Pharmaceutical giant AstraZeneca is to introduce a retirement rundown scheme
in a bid to retain knowledge at the company.
From 1 July, the company will gradually reduce the work hours of retiring
employees in their final six months while keeping them on full pay.
During this time the employee will pass on the knowledge, skills and
contacts they have acquired in their role to their successor.
Employees give a year’s notice so the company has six months to find a
replacement before the rundown period begins.
In the sixth and fifth month before retirement the employee will work four
days a week losing a day every two months until they work only two days a week.
AstraZeneca, which has 50,000 staff worldwide, believes that the move will
help the company promote knowledge management.
Malcolm Hurrell, vice-president of UK HR at AstraZeneca, believes the policy
has benefits for all concerned.
He said: "The retirement rundown scheme allows the retiring employee
the opportunity to adapt to life without work while also helping the new staff
member adjust to their new role.
"For the company it means no knowledge built up during the retiring
employee’s tenure is lost."
Hurrell estimates the cost to of the scheme will run into tens of thousands
of pounds per job.