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If you’ve been intrigued by the idea of workplace flexibility (for example, flexible hours, working from different locations, flexible workdays, results-only work environments), but aren’t sure it really benefits your business , 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 work and life demands. Flexibility also appeals to Gen Y. In fact, a recent Oxbridge study found that work-life balance is the top factor new grads look for in a job (salary ranked 8th on the list). . Having a workplace flexibility plan will help you stand out from your competition and allow you to attract top talent.
2. Flexibility boosts morale and job satisfaction.
When employees have more flexibility to meet all the demands of work and life, they are more satisfied with their jobs 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 he is to leave. In addition, employee satisfaction is related to customer retention and satisfaction. When your employees are satisfied, they will treat your customers better. It’s a win-win for everyone.
3. Flexibility improves productivity.
This benefit works with the previous one. When employees are more satisfied with their jobs, they are more engaged and more 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 sick, they have an elderly parent to care for, or they don’t feel well enough to travel to the office. Ultimately, flexibility improves productivity because workers experience fewer interruptions and therefore can often get more work done when they’re away from the office.
4. Flexibility reduces stress and burnout.
When employees are stressed and burned out, they have less commitment to their work and the organization and are more likely to have plans to leave the company. One survey found that half of the workers surveyed said job stress and burnout reduced their productivity. Employees who are stressed and burned out also get sick more often. When you give your workers flexibility in how, when, and where they work, they begin to sleep more, spend more time exercising, and are better able to relax and rest. 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 as big an 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’ll also save money by increasing your ability to retain employees. Finally, workplace flexibility initiatives allow you to attract highly talented workers to your company by offering the benefit of flexibility instead of offering higher wages.
6. Flexibility helps retention.
Losing an employee is expensive; Turnover statistics estimate that the cost to replace an employee is 100-200% of their annual salary. Studies have shown that flexibility actually decreases voluntary rotation. In a survey of 614 companies, flexibility was rated by half of the companies as their most effective retention tool, better than above-market pay, 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 for adding 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 you and your business have been facing.