Retirement conjures up images of rocking chairs, sunny porches, long vacations, and time spent with grandchildren. The reality of retirement goes well beyond that. Even though it is a well-deserved break from more than twenty-thirty years of work, the transition can be difficult for WisGen*. The sudden break in routine can cause anxiety, loneliness, and even depression. In the current times, WisGen prefer something akin to phasing out over months or years. With traditional retirement planning taking a backseat, and DEI becoming a major part of growth strategies, new positions are being crafted to ensure inclusivity in the workplace. One such position gaining traction in companies is that of the Chief Retirement Officer (CRO). 

Chief Retirement Officer:

A CRO plays a big role in promoting inclusivity for the senior employees in the workforce who are nearing retirement. The job profile of a typical CRO will be to cater to everything related to retirement in the company.

• Making the Workplace More Inclusive

A CRO will be required to update company policies to make it more inclusive for older employees in the company. It can include things like hosting sessions to sensitise employees to age diversity and how to communicate with people of different ages. 

• Helping in Smooth Transition

One of the main functions of a CRO is to ensure a smooth offboarding from the company. A smooth offboarding would also mean preparing them for their life after retirement. The transition from a life of routine to retirement can be very daunting. CROs can help WisGen step into retirement by educating them about its realities, encouraging acceptance of their new normal, and providing guidance to make the most of it.

• Retirement Planning

A typical CRO oversees and optimises retirement benefits for WisGen, provides support with financial and pension planning, and helps in picking out the right retirement plan. CROs can do this by connecting WisGen to the right third-party vendors as well. This is to ensure that they lead a comfortable life in their retirement.

• Retaining Top Talent

CROs are responsible for identifying the strongest employees from a batch of retirees and retaining them as consultants or advisors in the company. Maintaining good relationships with the retirees will also ensure that they can be brought in for certain projects if their expertise is ever required. 

All in all, a CRO’s goal is to ensure that employees have adequate resources and guidance to plan for their post-career life effectively.

Retiree Management at WisdomCircle:

WisdomCircle has been at the forefront of disrupting the traditional recruitment space and making the transition to retirement smoother and more comfortable for WisGen. It is one of the largest recruitment portals for people above the age of 50. 

Since the concept of a CRO is fairly new and not very popular in companies, WisdomCircle has come up with a solution for the same. A new initiative called the Retiree Management Program has been launched. This program is meant for companies that have a large number of people retiring from their workforce regularly. WisdomCircle can onboard them on the platform two months before their retirement to ensure a smooth transition. 

Provisions of the Retiree Management Program:

• Series of Sessions on Transition: WisGen will get exclusive access to a series of sessions made to ensure that they retire with their eyes and ears open. These sessions will largely be focused on financial, will, and estate planning, finding a new purpose in life, and leveraging the WisdomCircle platform to get jobs post-retirement. 

• Knowledge Building Sessions: They will have access to ‘Knowledge Building’ sessions on topics like, “What does it take to be an Independent Director?”, “Unlocking the Power of Gen AI”, “The Healing Power of Conversations” etc. 

• Choice of Job Opportunities: They will get to explore the myriad of job opportunities that are available on the platform. This includes opportunities across all sectors, from MNCs and corporates, to startups and social impact organisations. 

• Verification Mark: These WisGen will automatically get a blue verified check mark next to their profile. This will put them on top of the pile for opportunities that match their experiences and make them more appealing and credible in the eyes of the recruiters.

• WisdomCircle Community: WisGen will get lifetime access to a community of other like-minded people who are in the same boat as them. They will be able to network with them, learn new things and grow. 

Benefits for the Recruiter:

• Mark of Gratitude: The Retiree Management Program can be a part of recruiters’ benefits package. It will be a great way to acknowledge the work that WisGen have done for the company and act as a token of appreciation and gratitude. 

• Ready Access to WisGen: Recruiters will always know where to find their retirees when a need arises. They will also have access to one of the best job portals in India which can provide them with exclusive, senior talent for all their niche requirements. 

References:

1. https://www.linkedin.com/pulse/does-your-company-have-chief-retirement-officer-cro-christopher-f9fee/ 
2. https://www.linkedin.com/pulse/wanted-chief-retirement-officer-kornferry-uwycc/ 

*Wisdom Generation (WisGen) – senior professionals with a lifetime of experience, typically over the age of 50.