Example Of Nursing Shortage In America Essay
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In the event where old and experienced workers exit a firm, the firm admits to losing effective and reliable contribution to the daily tasks. Although the firm replaces these workers, it is evident that the new workers cannot match the experience of the old ones. The company resorts to indulging in expenses directed to train the new workers to make them more efficient to maintain consistency in their productivity. It is in contrast to the fact that by releasing the old workers into retirement, the companies shrink their wage budgets.
Rather than loose experienced workers instantly, it is extremely important that some companies consider a progressive process of retirement. In this phased retirement program, the company benefits from the mentoring of the new workers by their aging and experienced counterparts while paying the retiring employees. The program allows mutual benefits from the agreement and acquisition of the desired results at minimal costs. This paper endeavors to highlight the major issues surrounding phased retirement as recorded by Eileen Ambrose's Aarp Bulletin on easing into retirement.
The problems with retirement
All companies face the risk of losing expert workers who are experienced in their tasks through retirement. With the exit of the old experienced workers comes the high rate of errors and inefficiency cases in the company. In addition, due to the connection the old workers made with clients of the company, the workers' exit disappoints clients who may turn to reluctance and consequently, inconsistency.
Workers on their hand, lose most of their lifetime benefits with retirement. At 55 years of age, for instance, people may still have financial responsibilities. According to Ambrose, these responsibilities require an income to attend comfortably to them. Their responsibilities may range from caring for and supporting young grandchildren, paying their school fees to paying rent. Other paybacks, such as health merits and insurance cover.
Phased retirement's mutual benefits
In paragraph six of his article, Ambrose points out the benefits of the employers. In the phased program, she notes, the companies can maintain their vital assets (experienced workers) to the companies at a lower cost. The company expects the retiring workers to mentor their armature counterparts so that the new workers will not find it necessary to take too much time to learn their job requirements. The company benefits from having an effective and experienced workforce in a short time without major expenses such as employing external trainers.
The company also succeeds in retaining their clients who are attracted and connected to the old workers for a longer time. During the time of phased retirement, the clients meet and interact with the new employees in the presence of the old workers in a gradual shift of connection over time. This connection is a vital element that the company considers in its efforts to retain its customers.
With the presence of the retiring workers, the amateurs benefit from mentoring and coaching as the old workers concentrate their efforts on training and mentoring. In paragraph seven, it is evident the fact that the new workers learn from the experts in a short time issues that would take them a longer time to grasp on their own. They, for this reason, become experts within the shortest time possible.
The retiring workers enjoy the benefit of reduced working hours as well as retaining their employment benefits such as health insurance. Although working on a reduced income in some cases, the retiring workers have more free time on their own as they only work up to half the time they previously did and half the job as they share tasks with the new workers.
Only a few of the companies accommodate this program according to the Aarp research. Most companies, points out Sarah Rix (strategic policy adviser), focus on only a few employees it considers relevant and extremely vital to the program. The federal government is keen on popularizing phased retirement to more companies because it is a safe and cost-effective program.
The magnitude of the company and the convolution of the tasks largely determine the success of the program. With all parties (employer, retirees and new workers) benefiting from the program, it is extremely important that more companies embrace it as it is fair. Apart from the financial and skills acquisition benefits, the programs maintain social ties are consequently creating a good working environment for both the workers and the clients.
Clark, R. L., Ma, J., & TIAA-CREF Institute. (2009). Recruitment, retention, and retirement in higher education: Building and managing the faculty of the future. Cheltenham, U.K: Edward Elgar Pub.
Costa, D. L. (2012). The evolution of retirement: An American economic history, 1880-1990. Chicago: University of Chicago Press.
Eileen Ambrose (2015). Easing Into Retirement. Aarp Bulletin.
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