“If the delaying retirement trend becomes a reality, organizations will need to adapt their talent strategies and budgets to account for the unexpected retention of near-retirement employees,” says Dick Kleinert, a principal with Deloitte Consulting LLP and co-director of the the 15th annual Top Five Total Rewards Priorities survey conducted by Deloitte and the International Society of Certified Employee Benefit Specialists (ISCEBS). The survey concluded almost half of human resource professionals now plan to delay their retirement.
That’s not all. Almost half (45 percent) of chief financial officers are delaying or reconsidering their retirement plans, according to a recent poll by Robert Half Management Resources.
What’s more, Sun Life Financial’s latest “Unretirement Index” reveals 54 percent of all American workers will delay their retirement by at least one year.
To help employees get through this time, Deloitte and the International Society of Certified Employee Benefit Specialists (ISCEBS) indicates employers are taking a number of measures, including:
- Increased employee communication and education;
- Better tools for retirement planning;
- Enhanced preretirement planning sessions;
- Incentives for participation in fitness, wellness and disease management programs; and
- Focus on other reward programs – flexible work arrangements, learning and development programs and paid time off