A young woman once told me she wanted to quit her job and had no interest in working or going to school.
“It sounds like you want to retire,” I said. “What would you do with all your time?”
“I might want to do some travelling or play basketball,” she said. “I really don’t like working.”
“That sounds like retirement to me,” I suggested. “How are you going to pay for those activities?”
She didn’t have an answer. But my gut feeling is she wanted her parents to pay for her retirement. Knowing her parents quite well, I suspected that would never happen.
I’m at the age where some of my friends talk about retirement. Some are tired of working, and others would like to move on to something else. I just heard that my friend Al has retired and is spending his days doing yoga.
A few years back, Workopolis surveyed 4,000 Canadians. The findings suggested that most people will have two or three careers over their working years.
The survey said that the three main reasons people left their jobs were:
- They wanted to find a career they were passionate about.
- They were becoming bored or disillusioned with their job.
- There was a lack of opportunity for advancement in their current career path.
This can be a challenge for employers. When employees leave a job for whatever reason, there’s a significant cost to replace them.
Losing good young people because we haven’t been able to create challenging and motivating jobs for them is discouraging for us and our employees.
As baby boomers retire, firms face losing the brainpower that fuelled the company for years. While younger workers bring fresh energy and ideas, the transition often leaves a gap in skills.
For employees, retirement itself can be a challenge. In some work cultures, employees are treated as disposable commodities, with the attitude that they should feel lucky just to have a job. There’s little consideration for the long-term well-being of these workers, especially after they’ve dedicated years to the company. This often results in negative outcomes for both the business and the employees, as a lack of care for staff leads to poor morale, decreased loyalty, and eventual burnout, which harms both productivity and retention in the long run.
As business leaders, we must think about the long-term welfare of all staff, not just management. A solid retirement plan is crucial, but so is fostering meaningful work that keeps employees engaged throughout their careers.
For entrepreneurs, retirement can be daunting, too. Many haven’t thought through who will take over their business or how they will support their retirement dreams. Like my young friend, they may envision leisure but lack a strategy to fund it.
The lesson here is that whether you’re 18 or nearing 65, having purpose and a plan is essential. It’s unlikely my young friend can retire anytime soon, but if we help her find a fulfilling career, she won’t want to retire for decades. When people are passionate about their work, they’re less likely to fantasize about quitting and more likely to stick with it – benefiting both themselves and their employers.
Ultimately, when we find meaning in our work, the pressure to escape fades, replaced by a desire to keep contributing and growing.
David Fuller is a Commercial and Business Realtor with a strong reputation as an award-winning business coach and author. He has extensive experience helping businesses grow and succeed, providing guidance on various aspects of business management, strategy, and development. His work as a business coach and author has earned him recognition in the industry, making him a respected figure in both real estate and business coaching.
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