Is your organization is going through a rough time? And is your CEO asking you to contain costs? Since payroll is usually one of the top company costs, you’ve probably been asked to eliminate some jobs to improve the bottom line.

When it comes to voluntary retirement incentives, there is a lot for HR to consider. After all, each organization is different and each individual is different, too, making it hard to find a large, sweeping plan that covers the needs of everyone involved. So what are the steps of voluntary retirement? What can you do to start creating an incentive today?

Succession planning involves making sure that all roles at your organization are properly filled with the right talent and that there are no gaps in your workforce when someone steps down via retirement or any other type of offboarding.