Owners need to look at all of the stakeholders that will be affected by their decision. Those stakeholders include both personal and professional relationships.
The professional side needs to be about both people and process. The organizational leaders need to not only be onboard with the plan, but they should have processes and procedures set up so the plan can be administered. Does the plan include options for working a reduced workweek from 5 days down to 4 days and then from 4 days down to 3 days? Do benefits continue to be covered? How will this new role be clearly defined? What types of special projects will be worked on and who will monitor progress? Who will make sure the organization chart changes are clearly communicated to the rest of the organization?
The personal side needs to run parallel with the professional side. Narrowing your workweek down to 3 days a week may sound great, until you find out that your family isn’t quite sure that they are ready for that kind of transition. Both sides need to be in agreement or conflict will crop up.
It’s not an easy transition, but nothing that others haven’t navigated successfully. Open communication will move the conversation forward.
This is Part 11 of a 15-Part Series
Topics Covered in the Series Include:
- Retirement, Time, and Money
- Future Vision for Your Company
- Post-Retirement Business Involvement
- Where to Turn for a Helping Hand
- The Ideal Lifestyle for the Retiring Contractor
Interested in learning more? Contact us.