A boosting economy sounds like a paradise in theory, however, when there are plenty of jobs to choose from, employers might find themselves losing their top talent in the competition. If this is how your company looks in the job market, perhaps it is time to rethink the office structure, top to bottom. It is time to overhaul everything- from workplace culture to compensation strategy to investment of the leaders in the growth of the employees. Restructuring policies concerning salaries, benefits and training are bound to make a dent in the company accounts. If your company cannot afford to shell big bucks, then there is an option that can still provide results- flexibility.
Why Flexibility Matters
Employees struggle to strike a work-life balance in the stressing times of today. Employers stand in a unique position to afford the employees this privilege, by being flexible in the workspace. This generosity would result in an increase in loyalty towards the company. Businesses that allow opportunities to work remotely suffer from 25% less turnover than companies that don’t. As many as 75% of employees admit that they would be more loyal to the company if it afforded them a flexible schedule. Simply put, flexibility is the only road to retaining the employees you have worked hard to train. Statistically speaking, 61% of employees in their exit interviews cite lack of flexibility in the workspace as the reason for leaving.
Why is Flexibility Essential to Employees?
There are a number of reasons that workers crave flexibility in their jobs, from setting the working hours to the place of work, choosing between remote work or office set-up. Flexibility in the office is a god sent gift for employees who have children to care for. Moreover, it allows all employees the chance to keep up with their personal appointments, health-wise or household maintenance.
The option to not spend tedious amounts of hours on the road while commuting to the office is a perk not many would deny in their job life. Frustration while traveling to and from the office can translate into the employee experience, souring it considerably, in addition to the stress of deadlines. Therefore, not having to deal with such hassles on a daily basis can be a lucrative option for the employees to remain loyal to their jobs, even if higher-paying opportunities cross their path.
Flexibility is also an indicator of worker appreciation, without the need to outwardly express the sentiments. If the employees see that they are being cut slack when it comes to their schedule, it makes them feel valued and appreciated. The better an employee feels in their current position, the less likely they are to leave the company, even if there are other opportunities abound in the market. Appreciation is the quickest way to garner employee loyalty.
If your company does not have a sound flexible work policy in place, then perhaps it is time to consider instituting one in the company stratagems, especially considering that employee retention is the major goal. Flexibility is not a one size fits all formula, it has to be tailored according to the needs of the company. Flexible work policy can be transformed into various shapes- letting employees leave a bit early or come in a little late when they have to attend to crucial circumstances or it can be maximized to accommodate telecommuting. The more flexibility your company shows, the better are the chances of retaining talented employees. However, it is not necessary to go all out immediately, initially, small steps have to be taken.
The Bottom Line
Build the culture of your company through consistent efforts. When the employees see that the company is making efforts to grant them a work-life balance, they would not be as eager to leave the confines of the company.<< back to Content