Globally, the Baby Boomer generation are reaching retirement age, resulting in a mass exodus from the workforce. Great news for any Boomers ready to swap corporate meetings for gardening gloves (or any other hobby of their choice), but the exodus is leaving the labor market in rather a sticky situation. The problem is: employers aren’t being left with enough time to transfer skills and knowledge onto younger employees, meaning certain skills are at risk of dying out altogether.
That’s where ‘flextirement’ comes in.
Flextirement is the new term being used by companies offering older employees the chance to ease flexibly into retirement without giving up work altogether. It would focus less on day-to-day tasks and more on the transfer of knowledge and skills. Employees that are ‘flextired’ are more likely to take up mentoring or consulting positions, for example.
As well as allowing older generations to properly pass on their learnings to younger employees, flextirement also allows people at retirement age to make a slower and more gradual journey towards retirement, rather than cutting off all forms of work at once. While retirement is often positioned as a happy, relaxing moment in our lives that we’ve worked hard to reach, research has found that almost one in three retirees say they feel depressed—a rate higher than that of the adult population overall. Going from full-time work to nothing at all can be a physical and emotional shock. Flextirement is one way to make the process less so.
The trend in flextirement is a mirror of other more flexible measures occurring across the global workforce. Since the pandemic, many workplaces have introduced either remote or hybrid working options, and the rise of the ‘digital nomad’ career has skyrocketed. Clearly, we’re living through a moment of unparalleled openness to change.
While flextirement gives employers a great opportunity to squeeze knowledge and skills from an experienced demographic, undoubtedly most of the benefits are felt by the workers themselves. Flextirement is giving the Boomer generation the flexibility to prioritize things like family, health, and travel—all while retaining a sense of career purpose until they’re ready to fully transition into retirement.
For those willing to embrace more flexible, unconventional methods of working, the future of work will be second nature. That is, after all, where things are headed.
At Remotify, we believe in the power of flexibility and being able to work from wherever you choose. We help countless companies and individuals transition seamlessly to growing with remote teams, using our Employer of Record service. Want to find out more about how we do it? Book a call with a member of our friendly team today.
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