Phasing in Retirement

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As more Baby Boomers retire and companies are left with less-talented pools of workers, a growing number of employers are encouraging a phased approach to retirement--allowing employees to gradually relinquish their duties over a period of time.

In a study of more than 140 mid-to-large-sized employers, just one in five (21 percent) believe that phased retirement is critical to their company's success today; however, that number nearly triples (61 percent) when employers look ahead five years.

The study, sponsored by the Lincolnshire, IL-based consulting group Hewitt Associates, revealed that nearly three-quarters (72 percent) of employers were motivated to emphasize a phased approach to retain the older workers' experience, knowledge and skills.

When asked the most effective way to retain near-retirement workers, about two-thirds of the employers (65 percent) advocated part-time work, while slightly more than one-third (37 percent) advocated offering workers retirement benefits while still working.

Source: HR Executive, November 2008