Despite an ongoing labour shortage, just a quarter (25 per cent) of Canadian employers offer semi-retirement arrangements, according to a new survey by the Harris Poll on behalf of Express Services Inc.
Semi-retirement — or phased retirement — is a period of time during which a person stops working full time and begins working fewer hours.
The survey, which polled more than 500 hiring managers, found that, among companies that offer semi-retirement, a third (33 per cent) of respondents said they’ve experienced an increase in the number of employees choosing the arrangement over the past two years. In addition, 23 per cent said retirement is one of the main reasons they expect increased employee turnover in 2023.
However, while keeping or bringing back retired workers might be seen as a temporary solution to labour shortages given age-related issues, respondents reported that more than half (53 per cent) of employees who’ve retired in the past two years were under the age of 65, with more than a quarter (27 per cent) retiring under the age of 60.
“As baby boomers continue to age and consider retirement, the labour shortage is only going to get worse,” said Bill Stoller, chief executive officer at Express Services, in a press release. “Semi-retirement is one solution to allow experienced workers time to train their successors, ensuring a seamless knowledge transfer and business continuity.”