. Ask yourself:
- Could we lose valuable organisational knowledge?
- Could we lose specialised skills?
- Do we need to request certain members of the team defer retirement?
- Are any recent retirees wanting to return to work?
- Can we restructure or redesign any roles to enable this?
- Are our mature employees positive and productive in the lead up to their retirement?
- Is there anything we can do to promote wellbeing or return to work?
step 3 - work out your ROI
The only way to compel senior managers to support any organisational decision is simple – demonstrate return on investment.
Any ageing workforce strategy should be backed by evidence. At Randstad RiseSmart, we help you measure the true impact of the cost of retirees with accurate intelligence on recruitment and replacement costs.
We help you develop a compelling business case for your team that demonstrates that time, money, and effort invested in managing your mature talent will offer a worthwhile return for your organisation.
step 4 - know who, what, and why
Numbers are one thing, but humans are at the heart of HR decisions. Take time to identify precisely who could retire, why, and what they currently do.
- Who is considering retirement?
- How is their role critical to organisational success?
- How difficult is recruitment for this role?
- Do they want to work longer? Can you encourage this? Would you want to?
You may not have all the answers. So, pilot these questions to a specific, friendly group of mature talent; their responses may surprise you!
step 5 - modify your mindset
Traditionally, the standard workforce participation model is full-time work, then full-time retirement.. but it doesn’t have to be!
Some dream of endless holidays, while others would just prefer to slow things down a bit. The reality is that retirement is not as easy as it sounds - retirees often miss the purpose and connection that work brings.
As you modify your mindset around retirement, let mature employees do the same. More often than not, older workers are happy to continue working, but differently to the way they’re working now..
Help them prepare for the changes that come towards the end of their careers. Encourage them to set realistic goals, prepare their finances, and hone in on their relationships and wellbeing.
Initiate constructive conversations about their new beginning, whether within your organisation or retirement.
step 6 - present a pathway
It’s easy for mature age workers to leave their career development behind. Organisations can broaden late-career pathways by establishing options such as:
- Role redesign
- Phased retirement transition
- Career development
These pathways can help mature employees find ways to add value and build your organisation long after they were originally planning to retire.
step 7 - strengthen your capabilities
Busy HR professionals will need to fine tune their own skills in the areas of workforce planning, role redesign, career pathway planning, and tactics for transitioning talent.
But, where will they find the time?
With Randstad RiseSmart’s revolutionary combination of human touch and today’s tech, you won’t have to overburden your HR team.
With us in your corner, you’ll have the necessary resources and a trusted partner to strengthen your internal capabilities and talent mobility strategies.
You will see that the issue of an ageing workforce is not necessarily the high-risk issue it might otherwise be. In these times of pandemic uncertainty, it remains a powerful, cost-effective way to secure workforce diversity and sustainability so you are prepared for tomorrow.
What’s next? Get in touch with us; one conversation may uncover the expertise you need to succeed.