Not ready to retire yet? Mature workers may have other choices | Work It

The Appeal of Fractional Work [0:00]

• Many individuals, even at 54, question the desire to work full-time indefinitely.
• The aspiration is to work for periods, then have financial freedom for extended holidays.
• The desire is not to simply idle but to engage meaningfully.

  "I want to work six months and then have enough money to holiday for the next six months, right?"

Defining Fractional Work at Prudential [0:44]

• Traditionally, fractional work involves senior roles or project-based C-suite positions.
• Prudential redefines fractional work by focusing on how roles are structured and split.
• It's not always part-time; it can be full-time for a focused, limited duration.

  "Whereas for us at Prudential, fractional has a very different meaning. We look at how the work is structured."

Prue Prime: A Retained Pool of Talent [1:49]

• The "Prue Prime" program is designed for the mature workforce, viewing them as still in their prime.
• It's a retained pool of professionals hired not for specific roles, but as a readily deployable resource.
• Participants are hired without knowing exact future roles, ready for quick deployment as needs arise.

  "What we call our fractional workforce, we call them the Prue Prime. So Prue Prime is the program that we design because we feel that our mature workforce is still in the prime, right?"

Motivation Behind the Initiative [2:47]

• Wendy Yeo initiated the concept, driven by personal reflections on future work desires.
• Focus groups with individuals in their 40s, 50s, and 60s revealed a strong desire for choice in work arrangements.
• The initiative aligned with government efforts like the Alliance for Action Empowering Multi-Stage Career for Mature Workers (AFA-EMW).

  "I've just turned 54, and for myself, it's working full-time, you know, how much longer do I want to work full-time?"

Marcus Lee Robert's Experience [4:01]

• Marcus, with 20 years in compliance, found his skills transferable to non-compliance roles.
• He previously took a contractual role for a three-month project and then signed up for the fractional role.
• He was amazed by his ability to adapt and perform in various roles, embracing the opportunity.

  "Last year itself, I was doing many of the roles that I did in the contractual. It was not in compliance. So I was quite amazed that I could actually still transfer my skill sets."

The Draw of Fractional Work [5:00]

• Marcus was motivated by curiosity about the evolving workforce and a desire not to be idle.
• He sought opportunities to contribute meaningfully and mentor younger colleagues.
• The chance to learn and adapt in different domains, beyond his compliance background, was a significant draw.

  "Of course, I had also time to, I didn't want to just idle away, take holidays. I mean, how long can you go for a holiday in many places and all?"

Bridging the Skills Gap and Business Agility [7:38]

• Fractional work is not primarily a cost-saving measure but enhances business agility.
• It allows for rapid deployment of experienced professionals who understand the company culture.
• The program intentionally hires across various skill sets to meet unknown future needs.

  "So, to us, it's not so much about cost. It's really about the cost of business. You know, how quickly we can deploy people."

Adapting to New Roles and Technologies [11:20]

• Marcus initially feared system-related challenges, like using Microsoft Teams for professional communication.
• He utilized SkillsFuture credits to take courses, particularly for AI and chatbot development.
• The key is a curious, learning, and growth mindset, embracing adaptability.

  "Substance. But I guess because with the experience we come, we bring along to the table, we have done maybe project management work, managing stakeholders. So, we come with a natural ability to, hey, we can adapt, actually."

Redefining Professional Identity [15:32]

• Fractional work allows professionals to move beyond a single domain, like compliance.
• It opens opportunities to apply diverse experiences to various roles based on what the role offers.
• The "Prue Prime" community helps members connect and share experiences, fostering a sense of belonging.

  "So, basically, I can see what the role offers and see where now I've done so many different roles already and see where I can actually take on a job."

Building Trust and Setting Expectations [21:15]

• Success in fractional work requires clear deliverables, timeframes, and defined outcomes.
• This process trains managers to be more disciplined in setting expectations and evaluating performance.
• Clear communication and delivery build trust between the fractional worker and the manager.

  "And this will build trust, because both sides, right, once the manager's expectations are set, Proof Primers understand the expectations, and they deliver the outcomes that they want, then that's a win-win for both sides, right?"

The Demand for Alternative Work Models [24:54]

• The "Prue Prime" program received 400 applicants for 30 roles, indicating high demand.
• Participants include returning mothers, retrenched individuals, and those seeking meaningful work post-retirement.
• The initiative partners with organizations like SWDA to promote future ways of work for the mature workforce.

  "So, when Proof Prime came along, we had 400 applicants for 30 roles that I had, right? So, you can see that there is actually a demand for an alternative workforce model like that."

Conclusion: Experience Doesn't Expire [27:00]

• The episode highlights Prudential's innovative approach to fractional work.
• It emphasizes the value of experienced professionals and the need to rethink traditional work models.
• The core message is that experience remains valuable as long as individuals and organizations adapt.

  "Remember, experience doesn't expire as long as we rethink the way we work."