A recent report conducted in India discovered that 41% of workers are desperate for a more flexible approach to their working environment.
The report, which also interviewed employers, found that 84% of managers believe adopting greater flexibility in the workplace will improve employee retention levels and reduce sick leave.
Benefits of a flexible working environment
Flexibility in the workplace enhances employee satisfaction, thus increasing workplace productivity, enhancing employee loyalty and reducing the number of sick days.
To contrast, by limiting flexible working policies, an employer is essentially saying: ‘I really don’t care about your needs; just my own.’
Not only does this lead to a greater number of sick days, but it also results in a high employee turnover.
The problems with sick leave
Unplanned sick leave costs a company thousands of dollars worth of money a year, however employees who feel that they work for an unyielding boss are far more likely to call in sick.
In the UK, sick leave costs businesses an estimated £3.1 billion per year, with the average large company spending £620,000 per year on sick pay.
Employee turnover remains a concern
High employee turnover can be crippling for a business. The costs of recruiting, training and getting a new employee up to speed are exceptional, while companies with high turnover are likely to have a very difficult time filling their available positions.
Reducing employee turnover
Reports suggest that the opportunity to work on a flexible basis contribute significantly towards reducing employee turnover, as well as creating a positive working environment where employees feel valued.
In addition, a strong compensation package, career development programme and regular training are all factors that assist companies in retaining their staff for the long run.