Research confirms that by 2020 more than half of the labor force will be comprised of millennials. The modern-day worker is not only working for monetary compensation, they also want more! In spite of the fact that flexibility is one of the top 3 factors millennials consider in a job, it seems like only five percent of all companies have implemented a flexible work schedule for their employee.
Flexible working schedules allow employees to work from home at least some of the time and can lead to increased productivity, reduced burnout, and as a result, can ultimately benefit companies a great deal. Working from home is now easier than ever with all the great virtual team software available out there to help.
Sure, not every company can do this, but of the ones that can, most have not. Here are some other great effects of flexible work schedules:
1. Promotes Teamwork
When your valuable employees need to leave the office and take care of personal business whether it be a dentist appointment or a kid’s soccer game, other members of the team can help pick up the slack, giving your employees the peace of mind that when they leave the office, things do not have to fall apart. This promotes an “if I scratch your back, you’ll scratch mine” culture, which really allows coworkers to bond, practice loyalty; all the while the company doesn’t lose out on productivity.
2. A Wider Pool of Talent
Consider a candidate who surfs every morning and couldn’t begin work until 9 AM at the very earliest. Many companies would frown upon this, but a flexible working schedule would allow this associate to come in at the time he/she is able to. The reason behind it is because said company would understand that he/she will be refreshed and energized and more productive as a result. Not to mention his/her loyalty to the company would be unmatched that doesn’t force someone to give up an important part of their lives.
When you limit yourself to hiring employees that can physically commute to your office (with the exception of hiring someone who’s willing to relocate), you are missing out on lots of opportunities to find qualified candidates. Providing the flexibility to work from home, you can hire that great engineer that lives four states away! Additionally, sometimes recruiters place a great emphasis on the physical attributes of an employee when they work in the office, thus limiting themselves further and losing out on opportunities to hire qualified candidates. You don’t have to worry about that as much when hiring and managing remote positions.
3. Happy Employees Means a Better Culture
People want to have the ability to work a more flexible schedule for a multitude of reasons; most of which are a result of the fast-paced life that we all tend to live. So, it would seem intuitive that they would be happier if they had this option available to them.
Many millennials and generation Z now entering the market are valuing more than just money when looking for a job. Studies are proving that working a traditional schedule is not necessarily related to increased productivity. People’s creativity spikes at different times and the companies that realize this see that their employees are outperforming the others.
4. Reduce Burnout Amongst Employees
According to a study by the APA, burnout, otherwise known as “vital exhaustion,” increases the risk of cardiovascular diseases just as much as smoking cigarettes! Companies spend lots of money figuring out the best ways to prevent their employees from burning out, not realizing that a flexible working schedule is probably the best solution to the problem there is. When your employees know they can take some time to recharge without feeling like they are doing something wrong, their productivity levels rise and are more likely to stick around for a lot longer.
5. Loyal Employees!
And, perhaps, the greatest benefit of implementing a more flexible working environment is reducing the costs related to employee turnovers. The fact of the matter is, your employees will have no reason to leave if they feel loved and their needs are being met.
As studies prove, one of the most commonly brought up needs for employees today is having flexibility. Flexibility ranges from custom work hours to understanding that employees need to work from home sometimes when things come up unexpectedly. The companies that understand the power in flexible working policies are the ones that thrive! For more great tips on how to improve your workplace culture, subscribe to our blog - Talking Talent!