Although retirements among the relatively large boomer population will create vacancies, it will not be in a straightforward manner. Many retirees want to maintain the intellectual stimulation they received in the workplace. Most also want the freedom to travel to escape cold winters or oppressively hot and humid summers, dedicate more time to volunteer activities, spend time with family, focus on health and wellness, and pursue new or abandoned hobbies.

This combination of interests is a boon to receptive organizations. Highly skilled technicians or those with specialized knowledge, such as expertise in mergers and acquisitions or regulatory compliance, may be interested in mentoring others, consulting, or contributing to complex projects on a part-time basis—for a defined duration or part of each week, part of each month, from a remote location, and so on. Utilizing capable professionals in this manner is a win-win. Expenses are reduced and you have access to specialized skills from individuals who have a proven track record and know how to get things done.

Some of the successful models include:

• Working nine to ten months per year for the final three to five years of employment, retaining health benefits but no pay during the absence.
• Consulting post retirement for a specific project or length of time or on retainer. A fixed fee will benefit both parties. As a company, you have cost certainty and will not find yourself held hostage to hourly billing should the consultant or contractor not deliver as expected. This can include mentoring to transition a new executive, specialized advice on a particular project, and so on.
• Consulting or advice provided virtually. Much knowledge work does not require face-to-face or hands-on interaction. Seize the advantages of Skype and other services. You can avoid some or all travel costs if the consultant lives or is vacationing in another country (e.g. Canada or the United States). You may also be able to pay in their local currency and benefit from foreign exchange rates.

Are you considering retirement? How do you envision this third chapter in your life?

Or perhaps, you are accountable for your organization’s succession planning strategy. How will you engage and leverage this pool of talented individuals?

My clients accelerate their results – increasing profitability, leadership performance, innovation, and accountability. I would love to discuss how I might help you and your executive team harness this changing face of retirement. Contact me today.

Originally published in Feet to the Fire: How to Exemplify and Create the Accountability that Creates Great Companies.

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© 2018 Lorraine A. Moore. All rights reserved. Permission granted to excerpt or reprint with attribution.