The flexible workplace is here to stay. But don’t just take our word for it. Consider this statistic- Over 38 million employees quit their job in 2021, with 2022 creating the biggest challenge for employers – attracting and retaining employees. The solution? Higher workplace flexibility for a healthier work-life balance.
Here’s another one. A recent study by Flexjobs revealed that 41% of employees who quit their jobs cited lack of flexibility as the primary reason. That’s more than a third of your workforce who might leave if your organization doesn’t offer a flexible workplace.
Now, if there’s anything the past two years of Covid have taught us, it’s that employees don’t really need to commute or clock in for fixed hours to be good at their job. As more and more organizations realize this, they are actively switching to a flexible workplace to encourage increased productivity, better mental well-being, and a healthy work-life balance among employees.
In this blog, we will talk about why most companies are adopting more flexible work arrangements.
Why Should Companies Care About a Flexible Workplace?
From part-time and remote work to compressed work weeks and flexible schedules, flexible work arrangements can take many forms. An alternative to the traditional 9-5 work set-up, a flexible workplace is not only fundamental to employee satisfaction and retention but also allows employers access to a global talent pool.
Let’s look into other reasons why many companies are opting for a flexible workplace-
Higher Employee Engagement
Modern employers see workplace flexibility as a means to create a culture of workplace engagement. It is a great way to empower and respect the needs of employees. Companies that facilitate flexible workplace arrangements build a relationship of mutual trust with the employees.
Employees who are happy and engaged at their job tend to be more productive. And in the long run, this benefits the company in the following ways-
- Less absenteeism- When employees are too sick to come to work, offering them the freedom to work from home can reduce absenteeism and get more work done.
- Reduced turnover- Employees working in flexible arrangements are more likely to stay loyal to the organization as their needs are prioritized. Employee is consequently minimized.
Higher Employee Retention
In the times following the Great Resignation, employee retention remains the biggest challenge companies face worldwide. Most employers have realized the need for a flexible workplace to retain top talent and boost employee commitment to work.
By offering flexible work schedules, employers facilitate a better work-life balance, resulting in higher job satisfaction. In fact, companies stand to gain a lot, even in terms of hiring costs. Think about it, the average cost of recruiting, hiring, and training a new employee is about $4000, according to Glassdoor.
Reducing employee turnover by offering a flexible workplace could bring you significant cost benefits in the long run.
Now a flexible workplace not only saves you money for new hires. It works amazingly well for the bottom line. How? For one, companies that have embraced workplace flexibility are actively saving in terms of office rent or office equipment costs. Two, companies offering flexibility in the form of unlimited time off are able to save on payments made to the employees for unused time off.
And if that’s not enough, many reports suggest that employees are actually willing to accept less pay or forfeit some of their vacation days in exchange for greater flexibility at work. As more companies witness the cost-saving benefits of a flexible workplace, the more they are shifting towards this modern workplace approach.
Access to Wider Talent Pool
For most growing companies, offering a flexible workplace is an excellent means of enforcing a positive brand image for prospective employees. Since most job seekers consider a flexible workplace even more important than pay, providing this flexibility helps companies hire top talent for the business. In fact, research by LinkedIn suggests that 31% of users consider workplace flexibility a critical factor when applying for a job.
What’s more, with communication tools like Slack and video conferencing apps, distance is no more a hurdle to seamless communication. So, companies no longer have to limit their candidate pool to a particular geographical location. Technology is allowing companies to widen their reach when hiring and also offer their existing employees the freedom to work remotely.
Every company expects high work productivity from its employees. And a flexible workplace is known to help companies achieve exactly that. When employees have the freedom to balance their professional and personal life as they want, they tend to be less distracted, more loyal, and highly productive at their job.
Companies embracing better technology and flexible work arrangements are more likely to have a satisfied and engaged workforce. Ultimately, employers can witness increased team performance and contribute to the bottom line.
From improved employee experience and engagement to cost savings and reduced turnover, a flexible workplace arrangement is helping companies keep up with evolving employee needs. Even though it is a massive shift, most employers have realized that workplace flexibility is the way to keep the business going and succeed in the long run.
And technology is the key to effective transformation to a flexible workplace. With WorkInSync’s hybrid software solutions, introducing office flexibility becomes seamless. With features like desk and meeting room booking, space management, employee scheduling, and more, employees can enjoy higher autonomy and change how they interact with their workplace.