As companies continue to look for creative ways to deal with high turnover, “semi-retirement” is becoming a popular option. A new survey from the Harris Poll commissioned by Express Employment Professionals found that 30% of companies are offering employees the opportunity to reduce their hours and/or create a flexible schedule, rather than retire altogether.
Retiring employees are forecasted to make up 28% of turnover in 2023, but many may be willing to postpone that process. More than one-third (37%) of hiring managers whose companies offer semi-retirement say the number of employees who choose this option has increased over the past two years, while 59% say it has stayed the same.
“As baby boomers continue to age and consider retirement, the labor shortage is only going to get worse,” said Bill Stoller, Express Employment International CEO. “Semi-retirement is one solution to allow experienced workers time to train their successors, ensuring a seamless knowledge transfer and business continuity.”