Many people nearing the end of their working lives want to delay their retirement as long as possible. In the United States, one in six retirees would even consider going back to work – some out of necessity, others by choice. This trend is leading some to opt for “flextirement”.
A contraction of “flexible” and “retirement”, this trend refers to how working people at the end of their careers gradually prepare to leave the job market by adjusting their working hours or lightening their workload. This enables them to ease their way to their future retirement.
Indeed, this change requires a certain degree of anticipation: it’s not uncommon for “young” retirees to find it hard to adjust to their new daily routine, especially if their schedule has long been structured around a demanding job. Disturbed sleep, frustration, low self-esteem and isolation are all symptoms of what is commonly known as the “retirement blues”.
Although this state of affairs is often temporary, senior citizens can soften the blow by preparing for retirement in advance. And flextirement can be an appealing approach for pre-retirees, as it enables them to take their foot off the pedal professionally without actually leaving the corporate world.
People who adopt this organisational model often choose to work part-time or from home more, so as to be able to devote more time to their loved ones, hobbies, or voluntary activities.
Benefits for companies
The organisational flexibility of flextirement also gives pre-retirees the opportunity to share their skills within their company. After all, with their many years of experience, senior employees have a lot to teach their younger colleagues, but they often don’t have the opportunity to pass on their know-how to their younger colleagues during their career.
Employers have a vested interest in ensuring that their expertise is not lost when they retire. That’s why a growing number of US companies, such as AIscreen, are helping their older employees prepare for retirement.
This Arizona-based software company introduced phased-retirement schemes three years ago, which have been very well received by employees: the company reported a 15% increase in team satisfaction and a 20% reduction in turnover costs thereafter.
“Our employees get a gradual transition into retirement while we, as employers, benefit from a smoother succession-planning process. Older employees often serve as mentors to our younger employees, fostering a collaborative, knowledge-sharing environment and a sense of camaraderie,” Alscreen CEO and co-founder Nikita Sherbina explained.
It’s safe to assume that a growing number of companies – in the US and elsewhere – will, in the future, try to better support their older employees in their transition to retirement. Flextirement offers a new structure of working hours for older employees, enabling them to share their knowledge and best practice with their co-workers, while helping them to better prepare for their transition away from the world of work.