It has become rare to eat a meal with friends without having at least one person request modifications to their dish. More restaurants offer build-your-own options, from salads to stir-fry to the traditional Korean dish, bibimbap. This desire for customization goes further than food. People are looking for it in their jobs as well.
People want jobs they can customize to complement their lifestyle. For companies to stay competitive in the job market, they need to offer such flexibility.
Many employees have demanding responsibilities at home and at work. Trying to balance it all can become overwhelming, resulting in low quality work or missed assignments. Letting employees choose their own work schedule or work remotely helps them balance their responsibilities. This improves job satisfaction and productivity and reduces absenteeism.
Employees who have workplace flexibility achieve more, are happier at work and are less prone to burnout and psychological stress. Employees want work flexibility.
- 51% of employees would switch to a job that allows them flextime.
- 37% of employees would switch to a job that allows them to work off-site at least part of the time.
- 42% of employees would take a lower-paying job if it offers more work flexibility.
- Some employees are even willing to leave their current jobs for a series of temporary jobs, just to have flexible hours.
Sixty-nine percent of full-time employees are not completely satisfied with their current benefits. With five generations in the workplace, it’s easy to see how one benefit plan can miss the needs of employees who are in different stages of their lives. Tuition reimbursement may be popular with Millennials, but how relevant is it to Baby Boomers who are looking ahead at retirement? How about offering some flexibility with your benefits?
- Flexible Benefit Plans: Employers can offer core benefits (salary, health insurance, and retirement). They can add optional choices like life insurance or dental insurance. Costs for optional benefits can either fully paid by employers or shared with the employees.
- Flexible Spending Accounts: Employers can offer flexible spending accounts where employees deposit pre-tax dollars to spend on child care or transportation. Employers can also contribute to these funds.
- Paid Time Off (PTO): Instead of a division between vacation days and sick days, employers can offer a bank of total paid time off. This prevents healthy workers from getting “penalized” because they are not using sick days and discourages employees from calling-in sick for a day off.
Not every company can offer flexible schedules or flexible benefits to their employees. All companies can create flexible environments to complement their employees’ lifestyle and values. Here are some perks your company can offer to employees:
- Casual dress code
- Pet-friendly office
- Summer hours
- Wellness programs with discounted gym memberships or on-site yoga classes
- Transportation or parking reimbursement
- Volunteer day
Flexibility is important to attract and keep talent in this competitive job market. Remember to keep your company’s culture, values, and operations in mind to balance your with your employees’ wants.