If you’ve been intrigued by the idea of workplace flexibility (e.g., flexible hours, working from different locations, flexible workdays, results-only work environments), but you’re not sure if it really benefits your company, think again! Here are six benefits of workplace flexibility to help you make the business case.
Six Benefits of Flexibility in the Workplace
1. Flexibility helps attract talent.
A flexible work environment is very attractive to dual career couples who need a job that allows them to juggle the demands of work and life. Flexibility also appeals to Gen Y. In fact, a recent Oxbridge study revealed that work-life balance is the top factor new graduates look for in a job (salary is eighth on the list). ). Having a flexibility plan in the workplace will help you stand out from the competition and allow you to attract top talent.
2. Raises moral flexibility and job satisfaction.
When employees have more flexibility to meet all the demands of work and life, they are more satisfied with their work and have higher morale. This is good news because there are clear links between job satisfaction and turnover. The more satisfied the employee is, the less likely they are to leave. Additionally, employee satisfaction is related to customer retention and satisfaction. When your employees are satisfied, they will treat your customers better. It is beneficial for everyone.
3. Flexibility improves productivity.
This benefit works with the previous one. When employees are more satisfied with their work, they are more engaged and productive. Companies that offer flexibility also experience fewer unscheduled absences. When employees have the ability to work from home, they can contribute even when their child is ill, has to care for an elderly parent, or does not feel well enough to travel to the office. Finally, flexibility improves productivity because workers experience fewer interruptions and are therefore often able to get more work done when working outside of the office.
4. Flexibility reduces stress and exhaustion.
When employees are stressed and exhausted, they are less committed to their work and the organization and are more likely to have plans to leave the company. A survey found that half of the workers surveyed said that job stress and burnout reduce their productivity. Employees who are stressed and exhausted also get sick more often. When you offer your workers flexibility about how, when and where they are working, they begin to sleep more, spend more time exercising, and are better able to relax and unwind. When employees reduce their stress, they gain energy, eliminate burnout, and are more productive at work.
5. Flexibility helps reduce costs.
Flexibility initiatives can also help reduce a variety of costs, saving your organization money. First, flexible working can help reduce real estate and overhead costs (for example, you don’t need such a large office if most of your employees work from home). Flexibility can also help lower health care costs because your workforce will be healthier (see points 3 and 4). You will also save money by increasing your ability to retain employees. Finally, workplace flexibility initiatives allow you to attract highly talented workers to your business by offering the benefit of flexibility rather than offering higher wages.
6. Flexibility helps retention.
Losing an employee is costly; Turnover statistics estimate that the cost of replacing an employee is 100 to 200% of their annual salary. Studies have shown that flexibility actually reduces voluntary turnover. In a survey of 614 companies, half of the companies rated flexibility as their most effective retention tool, better than above-market salaries, stock options or training.
These are just six of the many benefits of flexibility in the workplace. Which of these will help you make the business case to add more flexibility to your organization? Pick one or two of these points and start a conversation about how increasing flexibility in how, when and where you work could help solve some of the challenges that you and your company have been facing.