Flexible working can benefit both employers and employees at the best of times, but especially so during the cost-of-living crisis we’re all currently experiencing. Many common workplace issues can be resolved by introducing flexible working. Here are some of the financial benefits.
With employees having more flexible working and increased choice over their working hours, the hours that employees work will be a lot more focused and productive than during traditional office hours. This has benefits for the employee who will feel a greater sense of job satisfaction, but also for the employer who will experience greater return on investment. This increased ROI could also result in higher wages for the employees, too.
Reduction in sick days and time off from work
Being able to work from home more often ensures that casual workers don’t have to miss out on their wages and that employers don’t have to hand out sick pay as often, meaning there are significant savings on the cost of staff absenteeism and recruitment.
When more people were working from home because of COVID, surprisingly, businesses saw decreased amounts of absenteeism which had a positive impact on their finances.
Employment of a more diverse workforce
Having the option to work flexibly is hugely attractive to employees and will help to attract and employ a more diverse and skilled workforce. A wider and more skilled workforce will benefit employers in a range of ways, notably in that they will supply the business with more ideas and tools, giving the business itself a chance to make more money.
As well as this, a more diverse workforce provides more opportunities for individual and group growth, something an increasing number of employees are looking for when applying for work.
Improvement in staff retention rates
Being able to choose when and where they work will hugely improve staff retention rates and provide them with a better work-life balance. Statistics show that more flexible work models are correlated with increased employee engagement. So not only will flexible working improve staff retention rates, but employees will be a lot more likely to share their positive experiences with friends and family.
Increased flexibility for customers
It goes without saying that increased flexibility for employees means increased contact hours for customers. There’s nothing better for ROI and profits than happy customers and there’s nothing customers want more than increased contact hours. All of that is a fancy way of saying that the more employees you have, the more hours your business can remain open to customers.
Savings on commuting
Working from home totally cuts costs of commuting for employees and employers, something that is getting more and more expensive during the cost-of-living crisis. Working from home more often can also influence other money-making decisions such as preparing lunches rather than purchasing expensive snacks or meals on the go for convenience.
As you can see, flexible working can benefit both employers and employees during the cost-of-living crisis in a variety of ways. All that is left to do is to consider adapting your business today, using these ideas to spur your creativity and ingenuity.