In a recent article in the Sydney Morning Herald titled “Job Boom for baby boomers” it was reported that from 2017 the qualifying pension age will increase every two years so that by 2023 it will be 67 years of age (October 10, 2010). While the article reported “new state government research shows 45-54-year-olds are the fastest growing employee pool” the need for these employees to work full time until retirement does not have to be the only viable working option.

Flexible work practices may generally be referred to work practices that are different or alternative ways of working and may include changes in hours, locations or patterns of work. There is no right or best way to work flexibly; it depends on many variables and it is quite flexible. The aim of flexible work arrangements is to find a way of working that meets the needs of both the organisation/employer and individual.

There are many common types of flexible work arrangements and the suitability of each will depend on a range of personal and business factors. Organisations will generally offer different types of suitable flexible work arrangements, below are some common examples that may be suitable for individuals considering a transition to retirement strategy;

• Part-time (reduced hours) work
• Job share
• Compressed work week
• Variable start/finish times
• Working from home
• Telecommuting or offsite/mobile working
• Career break
• Accessing a variety of leave options including personal leave (carers or sick) purchased leave; community service or volunteer leave
• Or a combination of arrangements such as part time (reduced hours) which may include one day working from home
  

When considering a transition to retirement strategy a number of personal factors need to be considered, for example the impact of any change in your work arrangements on your remuneration, benefits, insurances (applicable life, TPD, Salary continuance), bonuses, superannuation, vehicle arrangements, packaged benefits, tax, government benefits/pensions just to name a few.

Careful research and financial advice should be sought prior to approaching your employer with a transition to retirement proposal. Individuals considering flexible work arrangements should also refer to any applicable policies on the practices and develop a business focused proposal that clearly demonstrates to their manager/organisation;

• What type of flexible work arrangement they are seeking and the duration of the practice
• How they are going to work the arrangement in order to minimise the impacts of the practice and meet the needs of the role, business, team, clients, key stakeholders, manager and themselves
• How they are going to successfully implement the practice to minimise business risk, maintain relationships and business as usual
• How they are going to maintain the practice to ensure long term success for themselves and the business. Consider good communication techniques and stay in touch strategies so you can keep up with what is happening in the business quickly and efficiently
• What flexibility you can offer the business to cope with increased work demands, peak times e.g. working additional hours or swapping work days if required etc
• What evaluation and review methods you propose will help you and your Manger to determine the success of the practice

Flexible work practices can provide individuals who are considering transitioning to retirement strategies with practical options to help wind down and stay in the workforce for as long as reasonably possible.

For other employees a change in career or role can also provide options that allow individuals to stay in the workplace and can rejuvenate your drive to work for longer in role that you love or have always wanted to do. Whatever option you decide, think carefully, research, talk to financial advisers, plan your approach and when you are confident and ready –get on with it!