Is flexible working an employee benefit?

As the landscape of employment continues to shift, the concept of flexible working has emerged as a pivotal employee benefit in today’s workplaces. This approach allows employees to determine their work hours and locations, significantly influencing their ability to manage work-life balance, enhance productivity, and boost overall job satisfaction. In this blog post, we will delve deeply into the significance of flexible working, explore current trends, and present key benefits for both employees and employers.

Significance of Flexible Working

The ability to work flexibly is no longer just a perk; it has become an essential aspect of modern employment. Flexible working empowers employees to juggle their professional and personal commitments more effectively. This, in turn, leads to enhanced mental and physical well-being, reduced anxiety, and a greater sense of job satisfaction. As organisations recognise that flexibility is not just beneficial for employees, but essential in attracting and retaining talent, the adoption of flexible work policies has surged.

Current Trends in Flexible Working

The trend towards flexible work arrangements gained significant traction during the COVID-19 pandemic, when many businesses were forced to adapt to remote working practices. What started as a temporary solution has now become a standard expectation among employees. Kristin Kelley, Chief Marketing Officer at CareerBuilder, succinctly captures this sentiment: “People are not going to return to work the way they have in the past. Flexibility is the new norm and expectation from employees—we’re going to see this trend continue in the months ahead.” It’s clear that flexible working is here to stay, and companies that embrace this shift will be better positioned for success in the competitive employment market.

Key Benefits of Flexible Working

1. Improved Work-Life Balance

Employees benefit from the ability to establish a schedule that fosters their physical and mental health. This flexibility allows them to fulfil personal obligations—such as attending family events, dedicating time to exercise, or attending medical appointments—resulting in a healthier work-life balance.

2. Increased Productivity

Flexible working arrangements have been shown to enhance productivity as employees can work when they are most alert and focused. For instance, a survey by Airtasker found that remote workers logged an average of 1.4 more days of work per month than their office-bound counterparts.

3. Enhanced Employee Engagement and Retention

Flexible work policies are closely linked to higher employee engagement. Engaged employees exhibit enthusiasm, energy, and vitality that translate into tangible benefits for the organisation. According to a Gallup study, workplaces that foster high engagement experience 40% fewer quality defects, 41% lower absenteeism, and a remarkable 21% increase in profitability.

4. Attracting Top Talent

In a competitive job market, the presence of flexible work options has become a significant lure for top talent. A study conducted by ManpowerGroup Solutions revealed that nearly 40% of global candidates rank workplace flexibility as one of their top three considerations when applying for jobs. This trend highlights the necessity for HR professionals to incorporate flexible work policies to attract high-calibre candidates.

5. Cost Savings for Employers

Adopting flexible working arrangements can lead to substantial financial savings for companies. By lessening the need for extensive office space, utilities, and office supplies, organisations may save around £8,500 annually per remote worker. These savings can be reinvested into the company or can contribute to higher employee salaries, benefiting all parties involved.

Benefits for Employees

1. Autonomy and Trust

A flexible working environment fosters a culture of trust and respect. Employees appreciate being given the autonomy to manage their time and task completion, resulting in improved morale and loyalty. When employees feel valued, stress levels decrease, and their perception of their role within the company is positively affected.

2. Reduced Commuting Costs

With flexible work schedules, employees often have the option to work from home or choose their in-office days wisely. This change can lead to significant savings in transport expenses, work attire, and daily dining costs. Furthermore, less time spent commuting translates into more time for personal activities, enriching their lives outside of work.

3. Improved Mental Health

Surveys indicate that an overwhelming 96% of employees believe flexible working arrangements would be beneficial for their mental health. Eliminating the stress associated with rigid schedules improves employee satisfaction and reduces burnout.

Benefits for Employers

1. Talent Pool Expansion

Flexible working policies can significantly broaden the talent pool available to employers. Instead of being restricted to local candidates, companies can tap into a global workforce. This advantage is particularly relevant for positions that can easily be performed remotely, enabling organisations to find the best fit for their needs.

2. Cost Efficiency

Organisations that embrace flexible work practices tend to make more efficient use of their facilities and resources. By optimising space and equipment usage, businesses can reduce operational overheads and enhance overall profitability. According to research from Forbes, successful companies that have adopted flexibility report significant cost savings alongside improved employee performance.

Strategies for Implementing Flexible Working Policies

1. Assess Employee Needs

Understanding the specific preferences and needs of your employees is vital when introducing flexible working arrangements. Conduct surveys or focus groups to gauge interest and identify areas of flexibility that will yield the most benefit.

2. Clearly Define Policies

Draft comprehensive flexible work policies that outline expectations, including work hours, communication norms, and task completion criteria. Clear guidelines can eliminate confusion and help foster accountability.

3. Invest in Technology

Ensuring that employees have access to the necessary tools and technology is essential for effective flexible working. Invest in software and hardware that facilitate remote collaboration, communication, and productivity.

4. Encourage Managerial Support

For flexible working to be effective, managers must be on board and supportive. Training should be provided so that leaders can embrace new management styles that advocate trust and encourage open communication.

5. Foster a Results-Oriented Culture

The focus should shift from hours worked to outcomes achieved. Cultivating a results-oriented culture empowers employees to feel more invested in their work and fosters a sense of accomplishment.

Conclusion

Flexible working represents not just an employee benefit, but also a strategic advantage for employers. By promoting better work-life balance, enhancing productivity, and improving employee engagement and retention, businesses stand to gain tremendously. As flexible working continues to grow in importance, companies that refuse to adapt to this shift may discover themselves at a competitive disadvantage in the ongoing battle for top talent. The time to embrace flexibility is now, and forward-thinking organisations will reap the rewards.

Sources: RapidScale: Benefits of a Flexible Work Environment, Forbes: Why Flexible Work Boosts Employee Productivity, FlexJobs: The Benefits of Allowing Employees a Flexible Schedule, iMercer: The Importance of a Flexible Work Environment.