HP HP-Measure-1964-03 free download

File name HP-Measure-1964-03.pdf

from our president's desk NE OF THE MEASURES of a successful company is At present there are relatively few people within the O its ability to plan for the future. This applies not only to the planning of products, plants, financing, and corporation who are near or above retirement age. These people have already been advised individually of our policy, other basic factors affecting the course of business, but also and are being assisted by our personnel staff in planning to long-range personnel planning. We must always look their retirement. As time goes on, we intend to contact people ahead to see that we have an adequate number of qualified five years before their retirement and follow up with them people to staff our growing operations, and that these people during that five-year period to help them make a smooth are well paid and enjoy broad employee benefits, including adjustment to retired life. There is no question that retire- a sound and comprehensive retirement program. ment does involve a major adjustment, and for this reason During the early years of our company, we had little need the company has a very sincere interest in this counseling for a formal retirement policy. As we grew into a much program and intends to spend considerable time and effort larger organization, however, we found it desirable to have on it. However, any company program can be of only limited a corporate-wide retirement plan. This assures that all of our help. Successful retirement is largely a personal matter re- 6,000 people in the United States will be treated alike, and quiring a great deal of individual thought and planning. should they move from one part of the company to another, One of the principal concerns to individuals retiring is will enjoy the same retirement benefits. the question of medical and hospital insurance coverage. We have also reached the point where it is desirable to Although there are policies available to people in this age adopt a fixed retirement age, so that each individual will bracket to which present policies can be converted, these are know when he is to retire and can plan ahead for it. This also rather expensive. To help alleviate this problem, we are enables us to know well in advance when specific individuals temporarily adopting a policy covering up to $2,500 of will retire, so we can help in planning their retirement and medical and hospital expenses of the employee and his spouse also make adequate provision for their replacement. for an eight-year period. To be eligible for this, one must At a recent meeting our Board