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Retirement is something that many people look forward to after years of work. No more punching a clock or answering emails. But what if you can retire in small increments like long vacations or taking a break between jobs. It may be something that boomers or millennials can only dream about, but Gen Z is making it a reality.
Taking breaks from work is a hot new trend that is called “micro-retirement,” reported Fast Company. Gen Zers, people born between 1997 and 2012, are using this unpaid time off to rest and recharge.
What Does Micro-Retirement Look Like?
There are basically two ways to take a micro-retirement. The first involves setting up a plan with your current employer for more frequent or longer times off which are usually unpaid.
The second way is to quit your job when you need a break and then to find a new one when you are ready to go back to work.
Micro-retirement can also work for business owners. Joshua Charles , a Gen Z business owner who consults about pensions and investments, takes work breaks every six months. He told Fast Company that he heard about micro-retirement from a friend.
“I reward myself by traveling to different countries. Whether it’s Europe during the summer or other destinations, and so that’s a way that I incentivize myself to reach certain KPIs,” he said.
While he is retired, he doesn’t work at all. All issues must wait until he returns to work. Charles said that there has been no negative impact on his business because he communicates with his clients and employees that he will be completely unavailable during this time.
Of course, it helps if you have a side hustle, like an internet business, which can help pay your bills when you take time off from work.
Benjamin Fields, a public-school teacher uses his salary and his side hustle – selling perfume – to afford to take micro-retirements of one to two weeks every month. Fields said he is not worried about taking time off because having mental health time is more important than making money.
The Great Return
While Gen Z is looking for a better work/life balance and prioritizing wellbeing and mental health, something quite different is happening with current retirees looking to reenter the workplace, reported Forbes.
It has been estimated that 13 percent of retirees plan to go back to work in a trend that is called “The Great Retiree Return.” This is due to financial pressures like a rise in the cost of living but also for personal reasons. Work can give healthy retirees a renewed sense of purpose.
For employers, hiring an older worker makes sense. “Retirees represent a seasoned talent pool, often requiring less onboarding and bringing skills that can fill critical gaps,” Shanna Milford, US HR lead at IRIS Software Group told Forbes.
“For industries experiencing labor shortages like accounting, where 75 percent of CPAs reached retirement eligibility in 2020, this is incredibly advantageous. Returning retirees also bring incredible institutional knowledge, expertise, and mentorship capabilities, which will help bridge skill gaps and contribute to leadership roles, training our junior employees and consult on strategic projects.”
Going Forward
Some companies understand that to attract and keep Gen Zers as employees, they must rethink traditional work models. But 45 percent of hiring managers believe that it is younger workers that will have to conform to today’s standards.
A more flexible approach would be for companies to focus on both younger and older workers. This includes changing mindsets to allow for the flexibility that Gen Zers require as well as reversing the ageism that is present in many workplaces. This will allow workers to choose the career trajectories that suit their own values and in turn, they will be more engaged and motivated employees.
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