The Cost Savings of Flexible Work Options

Think flexible work options are just a “feel good” tactic?

They also save you money. Take a look at the numbers and conclusions from this Global Workplace Analytics meta analysis:

  • Flex work increases employee satisfaction. Thirty-six percent of employees would choose the ability to telecommute over a pay raise. In fact, a poll of technology professionals indicated that over one-third would take a pay cut of 10 percent if they could work from home. Employees consider workplace flexibility a high priority, one that greatly impacts their satisfaction with work.
  • Flex work reduces attrition. Forty-six percent of companies that allow telework say that it has reduced attrition, and research cited in an Inc.com post lists a lack of work-life blend as the second biggest reason employees quit their jobs. Offering more flexible hours, reducing commuting costs and creating more flexible policies enables professionals to achieve the work-life mix they want, ultimately decreasing turnover costs.
  • Flex work improves attendance. Seventy-eight percent of employees who call in sick aren’t really ill – they have family or personal issues to deal with, or are simply stressed. These unscheduled absences cost the average employer $1,800 per employee per year. Providing greater flexibility allows employees to fulfill non-work commitments without missing a full day.

These statistics make one thing clear: Flexible work options don’t just make employers and employees feel good; they generate real cost savings for your organization.

But it’s about more than “dollars and cents.”

Flex work provides a host of intangible, yet invaluable, business benefits:

  • Higher discretionary effort. Employees who enjoy greater flexibility are more engaged and motivated to perform for you. Their job satisfaction is manifested in higher levels of effort, which translates into increased productivity, quality and innovation for your organization.
  • “Soft” cost savings. In addition to the reducing the “hard costs” of replacing a key employee, more flexible work arrangements also minimize the associated opportunity costs, position vacancy costs and knowledge loss costs.
  • Improved access to talent. Work-life satisfaction is becoming an increasingly valuable recruiting and retention tool. The flexibility to tend to all of one’s responsibilities, while enjoying quality time outside of work, is priceless to most professionals.  Employers that deliver greater flexibility will logically attract and retain the best talent.

You can’t put a price on a flexible workplace – and that’s the point! Give your employees the flexibility they need. You’ll reap greater cost savings, plus immeasurable improvements in every aspect of your organization.

Trust Corps Team for experienced professionals and exceptional business results.

Want to build a more flexible organization? Corps Team provides the support and solutions you need. Serving organizations across a variety of industries, we deliver mid- to senior-level professionals for full-time, fractional and interim engagements. Contact your local Corps Team office to learn more about our flexible professional staffing solutions.

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