DDI's 70: The New 50® strategy provides answers surrounding the challenge of Retirement Management® and the impending baby boomer exodus from the workplace. For years, organizations have been concerned about succession management and retention management, but few have tried to encourage select retirement-age employees to stay longer. Most companies viewed such a practice as a waste of time because of the strong economic incentive to retire provided by conventional defined benefit plans.
But that viewpoint has changed for most of the organizations that don’t have defined benefit plans, and it’s changing quickly for many of those that do. Government rules regarding defined benefit plans changed in 2006 to encourage people to work longer—and they will, because they need the money and because they enjoy the camaraderie and challenge of their work. DDI's Retirement Management® approach will provide a highly workable strategy that is necessary for organizations that want to retain the knowledge, experience, and key contacts of their valued older employees.
An interview with William C. Byham, Ph.D.