For as long as I’ve been a business owner, all the talk about the baby boomer generation has been about the upcoming wave of retirements. We were promised a mass exodus of the workforce, a seismic shift that would leave companies scrambling to fill the void. At Optima Office, the accounting and HR outsourcing company I founded almost six years ago, we began preparing for workforce transitions by focusing on high employee retention rates. We felt that listening to the needs of our employees was one way to achieve this.
After speaking with some of our baby boomer employees, I realized that many of them loved their jobs—and mentoring younger team members—so much that they didn’t want to hang up their hat when they turned 65. to believe that retirement was a dream they had worked so hard to achieve, but upon reflection, the abrupt transition from full-time employment to full-time retirement began to feel more like a demotion than a reward.
While many companies see the path to retirement as a rigid ladder: rise to the top of your career, reach a set age, and then retire, this one-size-fits-all approach often leaves retirees struggling with financial problems, identity changes, and a sudden loss of purpose. Some forward-thinking companies are reimagining retirement with a new approach, and I decided we’d create an alternative option in Optima Office: flextirement.
Ease of retirement
Flextiment is a flexible work arrangement designed to ease the transition from full-time employment to retirement with flexible hours, a reduced workload and a phased approach to leaving work. This bridge provides a less-stressful transition by making retirement easier by working 10, 20, or 30 hours instead of 40, allowing people with flexible schedules to adjust to changes in income, explore hobbies, and spend more time with loved ones while slowly letting it all go. work. For most of our flexible employees, working part-time is a privilege. For others, it may be a financial necessity. According to Review of bank rates56% of U.S. workers believe their retirement savings are past due.
There are many benefits for business owners like me. Experienced employees who are transitioning to flexible work can be invaluable mentors to younger colleagues. Additionally, as we know well, as an HR outsourcing company, finding and training replacements for senior employees can be costly. Flextiment provides a cost-effective way to attract and retain experienced employees and their institutional knowledge.
I have always advocated a very flexible work environment, and Optima Office offered flexible work hours from day one. We need highly skilled resources like CFOs, and I’ve found an incredible pool of talent who are nearing or retiring to work part-time. However, it’s important to note that we don’t just give our employees approaching retirement flexible work arrangements; we allow people of all ages to work as many hours as they want. In fact, of our 100 employees, only a dozen work more than 40 hours a week, and then they do so by choice.
Flextiment has had an incredibly positive impact on our team at Optima Office. These seasoned veterans, with decades of experience under their belts, didn’t have to leave entirely. They craved balance—the intellectual stimulation of their careers without a full-time job. And for us as a company, the benefits were undeniable because we benefited from their experience and know-how.
Today, 12 of our employees work flexible hours. They work 12 to 25 hours a week, training junior employees and contributing to specific projects where their expertise is demonstrated. They can set their own schedules and spend time with their grandchildren, while also lending their years of experience to companies that need them. In addition to technical knowledge, our flexible employees have a wealth of soft skills honed through decades of experience. They understand team dynamics, the art of negotiation, and the importance of clear communication. These are invaluable lessons for our young workforce.
Our flexible employees are clearly happier and more engaged. They have time for their personal life, hobbies and family, but remain connected to the work they love. This, in turn, fosters a company culture that prioritizes well-being and work-life balance. And as I said, it’s not just boomers who benefit; I have always allowed our team to work part-time if it suits their lifestyle, so there is no resentment among younger employees.
Flexible work schedule
To make this happen, you can start by offering part-time positions to older generations – start with the areas where you need them most! These could even be positions such as assistant or administrative positions. Or it could be highly skilled specialists such as C Suite.
Be open-minded when communicating with candidates. Beyond flexible hours, consider how many parents want a more gradual return from maternity/paternity leave or want to work part-time while their children are young. As a mother of a young child, I learned about this first hand and have since made it an official policy at Optima Office as well. Policies provide additional flexibility for parents to ensure they know they have our support to adjust their work schedules at different stages of their parenting journey. . Many of our flexible working baby boomers, who are now working part-time to take a more active role in their grandchildren’s lives, wish they had the same arrangement when they became new parents.
As the baby boomer generation continues to reimagine retirement, flexible work arrangements may become more commonplace. Companies that adopt this model will benefit from rich experience, knowledge transfer and a happier, more engaged workforce. Here at Optima Office, we’re not just weathering a storm of change in the workforce; We’re riding the wave. Flextirement is not a concession, it is a non-traditional approach to retirement with benefits for companies and their employees.
As more companies take this innovative approach, the traditional retirement cliff could become a gentle, flexible slope where everyone can find their comfortable landing spot.
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