While retirement planning should be primarily the concern of employees, employers should be keen and interested in the wellbeing of their employees prior to and after retirement. Indeed, employees’ wellbeing says volumes about the establishment they work for. There are several things an employer can do to bolster the chances of a good retirement for their employees.

The first and most manageable initiative is the establishment of an occupational retirement benefits scheme, to augment the mandatory contributions under the National Social Security Fund (NSSF).

Enhance employees’ financial literacy: This may be through organized activities like workshops and seminars, to educate employees about the importance of retirement planning. The employer can feature financial literacy experts to provide guidance on key aspects like budgeting, investment strategies, debt management, and long-term financial planning.

Support employees to gradually transition into retirement. The employer can adopt a phased approach allowing employees to reduce their work hours or take on different roles as they approach retirement age. This helps them transition smoothly into retirement.

Health and Wellness Programs to promote healthy living and maintain a healthy lifestyle, as part of retirement planning. This is in accordance with the principle that one’s health choices today, will be reflected in their latter years. Maintaining good health and wellness, potentially reducing healthcare costs in retirement.

Communication and Engagement: Regularly communicate with employees about retirement benefits and options. Use various channels, such as newsletters, emails, and company meetings, to keep employees informed on their pending retirement, this prevents employees from being shocked by the abrupt news of their retirement.

Mentorship Programs: experienced employees nearing retirement can share their insights and experiences with younger colleagues, to encourage knowledge transfer and succession planning within the organization.

Overall employers hold sway over their employees and can persuade them to take retirement planning more seriously.  By combining the above suggestions, employers can create a supportive environment that helps employees navigate the complexities of retirement planning and make informed decisions about their financial future.