In today’s competitive job market, companies need to offer more than just a competitive salary to attract and retain top talent. A flexible work policy is a low-cost way to make your compensation package stand out, and you shouldn’t underestimate the power of such policies. In this article, we’ll explore the benefits of flexible work policies and different types of policies you can offer your employees. We’ll also discuss the implementation of these policies and how to manage a flexible workforce.
Benefits of Flexible Work Policies
Make your compensation package stand out
When it comes to luring top talent, offering a competitive salary is just the beginning. Job seekers today are looking for a total compensation package that includes perks such as a flexible work policy. According to a Glassdoor survey, over 80% of employees would choose additional benefits over a pay increase, and flexible work arrangements were among the top five benefits that employees desire.
Attracting and retaining talented professionals
Work-life balance is a big draw for today’s workers, especially for millennials who are the most likely to take a pay cut if it means more flexibility and freedom. A study by PwC found that work-life balance was the second most important factor for millennials when choosing an employer (after opportunities for career progression). By offering a flexible work policy, you can attract and retain talented professionals who value work-life balance.
Improving morale and work-life balance
Giving your regular staff the option to work remotely is a great way to improve morale and compete with other employers. Employees who have the option to work from home or choose their own working hours report higher levels of job satisfaction and better work-life balance. This, in turn, leads to increased productivity, lower absenteeism, and higher employee retention rates.
Different Types of Flexible Work Policies
Telecommuting days
Telecommuting, also known as remote work or teleworking, is the practice of allowing employees to work from home or another location outside of the office. Telecommuting days can be offered on a regular schedule, such as every Friday, or on an as-needed basis. This type of policy is particularly attractive to employees who have long commutes, need to care for children or elderly parents, or simply prefer to work in a quieter environment.
Flexible work hours
Flexible work hours are not feasible for every business, particularly those in industries that require a high level of customer service or face-to-face interaction with clients. However, something as simple as giving your staff the choice of three workday schedules can make your company an attractive place to work. For example, employees could choose to work from 7 am to 3 pm, 8 am to 4 pm, or 9 am to 5 pm.
Summer Fridays
Summer Fridays are a nice way to show your employees that your company cares about work-life balance. Typically, employees are allowed to leave early on Fridays during the summer months or take the day off entirely. This benefit can take many forms, such as shortened workdays, remote work, or paid time off.
Compressed workweeks
For those who prefer longer weekends, the option of compressed workweeks could be a major draw for talented professionals seeking a flexible work experience. A compressed workweek typically involves working longer hours for four days of the week and having one day off. This type of schedule can be particularly attractive to employees who have long commutes or who live far from their workplace.
Part-time positions
You don’t have to restrict flexible working hours to full-time staff. Offering part-time positions, especially if they’re remote, is a largely untapped market of seasoned professionals who may not or cannot work full time in an office, but would be happy to be productive members of a company for years on end as long as they can do it part-time.
Implementation of Flexible Work Policies
Small Businesses vs. Large Employers
When it comes to instituting a flexible work policy, small businesses may have an edge over large employers because big organizations often have legacy rules and red tape that make it difficult to institute flexible work policies. However, although small businesses may face fewer obstacles than larger companies, the implementation still requires careful planning and proper execution.
Requires careful planning and execution
Before implementing a flexible work policy, it’s important to consider the needs of your business, your clients, and your employees. Do you have the technology and infrastructure in place to support remote work? Do you have the right policies and procedures in place to ensure productivity and communication? These are just some of the questions you’ll need to answer before rolling out a flexible work policy.
Training managers to effectively manage a flexible workforce
Managing a flexible workforce, especially a remote one, is not the same as managing a traditional one. Trust and communication are crucial components of a successful flexible work policy. It is important to train managers to ask questions, challenge their team and be available through a variety of communication methods. Managers should also be trained to identify and address potential issues, such as burnout or lack of productivity.
The power of flexible work policies in creating a competitive and attractive workplace for employees should not be underestimated. By offering employees various flexible work arrangements, businesses can attract and retain talented professionals and improve morale and work-life balance. However, the implementation of flexible work policies requires careful planning, proper execution, and training of managers to manage a flexible workforce. By taking these steps, businesses can reap the benefits of a flexible work policy and create a happier, more productive workplace.