Flexible working arrangements are all the rage these days and for the right reasons. Companies are recognizing the benefits of offering employees flexible work options that accommodate their personal lives and schedules. Workers crave flexibility, and with the right arrangements, companies can access a larger pool of talent and enjoy higher employee retention rates.  So, what is flexible work, how does it affect employee retention? What tools can we use to manage flexible workplace? Let’s learn in this blog.

What is Flexible working?

Flexible working is a way of working that accommodates an employee’s needs and allows them to work in a more flexible manner. This usually entails changing work hours, location, and patterns. Employees, not just parents or carers, are entitled to request flexible working arrangements. In addition, employers have an obligation to address and consider flexible working requests reasonably. Flexibility requests vary widely from employee to employee. Some people prefer part-time work over full-time work, while others prefer remote work.

Employers can create flexible work arrangements in a variety of ways. These are some examples:

1. Hybrid working – A situation in which employees can alternate between working in the office and working at home.
2. Remote working – An arrangement that allows employees to work from anywhere at any time, rather than at a traditional office.
3. Overtime substitution – Employee overtime can be compensated by allowing them to take time off to reclaim the extra hours worked.
4. Part-time work – A working arrangement in which employees have flexible working hours. They can work fewer hours than full-time employees. Salaries are calculated on a pro rata basis.
5. Flexible careers – Entitlement to enter, exit, and re-enter employment with the same organization. It can be due to child care, studying, or taking a career break, among others.

Effect of flexible working on employee retention

COVID-19 has significantly altered the workplace. The “why” of work has shifted, and employees now have different expectations of their bosses. Employees now expect their employers to be caring. Employees also expect greater work-life balance and flexibility. As a result, companies can no longer afford to ignore flexibility in order to retain their talent pool. Both the employer and the employee can benefit from flexible working arrangements. Let’s take a look at the various advantages for each party.

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Benefits for employees:

1. Flexible working hours give employees more freedom to schedule work around their personal lives, improving their work-life balance. Employees can avoid long or busy commutes to the office thanks to flexible schedule policies such as working from home or choosing their own start and finish times.
2. With a flexible schedule, new mothers have more time and freedom to care for their child while still working.
3. Employees will feel more trusted and valued by their employers if they are given more freedom and autonomy.
4. Employees are not required to take annual leave when they have a doctor’s appointment or someone comes to check their metre at home, thanks to policies such as flexible hours. This means they use their vacation days for vacation rather than running errands.
5. Increased flexibility can help employees feel less stressed. This, in turn, can aid in the prevention of overwork.
6. Employees can save money by spending less on things like childcare and commuting.

Benefits for employers:

1. Offering flexible working arrangements can significantly boost employer branding, as flexibility is a highly desired employee benefit.
2. Flexible working policies not only attract more candidates, but also make your company more accessible. A single mother, for example, may not apply for a job if there is no flexi time. Thus, providing flexible work can aid in broadening your recruiting efforts and attracting more diverse talent who will contribute to your work culture.
3. Flexible work improves employee happiness, satisfaction, and productivity, which increases employee retention. Some employees may resign because they are unable to be flexible. This, in turn, will lead to a more positive company culture as well as a more engaged workforce.

Flexibility is becoming increasingly important to employees, as they seek a better work-life balance. Offering flexible options, whether in terms of work schedules or location, could be the key to keeping your best employees. With the competition for talent so fierce, those who don’t offer some kind of flexibility risk losing out on top talent. Employees now have more leverage and are more comfortable in looking for a new job if their current workplace doesn’t meet their needs. By recognising the various benefits of flexible working, employers can provide greater job satisfaction and a more attractive working environment. This in turn leads to an increase in employee loyalty and commitment, resulting in higher retention rates.

Conclusion

It is critical for organisations to recognise that, as the workplace evolves, so does the way people work and collaborate. A flexible work hours policy can benefit many employees, including working mothers and carers, and can potentially help companies attract a new segment of candidates at a time when hiring and employee retention are suffering. The right tools could assist employers in managing their employees’ flexible working hours. To meet the current demand for flexible working, truMe has expanded their offerings to include some must-have software and tools that can aid in the operation of an effective flexible working model, such as a hot desk booking system and an attendance management system, among many others.

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FAQ:

What is hot-desking and what are the benefits?

With the hybrid-work gaining ground in the post-pandemic world, hot-desking has evolved as a new solution.  Hot Desking helps organizations manage different work scenario for their employees – work from home and work from office on a day-to-day basis.

Hot-desking enables the employees to book a workstation in advance. It also allows the organization to manage “work-from-office” schedule of different departments.

What are the pros of ‘Hot Desking’ in the office?

Hot-desking is a necessity in times of hybrid work. It allows an organization to use its limited number of workstations in a productive manner. It also empowers employees to plan their work-day and map the same with their co-workers, with whom they want to collaborate during the day.