For the best part of our industrialised age, young people get a job, stick with it for their entire career, then retire and relax. But this isn't happening anymore with the rise of unretirement in the older generation ...
It's worth thinking about when one of your older employees comes to you asking for reduced hours rather than actual retirement!
Many people are asking for reduced hours instead. They're reaching retirement age and deciding that they'd rather continue for a while longer. A couple of days a week or just afternoons; or even retiring then getting another part-time job.
"This is becoming known as unretirement!"
Analysis from the Office for National Statistics' (ONS) found that economic activity levels in the over 50s are at their highest levels since before the pandemic. More than twice as many men as women are still working, with many long-term retired thinking about returning to work.
Many have said that it's more for mental stimulation than for the money, which I find quite interesting. Yes, some did say it was to top-up their pension payments, and these are the ones who could be considering part-time work with their existing jobs when looking at a bleak future after retirement age.
Older people can act as mentors, sharing their knowledge and general experiences of the world with the next generation, so it's seriously worth thinking about when one of your older employees comes to you asking for reduced hours rather than actual retirement; your business could benefit greatly from the request.
So, you could consider a phased retirement programme as part of your wider flexible working packages, and this could include an ongoing reduction in working hours over time that could suit both you and your older workers!
You'll still have engaged employees, and excellent mentors, and in return, you'll have productive members of staff who know your business well and have a strong work ethic.
And if someone wants to unretire and come back to work for you? My advice would be to seriously consider it.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about flexible working packages that include unretirement, it may be a great idea to call me on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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