Abstract
Retirement is a major lifestyle change that elicits different reactions from employees. It is a milestone about which employees – prepared or not – always have mixed feelings. Effective holistic retirement preparation programmes are relatively scarce. The overwhelming amount of information on preparing for this momentous phase is significantly centred on financial planning. However, retirement and all the forms of later life changes need to be reviewed.
The literature indicates that human life expectancy has increased substantially due to extensive evolution in the medical sector. This increased life expectancy of retirees and the resources at their disposal have a direct effect on the nature of the life they will have when transitioning from formal employment. Consequently, holistic retirement preparation programmes are crucial in this transitioning phase. Timeous implementation of positive retirement programmes will present retiring employees with the advantage of feeling empowered, financially secure and socially adept.
This study aimed to explore the challenges experienced by employees transitioning into retirement, the elements that affect the happiness of employees while transitioning into retirement and how employees can be prepared and empowered to enter retirement with a positive frame of mind and the ability to manage their financial and social responsibilities. The primary research question was: How can retiring employees in the South African Transport Sector be proactively equipped to benefit themselves and their organisation and communities?
Qualitative semi-structured interviews were conducted with 15 employees who were nearing retirement in the South African Transport Sector. Findings indicate that positive retirement interventions benefit the socio-economic well-being, financial security, entrepreneurship attitudes and leadership capability of retiring employees. The study recommends a proactive retirement transitioning framework for employees and managers to navigate the changes that come with exiting the labour force. The implications of the successful implementation of the
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proposed framework are that retiring employees will exit the organisation feeling empowered with financial and social skills that can be utilised to benefit society.