By Shadreck Zangairai
Of late, the workplace has been filled with aging employees who are about to retire from work. The reality of leaving the workplace that has been one’s home for such a long time instils fear and anxiety in most employees, but however the thing is inevitable. Retirement is a global phenomenon that affects employees’ lives irrespective of their position, race or nationality. It is surrounded with many problems, and in some instances, some employees use every possible delaying tactics, e.g., changing dates of birth as a way of trying to prolong their stay at work. This clearly indicate that most employees are likely to develop anxiety when they are close to retirement. There are so many challenges in retirement transition and therefore, retirement is a time of trepidation for many workers. Just to confirm the validity of this view, this writer was approached by one of the retiring members who had reached 65 years. The person had been in the service for 43years having joined the profession at 22 years. The news of retirement seemed to have sounded like a gun shot in his ears. He could not contain it, and so he rushed to the writer’s office and said; “nhai va…… munoda kuti ndiendepi nhai, handina kana musha, ini ndichiri kuda basa”. The way he said it was so touching such that it prompted me to write this article.
Retirement leads people to develop emotional upheaval because they are being forced to let go of something that they are comfortable with. At this point, an individual may experience those feelings such as fear, confusion and anger, which constitute the symptoms of anxiety. Many people fear the thought of retirement during their working years, because of the over-dependence on the job. Another reason that makes employees not quit or rather fear retirement could be linked to the joy of a conditioned routine where a person’s life is centred on a particular job for a long period.
Retirement is a significant milestone for all employees and it requires careful planning. Unfortunately, many employees have fallen behind in their retirement goals. Costs of living is increasing everyday making it difficult for employees to adequately save for retirement. Moreover, current economic conditions are creating barriers to employee retirement savings. Record-high inflation, rising interest rates and layoffs are making it difficult for individuals to set aside funds for retirement. Additionally, employees are delaying saving for retirement to focus on current financial needs and expenses, believing they’ll be able to catch up later. For employers, creating a culture of retirement preparedness is not only a responsible business practice but also a vital contribution to the overall well-being of their workforce. As a result, many employers are implementing strategies to help keep employees on track with their retirement savings and, in some cases, aid them in catching up if they have fallen behind. This article outlines some of the strategies employers can implement to help employees adequately prepare for retirement.
In simpler terms, retirement planning is a process through which organizations offer necessary options to their employees to retire financially secure so that they can live comfortably during the golden years. However, the exact path an employee takes will depend specifically on their independent retirement goals and financial situation. The term “retirement” refers to the moment in one’s life when he or she decides to quit the workforce permanently. In Zimbabwe and most other industrialized countries, the typical retirement age is 65, with many of them having some form of government pension or benefits system in place to augment retirees’ salaries. It is inevitable and obvious that every worker must reach retirement stage.
To be continued next week!!!
