(Graphic courtesy of Express Employment)
With employee turnover showing no signs of slowing down, offering older workers a chance to delay full retirement may help slow the exodus — even if only momentarily.
This is according to a survey from The Harris Poll commissioned by Express Employment Professionals.
Retiring employees are expected to account for 28 percent of turnover in 2023, with U.S. hiring managers reporting among those at their company who retired in the past two years, most commonly 60 years of age or older (79 percent).
However, in an effort to postpone the time of retirement for employees, some have chosen to offer “semi-retirement,” which allows employees to reduce their hours and/or make a flexible schedule (30 percent).
Employees appear to take advantage of this offering, as nearly three in five hiring managers whose company offers semi-retirement say the number of employees choosing to semi-retire has remained the same over the past two years (59 percent) and nearly two in five reporting the number of those semi-retiring has actually increased (37 percent).
Given the contribution of retirement to companies’ turnover, it may be wise for more companies to offer semi-retirement in the hopes of retaining members of their workforce.
As baby boomers continue to age and consider retirement, the labor shortage is only going to get worse, according to Express Employment International CEO Bill Stoller.
“Semi-retirement is one solution to allow experienced workers time to train their successors, ensuring a seamless knowledge transfer and business continuity,” he said.
Survey Methodology
The Job Insights survey was conducted online within the United States by The Harris Poll on behalf of Express Employment Professionals between December 1 and December 15, 2022, among 1,002 U.S. hiring decision-makers (defined as adults ages 18+ in the U.S. who are employed full-time or self-employed, work at companies with more than one employee, and have full/significant involvement in hiring decisions at their company). Data were weighted where necessary by company size to bring them into line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 3.2 percentage points using a 95 percent confidence level. This credible interval will be wider among subsets of the surveyed population of interest.
If you would like to arrange for an interview with Bill Stoller to discuss this topic, please contact Sheena Hollander, Director of Corporate Communications and PR, at 405-717-5966.
About Bill Stoller:
William H. “Bill” Stoller is chairman and chief executive officer of Express Employment International. Founded in Oklahoma City, Oklahoma, the international staffing franchisor supports the Express Employment Professionals franchise and related brands. The Express franchise brand is an industry-leading, international staffing company with franchise locations in the U.S., Canada, South Africa, Australia and New Zealand.
About Express Employment Professionals:
At Express Employment Professionals, we’re in the business of people. From job seekers to client companies, Express helps people thrive and businesses grow. Our international network of franchises offers localized staffing solutions to the communities they serve across the U.S., Canada, South Africa, Australia and New Zealand, employing 586,000 people globally in 2021 and ten million since its inception. For more information, visit ExpressPros.com, and find more employment insights at ExpressPros.com/AmericaEmployed.
