I am the CEO and 12 of my employees are on ‘flextirement.’ As boomers choose not to retire, the plan will become more common

For as long as I’ve been a business owner, the narrative surrounding the baby-boomer generation has been about the coming wave of retirements. We were promised a mass exodus of workers, a seismic shift that would leave companies scrambling to fill the gap. At Optima Office, the external accounting and staffing firm I founded nearly six years ago, we began preparing for staff turnover with a focus on high retention. We felt that listening to the needs of our employees was one way to do that.

After talking to some of our newest employees, I realized that many of them loved their work—and mentoring younger team members—so much that they didn’t want to hang up their hats when they turned 65. That generation was led to believe that retirement was a dream they had worked hard to achieve, but upon reflection, the drastic transition from full-time work to full retirement felt more like a demotion than a reward.

While for most companies the path to retirement is a steep ladder—climb to the top of your career, reach a certain age, and then retire—this type of retirement often leaves retirees struggling with financial problems, changing identities, and a sudden loss of purpose. Some forward-thinking companies are rethinking retirement in a new way, and I decided that we will create another option at Optima Office: flextirement.

Ease of retirement

Flextirement is a flexible work program designed to ease the transition between full-time employment and retirement through flexible hours, reduced work, and separated ways to leave the workforce. This bridge offers a low-stress transition by easing into retirement by working 10, 20, or 30 hours instead of 40, allowing transitioners to adjust to changing incomes, explore their interests, and spend more time with loved ones, all while letting go little by little. of work. For many of our flextires, part-time work is a privilege. For others, it may be a financial need. According to a Bankrate survey, 56% of US workers believe they are behind on their retirement savings.

For business owners like me, there are many benefits. Long-time employees, when transitioning into a flexible role, can be valuable mentors to their younger colleagues. And, as we well know, as an outsourced HR firm, finding and training senior staff replacements can be expensive. Flextirement offers a cost-effective way to attract experienced workers and retain them—and their institutional knowledge.

I’ve always advocated for a more flexible workplace, and Optima Office has provided flexibility from day one. We need highly skilled resources like CFOs, and I’ve found an amazing talent pool nearing retirement or coming out of retirement to work part-time. It’s important to note, however, that we don’t just offer our retired employees a flexible work environment; we allow people of all ages to work hours that make sense to them. In fact, there are only a dozen of our 100 employees who work more than 40 hours a week, and that is by choice.

Flextirement has had an incredibly positive impact on our team at Optima Office. These seasoned veterans, those with decades of experience under their belts, didn’t have to leave entirely. They longed for balance—the mental stimulation of their jobs without full commitment. And for us as a company, the benefits were undeniable, favoring the value of their experience and knowledge.

Today, 12 of our employees are on a flexible schedule. They work anywhere from 12 to 25 hours a week, mentor junior staff, and participate in specific projects where their expertise shines. They are able to make their own schedule and spend time with the grandchildren, but also give their years of expertise to companies that need them. Besides technical expertise, our flextirees bring a wealth of soft skills honed over decades of experience. They understand the power of a team, the art of negotiation, and the importance of clear communication. These are important lessons for our young employees.

Our flextirees prove to be happier and more engaged. They have time for their personal lives, hobbies, and families, yet they stay connected to the work they love. This, in turn, promotes a company culture that prioritizes well-being and work-life balance. And, as I said, it’s not just boomers who are getting this benefit; I have always allowed our team to work part-time if it suits their lifestyle, so there is no resentment towards the young workers.

Accepting flextirement

To do this, you can start by giving the older generation temporary roles—start in the areas where you need them most! It can even be in positions such as assistant or administrative work. Or it could be in highly skilled areas like the C Suite.

Be open-minded when talking to candidates. Without flextirement, think about how many parents want a gradual transition from maternity/paternity leave or want to work part-time while their children are young. As a mother of a toddler, I learned this firsthand and have since made it a formal policy in the Optima Office policies to give more flexibility to parents so they know they have our support to adjust their work schedule at different stages of their parenting journey. . Many of us baby-boomer flextires—who are now working part-time to play a bigger role in their grandchildren’s lives—wish they had this arrangement when they were new parents.

As the baby-boomer generation continues to redefine retirement, flextirement is poised to become mainstream. Companies that adopt this model will reap the benefits of a wealth of experience, knowledge transfer, and happier, more engaged employees. Here at Optima Office, we don’t just weather the storms of a changing workforce; we ride the wave. Flextirement is not a contract, it is a non-standard way of retirement with benefits for companies and their employees.

As more and more companies embrace this new approach, the traditional retirement landscape may become a softer, more flexible place where everyone can find their own comfortable living space.

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