Traditional wisdom says that when you retire, you’re out the door for
good. But as the government comes to grips with how to retain the
institutional knowledge of the departing baby boomers, the concept of
retirement could take on a whole new meaning.
The issue of the exiting baby boomers has long been on the table, and
managers are grappling with how to smooth the forthcoming transition. A
2011 report from the Partnership for Public Service showed that the
consequences of public sector attrition often mean loss of substantial
and specialized skills and experience, something that could be
impossible to replace.
“Good employees not only take with them their skills and experience
when they leave, but they may leave behind demoralized co-workers—a
deterioration of employee commitment and organizational loyalty,” the
report stated.
That’s where one emerging strategy comes into place: flexible
retention. It’s a simple idea: Instead of losing employees completely,
try to keep as much as you can, from the employer perspective, said
Bruce Tulgan, a management guru who frequently speaks and writes on
workplace and leadership topics.
The concept is nothing new in the private sector. Retired executives
take on consultancy roles or join advisory boards. Some become mentors;
others go from full-time status to part-time work. In the government,
examples can be found in the reserves in the military or senior leader
programs in consulting firms where retired partners consult back, Tulgan
said.
Phased-in retirement, as it’s also known as, can be a very viable
strategy, particularly as more federal employees apply for retirement,
said John Palguta, vice president at the Partnership for Public Service.
Roughly 55 to 60 percent of federal employees leave government because
they are ready to retire, he added.
The Obama administration has also acknowledged the potential of flexible retention. Its 2013 budget for
the Office of Personnel Management included a proposal that would allow
eligible employees to reduce their work hours at the end of their
careers and receive income partially from a reduced salary and partially
from retirement annuity. These employees would be required to mentor
others, sharing institutional knowledge and helping with succession
planning.
Flexible retention could also be a win-win for retirees who aren’t
quite ready to sever ties with their workplace said Alexandra Levit, a
workplace expert and consultant.
“This is absolutely the future,” she said. “Baby boomers do not want
to quit their jobs and move to Florida to play mah jong, but they are
also burned out working 70 hour weeks in the corporate world. This is
the happy medium, and it will gain popularity exponentially in the
coming years.”
Source: Federal Computer Week