Embracing Flexibility: Contingent Work in the Latter Years of Your Career
As professionals approach an age where retirement may become an option, many begin to reevaluate what work can look like in the later stages of their careers. The traditional retirement path is being reshaped by the opportunity of fractional and contract roles for individuals who are still able to offer meaningful contributions to organizations looking for specific skills.
We have interviewed two individuals with lived experience in the transition to contract roles upon retirement and offering significant value to employers based on their years of experience. Baskaran is a retired Deloitte Partner, who is now active on Boards of Directors, and offers career and business coaching as well as advisory services. Our second interview was with a Senior IT Auditor placed on a part-time contract project in the energy infrastructure and digital asset mining industry.
Both of our interviewees emphasized the benefits of still being able to meaningfully contribute to an organization’s goals while not being full-time employees, the freedom to select projects based on expertise and passion, supplemental income and the feeling of still being of service. This, coupled with the freedom to take breaks when needed, including to travel and enjoy retirement, has been a welcome career transition for both.
By making this a career choice there is an ability to control the workload through accepting shorter or longer contracts, picking up more clients and opening up their availability to take on new projects.
Contractor roles allow for diversification and the opportunity to balance income and passion and for employers, it offers them access to senior skill sets to address skills gaps in their organization. Our part-time contractor enjoys that these roles keep her mind sharp, and she can mentor others in the field and stay productive. There is a personal fulfillment available to those pursuing contractor roles beyond financial gain. Often, we hear it is a combination of passion, having valuable experience, work-life balance and sharing expertise with the next generation of technical experts.
Use of the gig economy is an evolving practice in many industries, to address key skills gaps across sectors including but not limited to consulting, financial services, government, technology, media and more. Part-time roles are strategically used to address to short-term needs for specialized expertise in projects.
What advice our interviewees would share for others contemplating a fractional or contractor employment opportunities?
Do some careful planning to design an ideal workflow, considering your personal goals, income needs, passions and expertise.
Our interviewees stressed the importance of marketing yourself for projects that align with your skillset and values while also clearly communicating how much time you want to have available to dedicate to work. If you are unaware of where to start, networking with a recruiter can help you plan accordingly for this transition.
Contractor and fractional employment options allow professionals to continue contributing to their industries, still being of service while slowing down in their career path and enjoying being able to pursue more of their personal interests and time with family. Their experiences offer valuable insight into the benefits of a different approach to retirement, balancing passion with financial security, and maintaining a sense of purpose.