Post COVID19 lockdowns, offering flexible work arrangements has shifted from optional to mandatory for many corporate professions and industries. During the lockdowns, organisations were forced to adapt to housing a remote workforce, and now that employees have had a taste of what true work-life balance can look like, they aren’t ever (willingly) going back.
As the pandemic has taken the backseat, organisations are encouraging employees to come into the office more regularly, but understandably are faced with complaints and dismay. Fortunately, there are benefits to offering flexible work packages, and in this article Paytime will cover the top few.
Before we delve in, let’s clarify what flexible work arrangements are. Flexible work arrangements refers to the hours an individual works and the location an individual works, but can include other elements such as dress attire and compressed workweeks. Typically, an organisation who is ‘flexi first’ promotes flexible working days and makes a cross over of 3-4 hours mandatory for all employees to ensure colleagues are contactable on a daily basis.
Now that we have our definition, let’s review the top benefits experienced by ‘flexi first’ companies.
Increased productivity
Offering flexible work options can increase productivity amongst employees. When employers provide flexible working arrangements they demonstrate appreciation for the employees wellbeing, promoting work life balance. So when employees are shown autonomy and trust in getting their work done they are motivated to perform and are more engaged in their work.
As a result of a flexible work structure, employees can complete tasks when they feel most focused and productive, leading to enhanced efficiency. The elevated work life balance also encourages employees to work harder as they feel a sense of gratitude towards their company of employment.
Don’t believe us? AirTask’s remote workforce survey relieved that remote employees work on average 1.4 days extra a month, which equates to 16.8 more days every year. This is because they are highly engaged, loyal, and don’t lose time with becoming office appropriate (attire & appearance) or commuting.
By accommodating different work styles and preferences, companies can tap into their employees’ optimal productivity levels.
Enhanced Employee Satisfaction and Employee Retention
Providing a flexible work schedule demonstrates that the company values its employees’ work-life balance and trusts them to deliver results in a way that suits their individual needs. This, in turn, fosters a sense of satisfaction and loyalty among employees.
When individuals feel supported and empowered to manage their work and personal obligations effectively, or satisfied with their current role and company in general, they are likely to stay with the company for the long term, reducing turnover rates by implementing optimal retention strategies and thus decreased annual recruitment costs (including the cost to hire, cost to train, cost of lost productivity, etc).
Access to a Larger Candidate Base
Flexible work arrangements open the doors to a wider candidate base or talent pool. By removing geographical constraints and permitting remote or hybrid working conditions, companies can attract highly skilled professionals from national or international locations, including those who cannot commit to traditional in-office positions or organisations due to living conditions, health situations, travel time, etc.
This expanded candidate pool increases the chances of finding ideal, best-fit candidates for open positions, leading to improved team dynamics, overall productivity and business growth.
Reduced Business Costs
Flexible work arrangements can have a significant positive impact on a company’s bottom line, depending on how greatly it is leveraged. With employees working remotely or in hybrid situations, businesses can reduce the expenses associated with maintaining a physical office space, such as rent, utilities, and office supplies.
Additionally, flexible work options can lead to decreased absenteeism and sick days because employees can work from the comfort of their homes and better balance personal commitments, resulting in cost savings for the company.
Competitive Advantage
Companies that prioritise flexible work options can cultivate a positive employer brand. In today’s competitive job market, organisations that offer flexibility have a competitive edge and are perceived as progressive, forward-thinking, and employee-centered.
This branding attracts top-tier talent, which works to enhance the company’s image – improve its ability to attract and retain skilled professionals. In fact, 80% of employees will choose to work for a company who offers flexible work arrangements over a company who doesn’t.
Bettered Financial Wellbeing
According to research by Morgan Stanley, 78% of employees say that personal finance issues are a distraction at work. However, employees with flexible working arrangements and remote working options can more easily reduce their costs by saving on drinks, food, travel, cosmetics and clothing purchased for work or whilst in the office. This, in turn, reduces financial stress and improves financial wellbeing, resulting in less distractions and higher productivity.
In addition, to further improve the financial wellbeing of employees, many employers are adopting Earned Wage Access – a financial wellbeing tool that provides employees with access to their earned income before the traditional payday.
In summary, flexible work arrangements equally benefit employers and employees. By supporting work life balance, employees are more satisfied with their day-to-day and therefore are more engaged with their responsibilities.
Employees are driven to reciprocate the trust and care they are displayed through achieving their KPIs and putting their commute time towards completing tasks and working longer days.
