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1 – 10 of 532Wiebke Eberhardt, Thomas Post, Chantal Hoet and Elisabeth Brüggen
The authors develop and validate a conceptual model, the retirement engagement model (REM), to understand the relationships between behavioral engagement (retirement information…
Abstract
Purpose
The authors develop and validate a conceptual model, the retirement engagement model (REM), to understand the relationships between behavioral engagement (retirement information search), cognitive factors and engagement (e.g. beliefs and financial knowledge), emotional engagement (e.g. anxiety), and socio-demographic factors. Approach: The authors derive the REM through a three-step procedure: (1) an extensive literature review, (2) interactive feedback sessions with experts to confirm the model's academic and managerial relevance, and (3) an empirical test of the REM with field data (N = 583). The authors use a partial least squares (PLS) structural equation model and examine heterogeneity through a finite mixture model.
Design/methodology/approach
Around the globe, people are insufficiently engaged with retirement planning. The customer engagement literature offers rich insights into antecedents, outcomes, and barriers to engagement. However, customer engagement literature lacks insights into cognitive, emotional and behavioral factors that drive engagement in retirement planning, a utilitarian service context, which is important for financial well-being.
Findings
Beliefs such as perceived susceptibility, severity, benefits, barriers, and self-efficacy, together with trust and retirement anxiety, explain people's search for pension information. These factors can be used to define three clear, actionable segments of consumers.
Originality/value
The findings advance the customer engagement and transformative service research literature by generating insights on engagement with retirement planning, a utilitarian rather than hedonic service context that is especially relevant for financial well-being. The findings inform managerial practice and emphasize the relevance of including cognitive and emotional engagement factors that trigger behavioral engagement. The REM can help to improve pension communication. For example, the results indicate that marketers should stress the benefits of, rather than the barriers to, acquiring information.
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The purpose of this paper is to analyze the conceptual framework about human resources downsizing and restructuring and how organizations of the public sector can do that…
Abstract
Purpose
The purpose of this paper is to analyze the conceptual framework about human resources downsizing and restructuring and how organizations of the public sector can do that effectively and efficiently. These facts drive to the conclusion that the implementation of early retirement incentives requires the most elaborate planning and execution to be effective, predictable and safe in the long term.
Design/methodology/approach
This paper adopts an analytical, descriptive methodology approach to describe the basic features of the data by using the descriptive research design. Data have been collected through different sources, which include secondary data, to introduce the theoretical literature of the subject as books, journals, articles, published working papers and referred previous studies related to the same subject.
Findings
Downsizing process is a deliberate administrative process that includes, but is not limited to, workforce reduction and is primarily aimed at achieving efficiency in public organizations. The definition of workforce downsizing may be narrowed to reducing the number of workers, or more likely to refer to general efforts to restructuring human resources in public organizations, Early Retirement Incentive Programs (ERIP) represents a viable alternative for organizations seeking to reduce staff. For the ERIP to be successful, the program coordinator must understand the business objectives and goals that the organization is trying to obtain.
Originality/value
Human resources strategies concerning downsizing public administration workforce should be more appropriate to those who leave the organization and those who stay at work, reducing the negative psychological, administrative and economical effects. This could be achieved through a strategy called early retirement incentive programs.
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This paper aims to explore the challenges facing the development of a takāful retirement annuity plan in Malaysia. It also aims at exploring a new platform to re-launch the same…
Abstract
Purpose
This paper aims to explore the challenges facing the development of a takāful retirement annuity plan in Malaysia. It also aims at exploring a new platform to re-launch the same product after being withdrawn from the Malaysian annuity market a few years ago.
Design/methodology/approach
The research adopts a qualitative approach to address the possible challenges hindering the development of a takāful retirement annuity plan in Malaysia. The research will not discuss the Sharīʿah issues deemed settled in previous researches but will only focus on technical challenges related to the instruments of investment and prudential measures.
Findings
The research found that various challenges face the development of a takāful annuity plan in Malaysia. Some of those challenges are the downsizing of the ṣukūk market, the shortage of long-term ṣukūk, longevity risk and risk-based capitalization. The research found that there is a need for a diversified portfolio of securities instead of solely using ṣukūk as an investment instrument in this product.
Originality/value
Re-launching the takāful annuity plan in Malaysia requires the identification of actual challenges facing the development of such a product. The product purported to be re-launched would benefit a large segment of retirees who do not have enough savings during the retirement age. The introduction of such a product will also expand the takāful market in annuities, which remains untapped.
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Abstract
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Qi Wang and Virpi Timonen
Existing research focuses on the pension systems and reforms in China from a macro-level and financial perspective. The expectations of mid-life Chinese people regarding their…
Abstract
Purpose
Existing research focuses on the pension systems and reforms in China from a macro-level and financial perspective. The expectations of mid-life Chinese people regarding their retirement and pensions have been ignored to date, and this research set out to address this lacuna.
Design/methodology/approach
The application of qualitative research methods is relatively novel in Chinese social science. As a grounded theory (GT) study, the research reported here deployed semi-structured interviews to investigate middle-aged Chinese women's and men's perceptions of their pensions and retirement. In total, 36 interviews were conducted, following the constructivist GT method.
Findings
The data point to disparities between the choices and perceptions of individuals on the one hand and the official assumptions underlying the current pension regime on the other hand. Research participants had varying interpretations of the inequality in retirement incomes in China, the main division being between enterprise workers and public-sector employees.
Originality/value
Although there are in principle rigidly fixed retirement ages for men and women in contemporary China, the phenomena of early retirement and working post-retirement are increasing. There are trade-offs between work/retirement and family needs, which influence the choices of middle-aged citizens. Retirement pathways are increasingly individualised, reflecting broader patterns of individualisation and inequality in China.
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Kulondwa Safari, Charity Njoka and Mugisho Guershom Munkwa
The purpose of this study was to investigate the effect of financial literacy on personal retirement planning in Bukavu city in the Democratic Republic of the Congo (DRC), which…
Abstract
Purpose
The purpose of this study was to investigate the effect of financial literacy on personal retirement planning in Bukavu city in the Democratic Republic of the Congo (DRC), which is a Sub-Saharan underdeveloped country with a weak pension and social security system.
Design/methodology/approach
This study used a structural equation modeling and a sample of 361 public sector employees selected in Bukavu city in the DRC. The data were collected through a survey questionnaire, and the data were analyzed using SPSS and SMART PLS software.
Findings
The results from the study revealed that financial literacy has a significant impact on personal retirement planning. Two constructs of financial literacy, respectively, computation capability and financial knowledge were found to have a significant impact on personal retirement planning, while financial education and attitudes toward financial products were found not significant in explaining personal retirement planning.
Practical implications
The findings from this study can be used by policy makers in the DRC to design socioeconomic programs, aiming to increase the level of financial literacy in the country and awareness on personal retirement planning.
Originality/value
The reviewed studies were based mostly on developed countries, and countries were the social security system works effectively. We have not found a study on financial literacy and retirement planning that has been conducted in the DRC, which is a country with specific characteristics compared to developed countries.
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Numporn Insin, Chanuantong Tanasugarn and Sarunya Benjakul
The purpose of this study is to evaluate the Healthy Retirement Program's effectiveness toward skills improvement and evaluate changes in subjective health.
Abstract
Purpose
The purpose of this study is to evaluate the Healthy Retirement Program's effectiveness toward skills improvement and evaluate changes in subjective health.
Design/methodology/approach
A quasi-experimental, pre and posttest of the comparison groups was conducted. Teachers who were going to retire within one year were recruited into the experimental (n = 47) and the comparison groups (n = 43). Questionnaires were administered at baseline, posttest and at the 6-months follow-up. An independent t-test and Mann–Whitney U test were applied to determine the differences in outcomes between groups.
Findings
The results revealed different effects regarding teachers' health status. In those who had no chronic disease, the experimental group had higher skills to understand health information at posttest and at follow-up (p = 0.036, 0.028). Skills to apply health information was also greater at follow-up (p = 0.042). Among those suffering from a chronic disease, skills to access and apply health information were significantly higher in the experimental group than that of the comparison at follow-up (p = 0.011, 0.046). Greater perceived health of the experimental group was also indicated (p = 0.032).
Originality/value
While the health conditions of teachers at the preretirement period are inconsistent, healthy lifestyle management after retirement is a crucial skill for retirement adjustment. Supporting teachers to be health literate should be included in the retirement planning program which emphasizes preretiree's ability to understand and take control of their health.
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