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Can flexible work benefit your business?

Have you considered that the standard 9-5 working day is changing and gradually becoming a thing of the past? You may find that your needs as a business owner are changing, the needs of your clients or customers are changing, and of course, your employee’s needs are also changing. Flexible working arrangements allow you to meet present and future challenges by creating choice, accommodating generations and creating agility. This helps employees maintain a work/life balance and can help you improve the productivity and efficiency of your business.

To be competitive you need to look for ways to attract employees and nowadays flexible working arrangements are very appealing to many potential employees. As we look for ways to balance personal and professional lives, there are many different solutions when it comes to flexible working arrangements. Examples include changing what shifts are worked, where work is performed and having compressed work weeks. Of course as long as your employees are still receiving their minimum entitlements, employers can negotiate ways to make your workplace more flexible.

Flexible working doesn’t have to exclusively benefit the employee; there are business benefits too, including greater workplace morale, increase staff retention and reduced staff turnover and absenteeism. Employees who can also organise their work around their personal lives, interests and working preference can also be more engaged and productive.

University of Sydney Business School, Lab Fellow and Researcher, Tony Roderick interviewed eight organisations who has an ‘All Roles Flex’ policy, finding that the benefits were widespread – for both the employees and their employers.

The full report is available at https://sydney.edu.au/content/dam/corporate/documents/sydney-policy-lab/all-roles-flex-report.pdf

What are the benefits?

An Increase in Productivity 

Researchers found that flexible working arrangements increased productivity as there are fewer distractions at home, and it is much easier to focus when there are no superfluous meetings, casual college drop-ins or continually ringing phones. Flexibility enables employees to operate in an environment that best suits their personal working styles and allows companies to respond to fluctuation in workloads.

Employee Retention 

Presenting your employees with choice and alternative ways of working has been shown to increase employee retention. Many employees view being offered flexible working hours as a sign they are valued by the company. Your employees are more likely to stay in a workplace that helps them balance their personal and professional lives.

It attracts new talent 

Jobseekers are actively searching for roles that will provide them with greater flexibility. When you can advertise that your business offers flexible working hours and arrangements, you become more attractive for prospective employees.

Employees who are offered the ability to work schedules that are more agreeable to them tend to feel more valued by their employees, which encourages a higher level of performance, collaboration and creativity. Many employees want to work flexibly as it allows greater work/life balance, which in turn leads to greater engagement and higher levels of loyalty and value.

In terms of flexible working, the potential advantages for employees are well known – including an improved work-life balance, greater autonomy, and employee motivation. When flexible working is used appropriately, it can be to everyone’s advantage. If you feel that flexible working arrangements are suitable for your business and are requiring more information please contact our office or visit https://www.fairwork.gov.au/employee-entitlements or  https://www.bc.edu/content/dam/files/centers/cwf/individuals/pdf/benefitsCEOFlex.pdf

The Money Edge

 

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