‘Flextirement’: CEO of outsourcing firm advocates new approach to retirement
CALIFORNIA, UNITED STATES — Jennifer Barnes, CEO of Optima Office, is leading the charge in reimagining retirement through a concept known as “flextirement.”
Her company, an outsourced accounting and HR firm, has embraced the system where employees transition to retirement with reduced hours and workloads.
“For as long as I’ve been a business owner, the narrative surrounding the baby-boomer generation was all about the coming retirement wave,” Barnes wrote in a Fortune article.
“After speaking with some of our baby-boomer employees, I realized that many of them loved their work—and mentoring the younger team members—so much that they didn’t want to hang up their hat when they turned 65.”
Mutual benefits of ‘flextirement’ for businesses and employees
Flextirement offers numerous advantages for both employees and employers, according to Barnes.
Employees enjoy reduced hours, flexible schedules, and the opportunity to continue contributing their expertise while gradually stepping back from full-time work. This fosters a company culture that prioritizes well-being and work-life balance.
“Our flextirees are demonstrably happier and more engaged. They have the time for their personal lives, hobbies, and families, yet they remain connected to the work they love,” Barnes noted.
At Optima Office, 12 out of 100 employees are currently on flextirement plans, working between 12 to 25 hours per week. These seasoned professionals mentor younger staff and contribute to specific projects where their expertise is most valuable.
“Beyond technical expertise, our flextirees bring a wealth of soft skills honed over decades of experience. They understand team dynamics, the art of negotiation, and the importance of clear communication. These are invaluable lessons for our younger workforce,” Barnes added.
Flextirement also offers a cost-effective way to attract and retain talent.
“Plus, as we know well, as an outsourced HR company, finding and training replacements for senior employees can be expensive. Flextirement provides a cost-effective way to attract experienced employees and retain them—and their institutional knowledge.”
Barnes emphasizes that flextirement isn’t limited to older workers. Optima Office extends flexible arrangements to employees of all ages, including new parents returning from leave.
Flextirement: A growing trend in an aging workforce
As the concept of retirement continues to evolve, Barnes believes flextirement will become increasingly common.
“Companies that embrace this model will reap the benefits of a wealth of experience, knowledge transfer, and a happier, more engaged workforce.”
With its potential to address the needs of both employees and employers, flextirement represents the future of work-life balance in an aging workforce.
According to a Pew Research Center survey, one in five Americans over 65 were still employed in 2023, marking a significant increase from 11% in 1987.
A recent survey by ResumeBuilder.com reveals that one in eight (12%) American retirees are likely to rejoin the workforce in 2024. The Bureau of Labor Statistics projects that people aged 65 and over will comprise 8.6% of the labor force by 2032.
