Flexible work might be the critical component of retention
When we speak to our clients across almost all industries, we hear a common refrain – in the current environment, it is difficult to retain and attract employees. Workers and potential employees are looking at many different aspects of employment aside from salaries and benefits. One way to build moral and dedication among employees is to offer a flexible work environment. In a survey by FlexJobs, 79% of employee respondents said that “they would be more loyal to their employer if the employer offered flexible work.” COVID forced many companies to go remote. What businesses have found is that it is possible to build efficiencies and productivity in a remote environment. Technology has advanced to allow companies to employ a devoted and dependable workforce even when some or all of their employees are working remotely. Over the past two years, employees have begun to take for granted that a flexible work option will be offered.
Flexible work options include:
- Fully remote.
- Hybrid (a mix of on-site and remote).
- Part-time work.
- Work-from-anywhere arrangements.
- Alternative schedules (e.g., employees putting in extra time Monday through Thursday and having off on Friday).
- Job sharing.
Flexible work is highly beneficial to employees
Per the University of California, Berkeley, flexible work allows employees to:
- Decrease travel time, costs and related stress.
- Achieve work-life balance more easily because they are better able to schedule important appointments such as doctor visits during the workweek.
- Engage more in healthy living, such as exercise and proper eating.
- Work when and where they are most productive and have fewer distractions.
- Save themselves the cost of dependent care.
Flexible work conditions improve employee morale
In a survey by Deliotte, 94% of respondents say work flexibility would be beneficial to them, with the primary advantages being reduced stress, improved mental health and greater work-life balance. Moreover, 1 in 3 respondents say flexible work “would increase their job satisfaction and morale, and almost 30% say it would increase their overall productivity or efficiency at work.”
On the remote-work front, a report by Global Workplace Analytics states that “79% of people want to work from home” and “36% would choose it over a pay raise.”
Flexible work is good for retention
Flexible work arrangements aren’t suitable for every job. Some positions require an on-site environment that includes the traditional 9-to-5, 40-hour workweek. However, employers should consider the benefits of offering flexible work. Aside from the hassle of replacing an employee, companies can save on turnover costs by satisfying employees’ desire for flexible work. This is noteworthy, because it is estimated that the cost to replace an employee can be as much as one-half of the employee’s annual salary.
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