Last week we released a blog all about the ways employers can support their staff during the cost-of-living crisis. From free lunches to discounts on gym memberships, employee assistance programmes and pay rises. But we’ve seen another trend emerge as people are eager to take home a pretty penny to keep them afloat during this time. Flexi-retirement. Now for many of us, the dream would be to enter retirement early after working hard for decades and enjoy the finer things in life with a much needed rest. At Omega we’ve certainly seen a resurgence of individuals coming out of retirement and going back into work on a flexible basis. This trend is certainly beneficial to clients due to the lack of candidates in the market right now. There are advantages on both sides of the coin.
Traditionally flexi-retirement, also known as phased retirement, is an agreement between an employer and their company in which they are allowed to change the nature of their working pattern in the lead up to retirement to suit their future plans. It also means a better work-life balance and the opportunity of having more free time to take on more responsibilities on a personal lev-el. However, in recent months we have seen people come out of retirement and find re-employment or continue to work past retirement age to help with the rise of inflation and the cost of bills.
For employers it’s a great bonus because that individual already has a loyalty and understanding of the company. Therefore, they will have valuable experience and skills which they can bring back into daily operations without the need to train and develop new staff. This priceless knowledge means they can also pass their expertise onto other colleagues which ultimately reduces the time and cost of recruiting for new staff. They’ll be on hand to cover during high demand periods and will most probably thrive on being back in the workplace after a challenging few years.
This year it has been reported that two-thirds of people reaching state pension age say that they don’t want to give up work entirely - up a third in just two years. Some feel that they are too young to take on full retirement whilst others are keen to try a new line of work and open their horizons to some-thing fresh. The decision earlier this year to take away the triple lock and only give pensioners a 3.1% increase this year was certainly tough news for those reaching retirement age. At the time of writing, the current rate of inflation was 10.1% so it’s easy to see why there are worries that a pension alone will not be able to sustain the cost-of-living crisis.
It’s a win-win situation for the careers market as there are a record high number of jobs available at the moment. Flexible workers over 66 can help fill these positions in which they will be able to make an income to take away current stresses.
At Omega, we work with candidates and clients locally and nationwide alike to build meaningful careers for a wide variety of positions on either a temporary, contract or permanent basis. We work in the Engineering, Aerospace, Automotive, Electronics, Defence, Scientific, Oil & Gas, Logistics and Manufacturing sectors. Speak to our team on 01453 827333 to see how we can help you or visit our website to view our latest opportunities.
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