HRMagazine - Exploring Retirement
May 1, 2007
Exploring Retirement
Online tools help employees address the psychological adjustments they will face after they retire
by Donna M. Owens
While retirement programs traditionally have focused on finances, the program Van Deren chose, called My Next Phase, is among a new crop of online tools designed to help employees--especially those nearing retirement--examine their emotions and attitudes and determine their retirement readiness. These online retirement coaching products adopt a holistic approach, targeting such areas as the psychological impact of retirement and retirement's effects on an employee's family, health, sense of self-worth and more. As more organizations adopt technology to help their employees with various aspects of their retirement planning, some employers are finding that addressing the needs of their aging workforce may keep older workers on the job longer.
Retaining older workers is a high priority for many businesses because of demographic trends. According to the Society for Human Resource Management's 2005 Future of the U.S. Labor Pool Survey Report, HR professionals that responded indicated that, on average, nearly one-fifth of their organization's workforce was age 55 or older. At the time of the survey, the respondents expected three out of every 10 employees in their organization's workforce to retire in the next 10 years.
Aging, Differently
For HR, the workforce implications of retirement planning are significant because the American workforce not only is aging, it is aging in ways that are dramatically different from the ways of previous generations. Older Americans are living longer and are healthier than their predecessors, experts say. They're also more tech-savvy.
"Older Americans are increasingly turning to the web to rewire their lives," says Joseph DeMattos, AARP's Maryland state director. "More than ever, they want to remain engaged in their work and community. They're looking at various tools that can help them." Those tools are coming from a variety of sources.
Margy Altmix, director of coaching for Employee & Family Resources in Des Moines, Iowa, an employee assistance program (EAP) provider for the United States and Canada, says the company launched an online coaching program in 2006 called Navigating Your Retirement, slated to be expanded in June to My Plan After 50. The program, which can be delivered as part of a company's EAP or as a stand-alone benefit, via the Internet or by telephone, is designed to help employees create a personalized retirement readiness plan with action steps, and it enables them to track their goals and progress online.
Altmix says the system is intended to guide employees through a personalized, in-depth examination of their feelings about retirement.
"There's typically an 18-month honeymoon period for retirees," says Altmix. "After that, many people find themselves wondering what comes next." When that happens, she continues, many retirees find that financial issues are not their only concern. "They have other primary concerns and needs that, if not addressed, could result in difficulty during the transition from work to retirement."
Preparing for Change
Employees who use Navigating Your Retirement begin by completing an online, 45item assessment. Participants work through the Eight Essential Elements of a Vibrant Retirement, which examines factors such as an individual's resilience, social life and sense of purpose.
The program assigns users to coaches trained to address the needs of this population. "Our coaches are all baby boomers themselves," says Altmix, and they have specialized training in retirement issues.
Employees participate in weekly telephone conversations with their coach, and they can log on to a password-secured web site 24 hours a day--a feature appreciated by Rita Bunch, an assistant dean at a major California university. She says she "didn't have to leave home" to use the program. "Scheduling is important because my time is precious."
Users also record and track their goals in an online journal, and they receive articles, "webinars" and relevant Internet links from their coaches.
Stephen Wooderson, who directs a state vocational rehabilitation center in Des Moines, recently tried the online coaching program for three months, even though he has no plans to retire soon. He's married and an empty nester, and he felt he was at a crossroads in his life. While still committed to his lengthy career helping individuals with disabilities, he was eager to see what the future might hold once he stopped working. "I wanted to find out where I am going--not just financially but as a person," Wooderson says. "The process really opened my eyes; it was fascinating."
Working with his coach online and by telephone, Wooderson reassessed his situation and made changes in several areas that experts say can impact one's retirement, such as health and wellness.
To increase opportunities for social support, networking and personal fulfillment--often cited as key components of retirement success--Wooderson resumed a hobby, public speaking, which he had abandoned years ago.
"Overall, the program helped me to identify where to put my emphasis," he says. " The best part is that it forced me to be accountable and to plan. I see just how many choices I have in retirement."
Altmix says the majority of the company's clients have been men, and they have represented organizational levels from managers to administrative assistants.
"Many of these issues are universal," says Altmix. "Life is all about change, physically and psychologically. It's about how we adapt to life's changes and bounce back from the unforeseen."
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