Flexible Working Advantages: 7 Key Benefits For Your Business

Flexible work has become increasingly common over recent years, especially since the COVID-19 pandemic forced organizations all over the world to adopt remote work practices.

Now, many businesses are allowing their employees to work flexibly—and they are seeing some serious benefits as a result.

In this guide, we’ll look at seven of the most important benefits of flexible working for employers and employees.

What Does Flexible Work Mean?

First, it’s important to understand that flexible work can mean different things to different businesses:

• It could mean introducing flexible working hours rather than having a rigid 9-to-5, so employees can arrive and leave when it best suits their daily routine.
• Some organizations have compressed working weeks, where employees work the same full-time hours but over fewer days, giving them greater flexibility to work in the way that suits them best.
• It could also mean allowing employees to work remotely, either on a few days a week in a hybrid work arrangement, or all the time.

You need to decide which option is right for you before you start offering your employees a flexible working choice.

However, no matter which type of flexible work you choose, there are seven key benefits of flexible working you and your company will experience. Let’s dive right in.

1. Boost Employee Productivity

Improved productivity is one of the most important advantages of flexible work schedules. And while employers often worry that their employees will become less productive when they don’t have the boss looking over their shoulders, this often turns out not to be the case.

By giving people more control and freedom over their work schedules, you pave the way for them to become more productive. This is partly because they are able to focus properly without constant distractions from others.

According to an Airtasker survey, employees working remotely actually worked 1.4 days more every month. That works out to a whopping 16.8 extra days a year, making this arrangement a no brainer for business owners.

2. Improve Employee Well-being & Job Satisfaction

Flexible work can have a big impact on employee well-being. There is a risk of overworking, stress, and burnout in the world of work, but there’s no benefit to employers in having an overstretched workforce.

If this is an issue for your employees, there are some potential health advantages of flexible working hours. In fact, a study by Harvard T.H. Chan School of Public Health and Penn State University found that increasing flexibility in the workplace could potentially lower the risk of cardiovascular disease for certain employees.

Give people the choice to work where they feel most comfortable, whether that’s at home, in a coworking space, or in the office, and you could see employee well-being increase. This can also lead to a better work-life balance, which itself can lead to increased job satisfaction.

3. Reduce Absenteeism

Absenteeism is a big problem for many companies, costing up to $2,660 every year for salaried employees according to Circadian.

Absenteeism can be related to stress, poor job satisfaction, lack of motivation, and the absence of work-life balance.

Our previous point feeds into this argument. By creating a work environment that people enjoy and increasing overall job satisfaction for everyone, you minimize your risk of witnessing much absenteeism over the course of the year.

4. Improve Your Recruitment Efforts

One of the biggest benefits of offering flexible work is that you can upgrade your efforts in the recruitment department.

People like the option of working flexibly. By offering this when you are advertising for jobs, you put yourself in the best position to attract the best available talent out there.

Many highly skilled workers are looking for job flexibility when they are searching for a new role, both in terms of hours and location. As an employer, you always want to acquire the best talent to fill your roles, therefore you must provide them with what they seek.

Offering flexible work options could even help to encourage greater diversity. When you provide the option to work flexibly, you may find that you’re opening up the role to people who might find a 9-to-5 office job a challenge, like caregivers and working moms.

Don’t limit yourself and certainly don’t lower the ceiling of your business. Make your positions more enticing for more people from wider areas and different backgrounds, and ensure you find the best people for your job openings.

5. Increase Retention Rates

Attracting the best employees is only half the battle—you have to hold onto them too.

When employees are happy in their workplace, there’s more chance they’ll stick around instead of looking for other jobs with more flexibility or other terms you’re failing to equip them with.

By allowing flexible working options, you can significantly reduce employee turnover. This means less time spent hiring, plus you can also save tons of money on hiring and training new employees.

6. Reduce Costs

There are many ways to cut costs with flexible work. We’ve already touched on how you can minimize hiring costs thanks to greater retention rates. But there are several other ways that flexible working helps to keep your ship afloat.

Here are some examples:

• Reduced office space costs: Savings on rent, utilities, maintenance, and cleaning by downsizing office space and implementing hot desking or shared desks.
• Lower operational expenses: Decreased spending on office supplies, equipment, and amenities due to fewer employees being on-site.
• Minimized business travel: Reduced expenses on transportation, accommodation, and meals as remote communication tools lessen the need for business travel.
• Energy savings: Lower energy consumption and utility bills resulting from reduced use of office space.
• Reduced health-related costs: Fewer health-related absences and potentially lower healthcare costs due to improved employee health and wellbeing from better work-life balance.

7. Improve Your Green Credentials

More companies are trying to amplify their green credentials these days, and one way you can do this is by highlighting your remote work policy.

By working from home, employees can avoid the need to commute, drastically lowering their carbon footprints.

Meeting up via video chats can reduce the need to travel to meetings, which is much more eco-friendly, especially if it means cutting down on flights and other types of journeys. You can also reduce electricity use for heating and cooling the office.

Tips for Better Flexible Work

As you can see, there are many benefits of being more flexible in the workplace. If you decide to offer your employees greater flexibility, here are some things to consider:

• Choose the type of flexible work you want to offer in your workplace. Ask your employees for their feedback, because you may find that they want to work some days in the office or fully remote.

• Use your findings to come up with the plan, and take your time putting it into action rather than rushing right in.

• If you keep an office, make sure you equip it with professional collaboration technology like video conferencing tools. Having high-quality interactive screens and digital displays will allow you to hold meetings with your remote workers without facing technical issues.

• Equip your team properly so they can carry out their work effectively wherever they are. You may need to provide employees with their own laptops and phones, as well as video software like Zoom, time management tools like Toggl, or team management tools like Clickup.

Enjoy the Benefits of Flexible Work

Flexible working offers numerous advantages for both employees and employers, making it a valuable option for any business. Embracing flexible work can transform your business, fostering a more productive and satisfied workforce, while reducing absenteeism and enhancing employee retention. Additionally, it can lead to substantial cost savings and bolster your sustainability efforts.

However, it's crucial to approach the implementation of flexible work thoughtfully. Rather than jumping in blindly, take the time to thoroughly consider the benefits outlined above. 

Engage in discussions with your employees and management to devise a plan that suits your specific needs. 

A trial period can be an effective way to gauge the impact of flexible working on your organization and gather valuable feedback from your team. By carefully planning and considering the various forms of flexible work, you can create a work environment that maximizes these benefits. 

Ultimately, adopting flexible working practices can lead to a more satisfied, productive, and committed workforce, while also contributing to a more sustainable and cost-effective business operation. So, take the first step towards flexible working and unlock its full potential for your organization.