In the ever-evolving landscape of the professional world, where retirement was once a definitive endpoint, a new term is making waves - "flextirement." Flextirement is a groundbreaking concept that is reshaping the way we view the career trajectories of our seasoned workforce.
Retirement, for many, has been a stark departure from the workforce, leaving a void of experience and wisdom that companies can ill-afford to lose. According to a recent study from Paychex, approximately 1 in 6 retired Americans are contemplating a return to work, citing reasons ranging from personal fulfillment to financial considerations. This necessitates a shift in our approach to retirement, and that's where flextirement comes into play.
Rather than a sudden exit when nearing the age of 60, flextirement allows employees to gradually transition into retirement by reducing their working hours over time. This innovative approach addresses the desires of older workers to remain active, while facilitating knowledge transfer to younger colleagues.
HireClix is pioneering the flextirement model, aiming to retain our valuable talent like Michelle Whiffen, our Director of Client Services. Michelle, is a testament to the evolving definition of roles in the workplace. She's passionate about her work, loves mentoring young team members, and, frankly, isn't ready to fully retire. Enter flextirement.
According to a global study from Bain & Company, projecting that by 2031, over 150 million jobs will shift to workers over 55. Clearly, the landscape is changing, and flextirement is the bridge that connects the aspirations of experienced workers with the evolving needs of the workforce.
The concept isn't just about retaining experienced workers; it's a strategic move that benefits both employer and employee. Our flextirement plans at HireClix, and those implemented by other innovative companies like WeLoveDoodles and AIscreen, demonstrate tangible advantages. The phased approach for older workers not only allows employees to maintain a sense of purpose but also facilitates a smooth knowledge transfer to younger team members.
From a business perspective, the ROI on flextirement is undeniable. Imagine retaining a seasoned professional at a fraction of the cost, providing invaluable mentorship and having a viable plan for knowledge transfer. It's a win-win scenario for employers and employees since it serves as a way to foster a collaborative work environment, retain the most experienced staff and create a strong retention and recruiting program. All of this combined will enhance a company’s employer brand and build a competitive advantage in the battle for talent.
As we delve into the intricacies of flextirement, it's essential for employers to understand the unique needs and perspectives of their senior employees. The flexibility offered by flextirement aligns with the changing priorities of mature workers, allowing them to balance work, family, and personal pursuits seamlessly. The gains in remote work provided by the pandemic are extremely valuable as organizations roll out a flextirement plan given an employee’s ability to work from anywhere. When compared to the old model of hiring someone back as an independent consultant, an employer has a tighter relationship and an employee doesn’t have to worry about setting up their work life as an independent business owner. Staying as a flextirement employee gives the company protection and trust for both parties.
Flextirement isn't just a benefit; it's a glimpse into the future of work. Companies that embrace this paradigm shift will not only address the challenges posed by the mass retirement of baby boomers but also set the stage for a more inclusive, flexible, and sustainable workplace. Contact us today to learn how a flextirement program can benefit your organization and employees.
If you have interest in establishing a flextirement program for your organization, connect with us so we can talk about ways to roll it out.