Corporate America Is Catching Up With What I Did Almost Five Years Ago

I still vividly remember that first day as if it were yesterday.  It was a picture perfect bluebird October morning and the Potomac River was glass-flat and empty.  As I took my first few paddle strokes away from the boat ramp and settled in, my body bounced between feelings of exultation and fear.

It was 10:00 am on a Monday morning and I was not at work.  More importantly, for the first time in more than a quarter century I was experiencing a weekday in which I was not expected to be at work or on leave. 

I gave up my big-wig senior management position with my spacious office and staff to go part time, down to 20 hours a week.  Part of me felt like I was nuts.  Most of me simply felt relief. 

But on this sunny October Monday as everyone else was facing down another work week, I felt I was entering another dimension.  In a way it seemed like I was breaking some kind of law. 

Had I really done this?  Yes, I had, and there was no undoing it.

 

Big Deal To Me

It may seem I’m being overdramatic about something as seemingly benign as switching to part time.  But to a guy who grew up in the blue-collar, ghetto-tinged streets of Baltimore this was a huge deal. 

I was going against everything that was drilled into me as a kid – that life meant getting a job, likely one that sucked, and suffering it out until you died.  But after accumulating more than I needed for financial independence I saw going part time as the safest way to break that paradigm. 

It was the nice middle between the craziness of just quitting all together in my mid-40’s and the prison walls of the status quo.  Part time held the promise of sampling retirement without buying it. 

That was late 2017.  Here we are almost 5 years later and corporate America is catching up.

 

I’m A Trendsetter

According to a recent article from Fidelity, more and more companies are allowing part time work arrangements, with many using them as a phased retirement strategy.  For the sake of a healthy workforce and humanity in general, this is music to my ears. 

When I first started blogging about my part time status many folks commented on my posts that they wanted to do it but didn’t think their employer would allow it.  Here we are in 2022 and it appears there might be a sea change in corporate America happening. 

The Fidelity article says:

Human-resource executives say the pandemic has opened bosses to flexible work arrangements, while the fierce hiring market and higher-than-expected rate of retirements have motivated managers to find ways to retain older workers with key skills. In a forthcoming survey of 1,736 HR executives world-wide from consultant Mercer LLC, about 38% say they offer phased retirement, more than double the 17.2% that did so before the pandemic. In the U.S. 23% of employers had these arrangements in 2021, up from 16% in 2016, according to the Society for Human Resources Management. A growing subset—8%, up from 6% in 2019—have introduced formal programs, which generally target older workers who meet certain criteria. Another 15% offer the option on an informal or ad hoc basis, frequently to employees in hard-to-fill roles. 

Way back in the early days of COVID I predicted many silver linings, and this seems to be one of them. 

 

Sticking Point

The article mentions a key factor in going part time – benefits.  It says:

Among companies adopting phased retirement programs, figuring out how to provide benefits and set criteria for participation can be a sticking point in some HR suites, said Yvonne Sonsino, a partner at Mercer. 

Fortunately I work for the Federal Government and policies for part time were flushed out a long time ago.  I have been able to keep all of my benefits but most are pro-rated to match the hours I’m working in comparison to a 40 hour work week. 

I explained it in detail in an older post, and to me the tradeoff has been well worth it even though I am paying more out of pocket for my health care plan.

One of my favorite lines from the Fidelity article is:

Some workers have longed for such arrangements, which financial advisers say can provide financial and psychological benefits compared with going from full-time work to retirement. 

When I read this I couldn’t help but shout “Amen!”.  Words cannot fully describe the psychological benefits I’ve had since going part time.  I’m less stressed, more patient, more empathetic, and just generally more balanced.  Oh I sleep better too, and that’s a massive benefit to my health.

 

Maybe We Hold The Keys

So why is corporate America opening up to more part time arrangements or phased retirements?  I suspect it’s largely a reaction to the great resignation.  And if I’m right that means we have more control than we think we do. 

While one or two people from your organization expressing a desire to go part time or quitting might not move your companies position, maybe 40 or 50 will.

All I can say in the end is that based on my experience if you can afford to do so going part time is the perfect road to a phased retirement and a healthier life. 

Your Turn – Have you considered going part time or are you part time now?  If so please relay your experience!