10,000 Americans reach 65 every day. While the average age of retirement has increased over the past three decades, health, family, and financial considerations serve as the major triggers for leaving the workforce. Regardless of the reason, losing an employee with deep knowledge and experience can be a difficult blow. With the lack of qualified people available for hire in the home improvement industry, the impact on your business can be even greater. How do you prepare for a retiring workforce while ensuring your business can serve your customers? We collected some expert advice below:
How to Prepare for a Retiring Workforce
Create a Formal Mentoring Program
One way to harness the experience of your longtime employees is to encourage knowledge sharing through a mentoring program. It may be that informal relationships already exist at your company. However, creating a formalized program that outlines goals for each side and offers rewards for achieving them can spur stronger relationships. Offering structured mentoring can be an important differentiator when attracting new talent as well. Finally, mentoring brings benefits to both parties: while mentees gain knowledge and rapport, mentors build leadership skills, learn from their mentees too, and often feel a greater sense of connection to the success of your business.
Offer a Robust Training Program
Developing a training program that promises to build the skills of new employees is another way to rise above your competitors for up-and-coming tradespeople. The pluses of educational programs that attract a workforce also benefit your company, including improving safety and reducing accidents, enhancing productivity and efficiency, career advancement and earning potential, and enhanced quality of work. Local associations like the Indiana Construction Roundtable Foundation and GIPHCC offer training programs that you can tap into as well.
Honor Your Retiring Employees
Company culture is an important factor in attracting new talent. One way to demonstrate your commitment to your employees is to honor those who have reached the end of their careers. Turns out those retirement parties speak volumes about how you value employee contributions. If your retiree is not keen on a gathering, think of another company-wide message you could send, such as a commemorative plaque or a recognition email. These efforts should be a part of an employee recognition program within your organization.
Wharton & Power Insurance works with BAGI members like you to offer benefits employees want. That can include HR advice through our partner, Worksmart Systems. If you would like to learn more about how we can help you attract and retain quality employees, reach out to us. Send us an email or give us a call at 317.663.4138.