This article is essential for employers because it delves into how offering flexible work options can significantly benefit a company. From talent acquisition and retention to cost savings and productivity boosts, the article provides concrete data supporting the adoption of flexible work policies. It also introduces the use of specialized software like Insightful to solve how to monitor remote work, making it a comprehensive guide for companies looking to evolve their work policies for the better.
Read time: 4 minutes
Are you struggling to attract and retain top talent in your organization? Are your competitors stealing your best employees?
Then it's time to consider the power of flexible work.
In today's fast-paced world, employees value work-life balance more than ever before. Offering flexible work arrangements not only improves employee morale, but also increases productivity and, ultimately, your bottom line.
In this blog, we'll explore the role of flexible work in attracting and retaining top talent, and provide you with actionable tips to implement flexible work arrangements in your organization. Furthermore, discover how implementing the best employee monitoring software can enable a flexible working environment in your organization.
Get ready to transform your workplace and become the employer of choice!
The Business Boosting Benefits of Flexible Work
1. Better Work-Life Balance
Flexible work arrangements give your employees the freedom to manage their personal and professional lives. They can work from home, choose their own hours, and take time off when they need it.
This reduces stress levels and improves the mental health of your employees. According to Randstad, 82% of employees say that work-life balance is important to them, so you need to prioritize this to attract top talent.
2. Increased Productivity
When your employees have flexible work arrangements, they can work when they're most productive. This boosts their productivity and allows them to work in a way that suits their personality and work style.
In fact, 75% of employees who have work flexibility report being more productive at work, according to FlexJobs.
3. Cost Savings
Flexible work arrangements can help you save money on overhead costs and reduce the need for on-site support staff, such as receptionists and janitors.
Global Workplace Analytics found that employers can save $11,000 per year per employee who works remotely half of the time. This cost savings is due to a reduction in expenses such as real estate, utilities, and office supplies, as well as lower absenteeism rates and increased productivity.
By allowing your employees to work from home, you can pass these savings onto them in the form of higher salaries and better benefits.
4. Increased Employee Engagement
Flexible work arrangements give your employees a sense of ownership over their work. They can take control of their careers and be more engaged with their work.
By giving them the freedom to work in a way that suits them, you can improve employee satisfaction and reduce turnover rates. A study by FlexJobs found that 76% of employees reported being more loyal to their employers because of the flexible work arrangements they were offered.
5. Expanded Talent Pool
Flexible work arrangements allow you to expand your talent pool beyond your local area. You can hire the best talent from around the world, regardless of where they're located.
A survey by Buffer found that 90% of remote workers plan to work remotely for the rest of their careers, and 94% would recommend remote work to others. This means that offering flexible work arrangements can help you attract top talent from around the world.
6. Enhanced Employee Well-being
Providing a flexible work environment not only aids mental health but can also contribute to better physical health. With a more accommodating schedule, employees can find time for regular exercise, attend medical appointments, or prepare healthier meals, all of which contribute to overall well-being.
The Centers for Disease Control and Prevention (CDC) states that 1 in 4 U.S. adults sit for more than 8 hours a day. With flexible work schedules, employees can break this cycle, leading to better physical health.
7. Strengthened Business Resilience
Having a flexible work policy can make your business more resilient in the face of unexpected events like natural disasters or public health emergencies. A flexible system enables quick adaptation, ensuring business continuity when conventional office setups may be disrupted.
According to a report by Forrester Research, companies with a flexible working policy were better positioned to weather the disruptions caused by the COVID-19 pandemic. These businesses were 2.1 times more likely to maintain continuity during unexpected crises.
8. Greater Diversity and Inclusion
Flexible work arrangements can make it easier for people with caregiving responsibilities, differing abilities, or other life circumstances to enter and stay in the workforce. This increased diversity can offer new perspectives and skills, enhancing the company's creativity and problem-solving abilities.
According to McKinsey's "Delivering Through Diversity" report, companies in the top quartile for gender diversity on their executive teams were 21% more likely to outperform on profitability and 27% more likely to have superior value creation.
9. Improved Environmental Impact
Less commuting means less congestion and fewer greenhouse gas emissions, which aligns with growing corporate sustainability goals. This not only benefits the planet but can also improve the company’s reputation among eco-conscious consumers and potential employees.
The U.S. Environmental Protection Agency (EPA) estimates that if every worker who held a job compatible with remote work worked at home half the time, the greenhouse gas reduction would equate to removing the entire New York State workforce from the road.
10. Heightened Focus on Results
Flexible work schedules often shift the focus from time spent in the office to the quality and impact of the work performed. This results-oriented culture can lead to a more efficient operation, allowing for clearer assessments of individual and team performance.
A study by Prodoscore published on Business News Daily found that worker productivity increased by 47% in 2020 compared to the previous year, largely driven by the shift to remote work and more flexible schedules.
11. Customizable Career Development
Flexible work allows employees to better juggle their professional responsibilities with ongoing learning and development opportunities. Whether they’re taking courses, attending workshops, or completing certifications, employees can more easily pursue career development activities that also benefit the organization in the long run.
A LinkedIn survey showed that 94% of employees would stay with a company longer if it invested in their career development, an easier feat to achieve with a more flexible work environment.
12. Satisfied Clients and Customers
An agile workforce can cater to clients in different time zones more effectively. If some team members start early while others finish late due to their flexible schedules, the organization can provide extended customer service hours, thus improving client satisfaction.
Research by Salesforce indicates that 70% of customers say connected processes, such as seamless handoffs or contextualized engagement based on earlier interactions, are very important to winning their business. Flexible schedules can help in offering extended service hours, meeting this customer need.
Maximizing the Benefits of Flexible Work with Insightful
If you’re wondering - how can I monitor employees that work remotely? Then you’ve come to the right place.
Insightful's software to track employees working from home is a powerful tool for companies looking to monitor remote work and optimize their remote workforce.
It can help you monitor remote worker activity, identify when your employees are struggling, and intervene early to improve work-life balance. This can result in increased productivity and cost savings, as well as happier and more engaged employees.
How do companies track remote employees?
By leveraging real-time insights into their productivity levels, internet usage, and application usage. With this software, you can easily monitor your remote workers, ensuring they are staying on task and working efficiently.
The question of how to monitor remote work and track time is easily answered with Insightful. Insightful has a time tracking feature that helps employees log their hours and avoid overworking themselves. This promotes a healthier work-life balance and can lead to improved job satisfaction and retention rates.
Overall, Insightful's software to monitor remote work is a great tool for companies looking to support flexible work arrangements, monitor remote worker activity, optimize their remote workforce, and attract and retain top talent.
Updated on October 27th 2023