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Employers are experimenting with ways to retain valued older employees as they transition into retirement. Often referred to as gap or bridge job, these work situations are designed to help the employee put one toe in retirement, but still remain gainfully employed. Many colleges and universities offer phased retirement options. Professors are allowed to cut back to either part time during the year or only work for one semester or quarter. Sabbaticals are offered for long-term employees to take extended time off for special projects or personal time.
There are various work possibilities that will allow the older employee to continue contributing to the organization as they phase into retirement. Don’t always expect the employer to suggest these alternatives. If you want to explore different working scenarios, it’s best to do the initial research about how your tasks would be completed. Lay out a plan to your supervisor or human resource department. Be willing to negotiate so everyone feels this is a ‘win-win.’ If this is new to your employer, be willing to do it on a trail basis.
There are a number of work options you might want to consider and propose to your current or potential employer. Remember, many of these work situations can affect benefits. It’s important to discuss this with the employer prior to committing to less than full-time job. In addition to reduced hours, pay and diminished benefits, understand that part timers are less likely to be considered for promotions. There is also a tendency for hours to creep back up without a return of benefits.
Part time work – This job is less than full-time. In the United States, it’s work that is less than 35 hours per week. Some part time situations involve working for few hours a day, while others are 8-hour shifts or longer for fewer days a week.
Vacation relief, seasonal help – If a company has peak business periods or times when there are large numbers of people on vacation, offer to work during these times. It could provide a cost effective alternative to hiring temporary employees.
Telecommuting – Since the advent of the Internet, telecommuting has become more common place. Many employers are receptive to both fulltime and part-time work from home. This is a great way to find out how you’ll adjust to being home much of the time. One of the things many new retirees complain about is the loss of interaction with others. Telecommuting allows you to see if you have enough connect with others outside of the work environment. It saves of commuting time which should provide more free time to explore new hobbies and other activities. (Telecommuting could be either full or part time work.)
Flextime – Flextime allows employees to set their own work hours. This occurs in companies were people have long commutes or communicate with other parts of the country or world. Some employers allow for working for four ten hour days which allow for a three-day weekend.
Job sharing – If there are other people who do the same or similar work, job sharing is an option. Two people share the tasks and duties for one job. Usually the work is shared 50-50, although other arrangements can be established. Pay is generally prorated according to percentage of hours worked.
While it is recommended you explore the above options with your pre-retirement employer, you may be able to incorporate them for a new company. There are many different retirement work options that baby boomers are exploring.
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