Employers and employees can work out ways to make work life more flexible as long as people receive their minimum entitlements. When it comes to employee perks, however, income is no longer the topmost important factor.
Workplace flexibility has officially topped the list of employee advantages as work-life balance is now considered more important than income in this post-pandemic environment.
Workplace Flexibility: The Key to Talent Retention
The simplest way to think of workplace flexibility is as a contract between an employer and an employee. The agreement usually consists of three components. Employees can:
- Choose from where they want to work.
- Make a work schedule that is convenient for them.
- Can plan their workday in any way they desire.
However, flexible work can also include:
- Part-time work
- Fully remote teams
- Work-from-anywhere arrangements
- Compressed work weeks (working 40 hours over four days instead of five)
- Alternative schedule jobs (working second or third shift)
- Temporary work
- Seasonal jobs
- Gig work
The advantages of flexible employment for businesses, on the other hand, go beyond happier employees. Employers who provide their employees with the flexibility to work a flexible schedule may find themselves with a greener, more profitable, and more desirable company that people want to work for.
Benefits of Providing Flexible Work that Leads to Talent Retention
In reality, even in the most flexible workplace, companies may need to set some limitations on flexible employment.
While flexible workers may work whatever hours that suit their work style, you may still require them to work certain “core hours” that overlap with other team members so that everyone can be available for clients in a specific time zone.
Here we list down the great benefits of offering work flexibility:
1. Improves Employee Loyalty
Flexible schedules are without a doubt one of the most sought-after benefits from businesses. More than half (54%) of employees surveyed around the world said they would consider quitting their jobs if they didn’t have some flexibility in where and when they worked after the COVID-19 outbreak. This clearly indicates that absenteeism and even employee turnover can be reduced when employees have more freedom. Employees believe they have complete control over their lives and tasks, which increases engagement and productivity.
Again, a company’s faith in them helps them feel appreciated, and they will reciprocate by investing more effort in their work and the company as a whole.
2. Promoting Diversity and Inclusion
Employers allowing employees to work from home could potentially open up a job role to a much broader range of people, such as parents (which could benefit gender diversity by increasing the number of working women).
Also, people of various religions (religious fasting days, ceremonies, or services could be attended without the employee having to take days off or feeling conflicted), or even those who have part-time caring responsibilities for relatives.
3. Unlimited PTO
Having an unlimited paid time off (PTO) policy demonstrates that you value your employees. It not only serves as a wonderful incentive for job prospects, but it also aids in the development of trust among your employees.
When an employee leaves the firm, you may find that having unlimited PTO simplifies administration and saves you money. Because vacation time does not accrue, many companies will not be obligated to provide any compensation if an employee is fired.
4. Better Productivity & Performance
Expecting each employee to perform at their best during their 9-5 shifts is a bit ambitious. Employees who are confined by strict work hours spend more time looking at the clock than being productive. As a result, they often end up missing their deadlines, and the quality of work suffers significantly.
Employees with a flexible work schedule can work when and where they are most productive. For some, it could be working from home late at night. Others may opt for full-time remote work from any location on the planet.
5. Better Job Satisfaction
Millennials will make up half of the workforce in the next two years. Job satisfaction is more important to millennials than a big wage. They are also more concerned about their mental health and work-life balance that come with flexible working.
When employees have more control over their work hours, they are more likely to be happy. As a result, providing flexible working hours will promote job satisfaction. Employee happiness, in turn, supports corporate growth and profitability.
Takeaway for Employers
When workplace flexibility is implemented correctly, and with the necessary buy-in from both companies and employees, everyone can benefit. If you’re still not convinced, consider testing a flexible work schedule for a week or a month to see if it works for your company.
At CodeQuotient, we’re addressing the scarcity of tech talent by preparing top college students to become extremely valuable tech professionals. We’ve developed tools and processes to help us find and develop exceptional talent from these universities. Check out the CodeQuotient blog section for more hiring recruitment tips.
