Dive Brief:

• As many Americans enjoy greater longevity and a healthier old age, they are seeking more flexibility in their work schedules longer into their lives, according to an article in the Dallas Morning News.
• Many of them simply want to stay connected to their workplace and colleagues, while others are seeking an improved work-life balance with more time for involvement with their families and communities.
• Others need to work or have to build up their nest eggs.

Dive Insight:

Phased retirement may be offered in bits and pieces, like fewer hours or off-site work, reports the Morning News. Nearly half of human resource professionals surveyed by the Society for Human Resource Management (SHRM) said they “offered reduced hours or part-time positions to older workers.” About 40% said they “hired retired employees as consultants or temporary workers.”

For employers, the article adds, phased retirement not only helps them retain experienced employees whose skill sets are not easily replaced, but also keeps valued people around to help guide younger employees. It is costly to replace experienced workers — ranging from about $7,000 to $32,000, depending on the industry, according to a recent AonHewitt/AARP study.