Where will they come from? That is a question that is facing organizations and businesses in the United States as they ponder where the next wave of workers will emerge. Organizational recruitment and retention strategies have been challenged to find replacements for a generation of employees on the brink of retirement. This generation, the Baby Boomers, is a generation numbering 76 to 78 million people (Stendardi, 2005), a staggering number when contrasted with a 2009 Department of Labor figure of an employed civilian workforce of 140 million workers. The Boomers’ imminent retirement, sometimes referred to as the “ demographic tidal wave,” will challenge organizations and Human Resource departments to develop programs and policies to address the labor shortage. One of the strategies that have gained increased attention is the idea of a phased retirement. Organizations have turned to the concept of phased retirement to delay the loss of critical employees, ensure the transition of critical skills and knowledge, reduce recruitment and retention costs, and help bridge the labor gap. Normally phased retirement is an informal ad-hoc program that has different definitions and meanings. Lets examine the essence of the strategy and how it may be implemented at Princeton University.
The Essence of Phased Retirement
Phased retirement, as a legal concept, is undefined. It is not because this is a brand new phenomenon that is sweeping across Human Resource departments nation wide. In fact, the idea of phased retirement has been around since at least the 1950’s. Originally referred to as rehires, subcontracting, or consulting, phased retirement is a strategy that has been around for decades, though with a different purpose. ...
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Purcell, P. J. (2003). Older workers: Recent trends in employment and retirement. Journal of Deferred Compensation, 8(3), 30. Retrieved May 16, 2010, from ABI/INFORM Global.
Rappaport, A. (2009). Phased Retirement-An Important Part of the Evolving Retirement Scene. Benefits Quarterly, 25(2), 38. Retrieved May 15, 2010, from ABI/INFORM Global.
Sheaks, C. (2007). The State of Phased Retirement: Facts, Figures, and Policies. Generations, 31(1), 57-62. Retrieved June 11, 2010, from http://www.asaging.org/publications/dbase/GEN/Gen.31_1.Sheaks.pdf
Stendardi, E. J. (2005). Using Phased Retirement to Make a Baby Boomer Retirement Work. Humanomics, 21(1/2), 48. Retrieved May 16, 2010, from ABI/INFORM Global.
UCF Human Resources. (2010, April 27). Retrieved May 23, 2010, from http://www.hr.ucf.edu/web/benefits/retirement.shtml#retire1c2
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