Posted 11/21/2011 - 01:58:28pm by Stefanie Weiss
It’s a bold move that could signal a sea change in corporate retirement benefits and bring a new wave of talent into the nonprofit sector.
Encore Fellows are matched with nonprofits, where they typically work 1,000 hours over a six- to 12-month period, either through a part- or full-time schedule, and earn a stipend of $25,000. Intel will provide support to the nonprofit to cover the full cost of the Encore Fellowships, including the stipends and program administration.
Intel’s announcement provides a signal to other employers that retirement benefits can and should include help making the transition from a midlife career to an encore career for the greater good.
HP was the first company to sponsor fellows in 2009. Others – including the California HealthCare Foundation and Agilent Technologies – have followed suit, and still others are in discussions about fellowships for their employees.
So far about 100 people have either completed or are now in Encore Fellowships. Evaluations have shown an extremely high level of satisfaction among the participating nonprofits and Encore Fellows.
If you’re interested in becoming a fellow, hosting a fellow or starting a fellowships program, go to www.encore.org/fellowships.
Click here for the full news release about Intel’s new retirement benefit.