7 Ways Employers & Employees Benefit From a Flexible Work
Flexible working schedules have become increasingly popular in recent years and especially so in light of COVID. The pandemic has taught employees and employers that less traditional ways of working, such as virtual offices and cloud-based phone services like 8×8 are cost-effective. More and more companies, then, are turning to software as a service (SaaS) systems to run their day-to-day activities and are feeling the benefits.
In the past, employers refused flexible working conditions in the belief that they brought no benefits to the company, but flexibility has clear advantages for both staff and employers, alike.
Thanks to firms finding new ways to organize employees, many workers stagger working hours to fit family commitments and, because of this, employers have seen an increase in productivity.
There are many more positives that come from allowing employees to work more flexibly, and many employees now say that they would prefer to work for a company that is accommodating to their needs than one that isn’t. Companies that remain rigid, risk expensive recruitment drives and low staff retention. This can prove catastrophic to businesses that are fighting to recruit the best talent.
Employers who don’t compromise also risk their reputation. Employees talk, and a company that doesn’t value employees shows its customers that it lacks values. This is far more important in today’s market, as consumers want to do business with companies that share their values and beliefs. The internet has brought transparency, and bad reviews from disgruntled employees don’t reflect well on a company’s bottom line.
So what is flexible working, and why do companies need it? Flexible working is about more than working from home. Staggered hours, compressed working weeks, and remote work are all options under the umbrella of flexible work.
In today’s ever more competitive landscape, it’s more important than ever for companies to take care of their staff. This article will look at seven of the most significant benefits flexible working has for employees and employers.
Retention
One of the most significant advantages to companies who offer flexible schedules is higher staff retention. Employees are more inclined to continue to work in companies where they feel valued and happy.
One of the most prominent signs that your company values you is its willingness to work with you, to enable you to be the best at your job, and ensure your happiness in your role. One of the best ways to show staff that they are valued is to offer flexible schedules. It shows staff that the company respects the employee and their out of office commitments.
Retention costs for lost employees can run high for companies, with each recruit’s price averaging around £4000. If you have a high staff turnover rate, your recruitment costs could be astronomical.
On top of this, a 2018 survey found that 80% of staff would be more loyal to companies who offered flexible working hours.
Promotes staff wellbeing
According to Sparkbay, employee wellbeing is vital to businesses, because it directly impacts engagement and recruitment. Happy employees make for workers who are loyal and who can be relied upon. Allowing flexible working enables staff to work with fewer pressures and improves their happiness in the workplace. Many companies have jumped on the trend of implementing recognition programs hosting virtual staff events to keep up morale and wellbeing.
Unexplained sick days cost the economy billions each year, and many of these unexplained sick days come down to mental health issues. Many cite stress and anxiety as critical reasons for sick days.
In the past, businesses were unsympathetic to mental illness, it was stigmatized in the workplace, and to a certain extent still is. Now that employers are more aware of just how much impact stress and mental illness can have on their profit margins, though, they are pushing for wellbeing at work and healthy initiatives.
Increased productivity
Many employers thought in the past that if they didn’t have their staff under a watchful eye, they wouldn’t work. This was a fear for many who refused to bend to flexible working conditions. COVID has proven to many that this is not the case. Many staff are happier working from home, and they pass that happiness on to your customers and clients.
Employees who work from home, skip the commute, and may be more inclined to start work earlier. By the same token, as they are already home, they aren’t rushing out of the office at the end of the day. So any work that they have left unfinished at 5pm is more likely to be completed. Remote working, in some instances, can see employees working longer hours and being more productive than their office counterparts.
Cost-efficient and eco-friendly
As well as saving employees and employers money, flexible schedules have a positive impact on the environment as well. Employees who skip the commute save travel costs, and with fewer people travelling at rush hour every day, it saves the environment. Employees also save money on lunches and other incidentals like their morning coffee en route to work. Overtime costs are also likely to fall for employers, and this all adds up.
Employers are also making other significant savings due to remote work. Overheads are reduced with fewer bodies in the office. This may free up businesses to move to smaller office spaces or a virtual office set up. Less gas and electricity and lower water rates are a byproduct of flexible and remote working; thus, companies are lowering their carbon footprint.
There has been a massive advancement in tech like video conferencing software in the past year. Using software services is enabling employers to save a lot of money across the board.
Attract top talent
The world of work is changing rapidly, and the new landscape carved out by COVID won’t go back to the way it was. Employees have learned this year that they can balance work and family life much better if given flexibility. They know their productivity has increased and they have learned that they don’t have to be in a physical office to do their job.
To attract the top talent, businesses will have to adapt to the change. Employees won’t want to work for companies who don’t show any flexibility and nor will they have to. The top talent will be scooped up by the companies who adapted and incorporated flexibility into their working schedule and recruitment drives.
Easier management
Employees who are given flexibility are more likely to be loyal employees who give back. This means the increase in productivity will show, with little input from management. Professionals don’t need to be micromanaged and poor management is one of the main contributors to low retention.
Flexible working patterns give employees the freedom to do their job the way they want to, and the result is proving to be well received by many employers. Team collaboration software enables teams to collaborate without having to be physically close to each other.
HR departments see the benefits of remote support services to help them manage employees when they aren’t physically in the office. These services gather data for HR that enables them to see productivity in real terms. Among the many technological advances that happened as a result of COVID was developing more efficient human resources software. This has had a significant impact on the ability of employers to allow remote working.
More creativity
Employees who don’t have managers controlling every aspect of their work are more likely to be creative. Creativity flourishes in environments where there is trust between employee and employer. When employees feel free to make mistakes or at least able to try new things, they become more open to experimentation and that is where creativity is born. Software similar to Fuze allows staff the ability to bounce ideas off each other in real time.
New team conferencing apps and alternatives to Flock allow employees to collaborate from anywhere and think outside the box. New working environments or schedules mean that staff end up working in interdisciplinary teams and this helps to generate new ideas and thinking.
Employees who work from home (especially during lockdown) may become bored of team messaging and find that they miss the socialization of the office, and therefore be more involved with office life and projects when they come into the office. The increase in creativity is invaluable to companies who are always looking for new ways to innovate and improve.
Smart employers work flexibly
In the modern world, so many employers who previously would not have engaged in flexible working are now seeing the benefits. The advantages infiltrate every level of business and industry. There is no doubt that allowing flexibility in the workplace will save money and provide other benefits in the long run, for both employers and employees.
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