As the workforce continues to age, companies are facing challenges in retaining their older employees as they are increasingly choosing to retire, with retiring employees anticipated to account for 28% of turnover in 2023, according to a new survey by Express Employment Professionals. The survey found that among those who retired from their company in the past two years, 79% were 60 years of age or older.

However, one strategy companies are using to address this issue is offering semi-retirement options to older employees, allowing employees to reduce their hours and have a flexible schedule.

The survey found that 30% of companies now offer semi-retirement options. Nearly 59% of 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, while about 37% reported that the number of those semi-retiring has actually increased.

“As baby boomers continue to age and consider retirement, the labor shortage is only going to get worse,” Express Employment International CEO Bill Stoller said. “Semi-retirement is one solution to allow experienced workers time to train their successors, ensuring a seamless knowledge transfer and business continuity.”

Express Employment Professionals’ survey was conducted online by The Harris Poll between Dec. 1 and Dec. 15, 2022. It included responses from 1,002 adult US hiring decision-makers who are employed full-time or self-employed.