The general consensus I get when talking to candidates, is that flexible and hybrid working has been a game changer to achieving work life balance and overall work satisfaction.

Results of the Digital Talent Global Work Happiness Index, found that work-life balance trumps financial compensation almost across the board. UK employees said that work life balance was the most important factor in work happiness.

Flexibility is important not only because it allows employees to vary the amount of time and the location in which they work, but because it can help more people access the labour market and stay in work. This in turn increases the pool of candidates available for employers in a competitive market place. 

The Timewise Flexible Job index (2018) found that 87% of people they surveyed wanted to work flexibly, and in turn it found that 92% of young people want to work flexibility. This is a very important statistic for companies to consider when planning a future talent pipeline.  Also taking into account this was 2 years before the pandemic forced everyone to work flexibly.

The study found evidence that companies that engaged with flexible working policies had better employer engagement and loyalty, while employees had greater job satisfaction.  Research by the institute of Employment Studies and The work foundation in 2018 found that engaged employees “potentially generated 43% more in revenue than disengaged employees.” The study also found that flexible working practices could reduce staff turnover by 87%!

Flexible working it was found had a positive impact on diversity. A study by Grant Thornton (2015) Women in business: the value of Diversity.  They found that flexible working supported a more diverse talent pipeline and improved board level diversity. Particularly significant when a study by McKinsey calculated that improving diversity could add £150 billion a year to the UK economy by 2025!

The benefits of a work-life balance initiative are not confined to just the workforce. Work-life policies and flexible working practices can also benefit a business in the following ways.

• lower levels of absence, sickness and stress
• increase competitiveness and productivity
• boost staff morale
• improve customer service
• help you react to changing market conditions more effectively and meet customer demands through flexibility.
• lead to more committed and positive attitude in your staff
• reduce staff turnover and minimise recruitment costs
• become recognised as a business that people want to work for and therefore helping you attract top talent

With all these documented benefits, many of which are not just anecdotal, why are we hearing about more companies asking employees come back to the office 5 days a week. Good for business?

If you would like to discuss how Freshwood can help your business recruit or retain talent, please contact us. 

Thank you for reading.

Fiona Hartfield