This paper examines the predictability of job related factors on future prospects of retirees in terms of their intention to work after retirement. The research has been done in and around the northern region of India.
Data for research has been collected through a structured questionnaire. The researchers followed the snowball sampling technique and the study is quantitative in nature. Secondary data has been obtained from review of available literature. Six variables were used in this study – passion for work, affective commitment, intimacy with workers, attitude towards work, prospects after retirement and intention to work after retirement. For data analysis, the researchers used the SPSS statistical tool. Frequency analysis has been utilized to recognize their intention to work after retirement. The questionnaire’s reliability was checked through reliability analysis using the value of Cronbach’s Alpha. Structural equation modelling was applied by using Amos and the model was confirmed by using confirmatory analysis. Future prospects and job related factors have a significant effect on the intention to work after retirement and the values of the indices show a good model fit. All the analyses, findings and suggestions have been enumerated in the conclusion.
Key Words: Future Prospects after Retirement, Attitude towards Work, Intention to work after Retirement, Bridge employment, Structural Equation Modelling.
An ageing population is emerging as a major demographic trend worldwide, according to the United Nations (2009); for the first time in history, 55 countries expected their older population (65 years and above) to constitute at least 20% of their total population by 2030. Additionally, it is estimated that the world’s population aged 65 years and above will grow from 7.6% to 16.2% by 2050. In other words, it will more than double.
India is the second most populated nation on the planet. Additionally, the Indian population is expanding rapidly. The demographics of the population are also changing due to advancements in medical facilities resulting in longer life spans. At present, approximately 7% of the Indian population is aged above 60 years (Registrar General of India, 2011).
In the current economic climate, managers need to ensure that they are able to engage their subordinates – both young and old – in the best possible manner in order to get maximum benefits. Additionally, retaining high quality workers results in a significant competitive advantage.
Older workers are part of a multigenerational workforce; several employers have reported having received several benefits from older employees. In the past two decades, a number of research initiatives have been conducted on retirement and researchers in this field have identified factors that affect people’s wellbeing after retirement. A significant amount of evidence points to the fact that during retirement, people’s physical, fiscal and psychological wellbeing is affected by five factors: post-retirement activities, individual attributes, family-related factors, retirement transition-related factors and preretirement job-related factors. This study focuses on the intention to work after retirement and covers prospects such as bridge employment, volunteer work and so forth for retired employees.
Availability of jobs and good prospects motivates retirees to work. While they may not have any intention to work after retirement, their intimacy with workers encourages them to do so.
The paper has been categorized into segments. The first segment covers life during retirement, future prospects after retirement, job related factors and their dimensions. The second segment covers the theoretical background and hypotheses development, including the conceptual framework. The third segment comprises the methodology of the research, including measures, samples and tools of data collection. The fourth segment carries the analyses of the data and discussion of the results. Finally, conclusions and managerial implications of the findings are presented followed by the limitations and future examination zones.
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Preeti Tarkar has been associated with GLA University since 2014 as a research scholar (JRF qualified). Being a researcher in the Human Resources/Organization Behaviour domain paves her path to enrich her career in the field of teaching. Her command in analysis through modern softwares and techniques makes her a specialist in creating and proving through different methods of research. She has participated and presented papers in various international and national conferences. She has also been awarded the “Third Best Paper” at Jawaharlal Nehru University, New Delhi in an International Conference. She can be reached at email@example.com
Somesh Dhamija is associated with one of the most reputed universities of Northern India – GLA University, Mathura, in the capacity of Professor & Head (Management-UG). Prof. Dhamija is an acclaimed Academician and HR/Marketing Trainer par excellence. He has a judicious blend of corporate and academic experience of more than twenty-five years. He has been published / presented a number of international and national research papers and also authored and edited books on Management. He has deftly organized numerous international and national conferences and has been actively associated with a number of training & Management Development Program mes (MDPs). He can be reached at firstname.lastname@example.org
Aruna Dhamija, with a vast and varied experience of almost a-decade-and-a-half, incorporates the various concepts related to management along with human sociology to the best. Her areas of interest include Human Resource Management, Organizational Behaviour and Marketing. She has published a number of international/national research papers and conducted workshops/training sessions on various facets of HR and Marketing. She has attended/participated in workshops/Short Term Courses at some of the most prominent institutions of the country. She is known for her mentoring abilities and counselling prowess. She can be reached at email@example.com