www.fastcompany.com Open in urlscan Pro
151.101.65.54  Public Scan

Form analysis
1 forms found in the DOM

Name: inline-newsletter-form —

<form id="mktoForm_1314" name="inline-newsletter-form"></form>

Text Content

Login
Fast Company
SUBSCRIBE
 * Premium
 * Co.Design
 * Tech
 * Work Life
 * News
 * Impact
 * Podcasts
 * Video
 * INNOVATION FESTIVAL 360IF360
 * 
 * FastCo Works
    * Capital One
    * IBM
    * SAP


Login
 * Premium
 * Co.Design
 * Tech
 * Work Life
 * News
 * Impact
 * Lists
 * Financing the Future
 * Podcasts
 * Video

Events
 * FC Grill at SXSW
 * Innovation Festival
 * Innovation Festival 360

fastco works
 * AMAZON BUSINESS
 * BOSTON SCIENTIFIC
 * CAPITAL ONE
 * COMCAST BUSINESS
 * Deloitte
 * DEPT
 * EPSILON
 * FIS
 * GUARDANT HEALTH
 * IBM
 * IEDC
 * PFIZER
 * SAP
 * STARBUCKS
 * SIEMENS
 * VERIZON
 * WELLS FARGO
 * FastCo Works
   
   An award-winning team of journalists, designers, and videographers who tell
   brand stories through Fast Company's distinctive lens

Partnerships
 * FC Executive Board
 * Courses and Learning
 * FC Press

AdvertiseNewslettersHelp CenterCurrent Issue

advertisement

 * 12-06-23
 * the future of work


‘FLEXTIREMENT’ IS THE FUTURE OF WORK


FLEXTIREMENT HAS EVERYTHING TO DO WITH STRIKING A BALANCE BETWEEN EMPLOYEES AND
EMPLOYERS AS OPPOSED TO FLIPPING THE SWITCH FROM EMPLOYEE TO RETIREE.

[Photo: SDI Productions/Getty Images]
 * 
 * 
 * 
 * 

By Neil Costa5 minute Read

Just as they entered the world in large quantities following World War II, baby
boomers—and even older Gen Xers—are now exiting the workforce in a mass
retirement.




This is set to worsen preexisting labor shortages across industry sectors,
including low-skill level roles, complex blue collar roles, healthcare industry
jobs, and even highly skilled white collar roles.

As this mass exodus shakes up the workforce, companies are scrambling to retain
workers for long enough to develop succession plans and thoughtful knowledge
transfers so valuable skills and knowledge don’t simply walk out the door with
these workers. One creative and straightforward strategy is to consider offering
a flextirement program. 

When you think of flextirement, you might think of someone who retired from
their full-time career only to reenter the workforce, picking up a part-time
role as a substitute teacher or retail position at the local store to keep busy
or be social.



However, this is not the case. If you haven’t heard of flextirement before, you
are not alone. But the market and labor conditions are pressing for something
new and that solution is flextirement. 

Flextirement has everything to do with striking a balance between employees and
employers as opposed to flipping the switch from employee to retiree.
Flextirement would allow employees the opportunity to semi-retire, never fully
leaving their current job or finding a new opportunity but working in some
part-time capacity. This could be focused on key initiatives, a project basis,
or a mentorship role.

This concept allows companies to retain experienced and invaluable workers
longer, so they can pass their deep knowledge on to others, mitigating
catastrophic knowledge gaps and empowering the younger generation of workers.



In many cases, employees could traditionally do their own work as a 1099
consultant, but there is value to both parties when they can remain an employee,
participate in employer benefits programs, and maintain consistency while
exploring the early days of retirement.

Flextirement would act as a new employee status. This would allow for a worker
(existing or new) to work part time but also enjoy their time off, working when
it fits for both parties. Therefore, as workers come closer to retirement, they
don’t have to abandon their careers and expertise to hit the pickleball
courts. They can continue contributing to a company and a career that has been
an important part of their life for decades.  


THE ROI ON FLEXTIREMENT

Flextirement is a mutually beneficial arrangement in which the employee receives
flexibility to retire in the capacity that works for them and the employer
retains valuable knowledge to be passed on to Gen X, millennials, and Gen Z as
well as the company as a whole. There are very few disadvantages to this
arrangement with the exception of reevaluating and developing policies to allow
for this type of program. In fact, there are mostly pros. 



Especially on the employee side, flextirees can continue to further the
professional career they have spent years committed to, challenge their
cognitive abilities, and keep themselves sharp as they transition into a more
relaxed lifestyle. Plus, because they have more control over work schedules and
greater flexibility to work anywhere, they can prioritize family, travel, and
other important opportunities as they wind down their career. 

On the employer side, flextirement helps gradually transition those employees
who have been contemplating retirement for years but just aren’t quite ready
yet. It also promotes the mentoring and training of more green talent, which
creates a competitive advantage for companies down the line. Instead of bidding
goodbye to these seasoned professionals and their knowledge and skills,
innovative employers gradually transition these insights to future leaders and
younger colleagues. 

When you break down the cost of flextirement, the decision to adopt becomes even
clearer. When it all boils down, these companies are getting highly sought after
talent, traditionally very expensive workers, for a fraction of the cost.

advertisement


For example, a salesperson late in their career might make upwards of $150,000 a
year, but if they are working part time in a mentorship/transition role, the
organization is getting their full array of knowledge for only $60,000 a
year. Sure, it’s fewer hours, but the depth of experience and the detailed
knowledge, which can be imparted on a salesforce, are invaluable.

In some cases, companies may choose to forgo offering benefits to any part-time
employees, including flextirees, which will save money. On the flip side,
benefits like transportation and healthcare further entice employees to express
interest in a flextirement program versus figuring out healthcare on their own.
Regardless, flextirement lessens the cost of turnover and continued education as
these professionals act as critical bellwether for their stakeholders and the
corporation.


MAKING PLANS

Employers need to have a clear picture of their employees’ perspectives when it
comes to retention. Many of today’s programs are built around the retention and
morale of younger workers, but flextirement is a key program for senior
employees. For this demographic specifically, there are a few things they are
considering that can be used to develop the flextirement plan that best fits
your organization. 



For example, these employees are stepping back to look at their career, and
evaluating whether or not they love what they do and the company they do it for.
While you might not have any control over their opinion of their career to this
point, you do have a say in the values, ethics, and culture your company
displays to make these employees feel supported. These employees are also
considering their options elsewhere, so if they enjoy coming to work, they are
more likely to consider staying. 

Flextirement solves numerous problems set in motion by the largest generation to
date leaving the workforce en masse, but can also benefit generations to come.
The concept is representative of where the future of work is headed as it allows
the necessary flexibility to prioritize the important things in life, like
family, health, and travel, while also allowing skilled workers to continue
delivering in the capacity that suits them. Flextirement is the future of work,
and the sooner companies embrace it, the sooner they can start reaping the
benefits. 

--------------------------------------------------------------------------------

Neil Costa is the founder and CEO of HireClix.



--------------------------------------------------------------------------------



Work Smarter, not harder. Get our editors' tips and stories delivered weekly.

Privacy Policy

ABOUT THE AUTHOR

Neil Costa is the founder and CEO of HireClix.

More

advertisement

Featured Video
Will the latest gender-neutral toy mandate undo decades of pink and blue?
A new California law sparks debate between diversity advocates and critics of
“woke insanity.”
More Videos


0 seconds of 2 minutes, 34 secondsVolume 0%

Press shift question mark to access a list of keyboard shortcuts
Keyboard ShortcutsEnabledDisabled
Play/PauseSPACE
Increase Volume↑
Decrease Volume↓
Seek Forward→
Seek Backward←
Captions On/Offc
Fullscreen/Exit Fullscreenf
Mute/Unmutem
Decrease Caption Size-
Increase Caption Size+ or =
Seek %0-9

Next Up
This documentary filmmaker has a different approach to advertising
03:07
Settings
OffFast News Gendered Toys V3 Site Mkl
Font Color
White

Font Opacity
100%

Font Size
100%

Font Family
Arial

Character Edge
None

Background Color
Black

Background Opacity
50%

Window Color
Black

Window Opacity
0%

Reset
WhiteBlackRedGreenBlueYellowMagentaCyan
100%75%50%25%
200%175%150%125%100%75%50%
ArialCourierGeorgiaImpactLucida ConsoleTahomaTimes New RomanTrebuchet MSVerdana
NoneRaisedDepressedUniformDrop Shadow
WhiteBlackRedGreenBlueYellowMagentaCyan
100%75%50%25%0%
WhiteBlackRedGreenBlueYellowMagentaCyan
100%75%50%25%0%
facebook twitter Email
Linkhttps://content.jwplatform.com/previews/uYxDmA7z
Copied
Auto180p1080p720p406p270p180p
Live
00:00
02:34
02:34








 


WILL THE LATEST GENDER-NEUTRAL TOY MANDATE UNDO DECADES OF PINK AND BLUE?

advertisement




advertisement

TechMy 5 big New Year’s tech resolutions for 2024A new complaint claims
Starbucks’ app traps customers in a cycle of spending72 hours into 2024 and Elon
Musk is already having a terrible year
NewsHere’s what to expect in 2024, according to the prediction marketsToday’s
top business headlines: Moderna upgraded, Universal tops Disney, young doctors
on strikeWho’s a good boy? Rare dog becomes newest breed recognized by American
Kennel Club
Co.DesignThese are the trends designers want to see disappear this yearThis
clever update to L.A.’s ‘dingbat’ homes could be a solution to both earthquakes
and the housing crisisThe Duolingo effect: How keeping the ‘streak’ is changing
people’s behavior
Work LifeThis is the new leaders playbook for 2024You’re not locked into being
one kind of leader. Here are the mindset shifts to make5 science-backed tips to
beat the postholiday slump at work
Fast Company & Inc © 2024 Mansueto Ventures, LLC
AdvertiseCareersPrivacy Policy
TermsDo Not Sell My DataNotice of Collection
PermissionsHelp CenterAbout UsSite Map




search by queryly Advanced Search



WE USE COOKIES ON OUR WEBSITES TO SUPPORT TECHNICAL FEATURES THAT ENHANCE YOUR
USER EXPERIENCE AND HELP US IMPROVE OUR WEBSITE. BY CONTINUING TO USE THIS
WEBSITE YOU ACCEPT OUR PRIVACY POLICY AND TERMS OF USE.

Yes, I Accept



WE USE COOKIES ON OUR WEBSITES TO SUPPORT TECHNICAL FEATURES THAT ENHANCE YOUR
USER EXPERIENCE AND HELP US IMPROVE OUR WEBSITE. BY CONTINUING TO USE THIS
WEBSITE YOU ACCEPT OUR PRIVACY POLICY AND TERMS OF USE.

Yes, I Accept
Yes, I Accept