Every business thrives when its employees are thriving. It doesn’t matter what sector or industry you belong to – without your teammates, staff, managers, or tech support, your company wouldn’t be quite the same as it is today. However, looking forward to the future is always a good idea. Going into retirement can be reaching uncharted territory for many workers under your employ – so how can you make the transition that much easier? Let’s find out!
Make Sure Knowledge Silos Don’t Form
You might not have heard this term before. Even so, knowledge silos can cause massive logistical problems later on after your employee has left the fold. Rethink the policies and procedures you have set in stone – those can always be updated to stay current with the times. In other words, knowledge-sharing is crucial. Otherwise, so-called “knowledge silos” will form. Younger or less experienced employees could end up making big mistakes or causing more confusion than is necessary – through no fault of their own!
Don’t Take Long-Time Workers for Granted
The rise of the gig economy has upended how businesses across the country operate. This means that younger workers can expect shorter-term employment, either because they jump to a different company, or because they are furloughed or released before they can accrue enough time to gain more experience. This is a nasty problem to unravel especially for contractors who work on a project-to-project basis and have nothing to do with developing the company’s latest endeavors
Prioritize Valuable Cross-Training Skills
As we indicated above, knowledge silos can be a huge hindrance to your company’s fortunes. As older employees approach retirement age, allow them to choose their own successors. Likewise, encourage them to take more time and responsibility when it comes to cross-training their coworkers. These assignments should be a crash course, so to speak. Perhaps offer them in three-month or six-month packages and incentivize as needed. Again, this is meant to benefit the whole organization and not make retirement-age workers feel like they are being forced out to make way for the next generation.
Transition to Partial Retirement First
One final idea to consider is the concept of partial retirement. Part-time employment may seem like a step down at first, but this can ease the transition. Plus, you can begin to pay out the pension you owe to your veteran employees (whether or not they came to you after military service!) Keeping potential retirees on as consultants and mentors can impart intangible wisdom and insight to keep your business afloat and making waves all across the country.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.