Why Retirees Opt for Multiple Gigs Instead of Full-Time Work

A portfolio career involves working multiple flexible gigs such as freelancing, consulting, or short-term projects, rather than committing to a single full-time job.

The idea of retirement in India is gradually changing from the traditional perception. Several people earlier imagined retirement as an age to spend time with family or pursue long-forgotten hobbies. Now, more retirees are willing to remain active by embracing portfolio careers i.e. working multiple flexible gigs rather than just one full-time job. It is not driven by financial compulsions alone but a choice out of the longing for meaningful work and purpose during the later years of life.

Why Portfolio Careers in India??

To many retirees in India, a full-time job after retirement seems less than ideal. Rather, they have started to adapt to diversified careers in the forms of short-term contracting, freelancing, and consulting jobs. This provides them with flexibility in remaining engaged with work without any major impacts on personal life or health.

A report by the National Skill Development Corporation in 2023 says that close to 35% of retirees in India have started exploring part-time, contract, or freelance work. With the rapidly changing nature of jobs, experience is valued in various industries, and retirees can contribute without feeling the pressure of a 9 to 5 job.

Gig Work Boom in India

Gig work has become vital in India, particularly in the latter stages of one's career. As digitisation introduced new platforms such as Upwork and Freelancer, UrbanClap, (and the list goes on) there, in fact, is a lot opening up for retirees from consultancy services, and mentoring to even project-based activities.

According to the FICCI 2023 report, India's gig economy grew 17% in the last year, and a big part of this growth came from older professionals. Retirees are now tapping into this gig economy, attracted by its flexible dynamics and the ability to choose projects that align with their passions.

Practical Insights to Building a Portfolio Career in India

Based on our experiences and studies, we feel these are some actionable steps for all retirees who wish to pursue a portfolio career in India:

• Existing expertise: Indian retirees have decades of experience in education, banking, healthcare, and technology. Identifying freelance or consultancy roles in these areas gives access to financially rewarding and personally fulfilling opportunities.
• Remote opportunities: Remote work has been a godsend for retirees. Organisations are increasingly open to hiring consultants or part-time employees remotely, which makes balancing work and life easier for retirees. Good places to start are WisdomCircle, Toptal and LinkedIn.
• Setting Up a Small Business or Consultancy: Many retirees in India also turn to entrepreneurship by converting hobbies into businesses. From setting up an online store and coaching services to starting consultancies, retired people now have the opportunities to continue with active contributions while earning an income for themselves.
• Network in Your Industry: Networking is still one of the best avenues for finding opportunities. Retirees should be part of professional communities, attend online workshops, and connect with peers and colleagues to find out about new gigs or opportunities.
• Keep Learning and Upskilling: With the dynamic nature of jobs post-pandemic, retirees have increasingly joined the bandwagon to stay competitive in online courses. Platforms like Udemy, Coursera, and Skillshare offer courses just right for senior professionals upskilling themselves in digital tools, project management, or new technologies.

The Future of Work for Retirees in India

The future is bright for work among retirees in India. A lot more firms are realizing there are benefits to hiring retirees on short-term roles, project-based, and consulting gigs; And that's where demand for experienced professionals is growing. Gig work provides flexibility, with a widening digital landscape, for retirees to stay involved with contributions. While at the same time, they have freedom and control over their schedules.

At WisdomCircle, we truly believe that retirees form an important part of our workforce. As many are embracing portfolio careers, it becomes important to create an environment for such opportunities, in the form of flexible roles, consulting arrangements, or part-time positions.

Portfolio careers among retirees in India reflect the new look at retirement. Rather than truly retiring from working, find new ways to stay active, follow their passions, and give back to society. Have you or someone you know explored multiple gigs after retirement??

We’d love to hear about it! Let us know your experiences in the comments.