Employee retention is one of every modern company’s top organizational goals. Reducing turnover and retaining top talent impacts a company’s bottom line, helping organizations sharpen their competitive edge, reduce costs, and build long-term growth.
The latest hiring cost statistics show that replacing an employee costs companies 40% of their base salary. That puts retention high on the priority list, primarily for smaller organizations that can’t match the paychecks and benefits of their bigger counterparts.
While these are vital factors for attracting and retaining employees, you can consider other benefits that encourage employees to stay at a company that ultimately comes down to workplace experience. One way to show appreciation to employees is to offer flexible workplace benefits. Below are six benefits to consider.
1. Part-time or Reduced Hours
Part-time work or reduced hours mean a shorter workday. For instance, employees can work six hours instead of the traditional eight hours.
You can also negotiate work hours to meet specific employees’ needs. For example, those with disabilities, health problems, or personal commitments — such as college studies or a newborn baby — may be unable to work full-time but can still contribute to your company.
Working fewer hours doesn’t need to translate into a productivity decline, missed deadlines, or utter chaos trying to complete all daily tasks. It’s actually quite the contrary — it can make employees even more productive. Working fewer hours can help employees procrastinate less, focus better, prioritize tasks, utilize their time effectively, and have more energy to supercharge efficiency. They can also avoid unnecessary errors due to long workdays and deliver top-notch results.
As well, a shorter workday can improve employees’ work-life balance, giving them more time to spend with family and friends. In turn, this can enhance their physical, mental, and emotional health and help them avoid burnout. These are essential factors for higher job satisfaction, productivity, and retention.
Don’t worry about reduced hours hurting your workplace culture and team collaboration. People can make friends at work (even remotely) through social events, employee resource groups (ERGs), volunteering activities, and casual one-on-one catch-ups.
2. Flextime or Flex Hours
Many people prefer the traditional 9-to-5 workday, but what about other employees who want a flexible schedule?
The answer may lie in flextime or flex hours, an arrangement allowing employees to choose their workday’s start and finish times. They can still work full-time, but are able to arrange their work hours to meet their specific needs.
For instance, some may choose to start working two hours earlier than usual and finish their tasks around lunchtime. Others may wish to sleep in and begin work later. The key is for everyone’s schedules to overlap during a specific period (e.g., peak workload time) to maintain operational efficiency.
Like part-time or reduced hours, flextime can improve the employees’ overall experience. They can choose the time when they’re most productive or work when it’s most convenient. If they have childcare or eldercare duties, therapy appointments, or other responsibilities, they can fit everything into their schedule and maintain a healthy work-life balance.
In turn, your company may notice lower absenteeism and turnover and higher productivity, engagement, morale, satisfaction, and retention.
3. Compressed Workweeks or Compressed Schedules
Compressed workweeks or schedules allow employees to earn a day off by working longer hours. For instance, they can work ten hours a day for four days a week and take the fifth day off.
An additional day off every week can make for a better work-life balance. Your employees will significantly appreciate you allowing them to skip a day at work to handle personal commitments or recharge their batteries without loss of income. After all, they’ll make it up with longer hours.
However, this work arrangement may not work for every company. It works only if your employees can handle longer hours without sacrificing quality or health.
4. Hybrid Work
Hybrid work has been around for decades, but the COVID-19 pandemic has accelerated the model’s adoption. Many companies now allow their employees to split work between home and office, helping them enjoy the best of both worlds.
A recent report on hybrid work revealed that 85% of employees prefer this work model, primarily because it helps maintain a work-life balance. They can build work schedules around their lives, manage their time better, and increase productivity and efficiency due to fewer distractions. It can also improve their health and well-being, avoid burnout, and enhance team communication and collaboration without workplace interruptions or Zoom fatigue.
These benefits increase employee engagement, job satisfaction, morale, and retention. You can reduce business expenses such as rent, IT, commuting, and turnover costs and can even grow your business faster. Just be sure to motivate your hybrid workforce to reap the most benefits. Focus on transparent communication, clear expectations, team-building activities (including virtual social events), and meaningful connections.
5. Garden Offices
Garden offices are increasingly transforming workplaces and giving new meaning to remote work. Many companies like Google, Toyota, Yahoo, PepsiCo, and Hillsboro’s Intel have infused their offices with gardens where employees can work in an inspiring, eco-friendly environment.
These gardens allow employees to enjoy the health benefits of being surrounded by nature, such as improved mood and reduced stress and anxiety. Ultimately, they can be happier and more productive.
But what about employees working from home? A recent survey by the American Psychiatric Association found that some remote workers struggle with loneliness, isolation, and switching off at the end of the day. Their employers should offer mental health support, but they can also take other steps to improve physical, mental, and emotional well-being.
One solution is setting up a home garden office, where they can work in a calming atmosphere without distractions. A professional space separate from their main house can help them finish tasks and conduct meetings in a private, stress-free environment that enhances productivity, creativity, and overall well-being.
6. Job Sharing
Job sharing is an arrangement where two or more employees share the responsibilities of a specific full-time job. They work as a team, split the workload evenly, and receive a paycheck according to their duties and contributions. Employees in a job-sharing arrangement can work part-time or reduced hours in the same position, but their collective work ultimately includes the time and tasks of a full-time job. Job sharing is ideal for those working two jobs or needing more time to care for their health or families. They can enjoy a better work-life balance and prevent burnout by sharing the workload and reducing stress during peak times.
Employers can also benefit from this arrangement. Besides reducing expenses and absenteeism, they can utilize more experience and diverse skills in one position. This is ideal for retaining top talent because job sharers exchange valuable knowledge and skills. If one leaves the company, another can take the reins and maintain business continuity before training a new employee.
Job-sharing teams can also improve problem-solving and productivity because two heads are usually better than one.
The Benefits of Flexible Work
Flexible work is one of the top factors for higher employee engagement and productivity, according to the 2021 Digital Worker Experience Survey by Gartner. Implementing it into your workplace will transform your employees’ experience, compelling them to stay and grow with your company.
The best part is you don’t have to invest anything to offer flexible workplace benefits. You only need to choose the best arrangement for your employees, as focusing on their needs and well-being will help you achieve better business outcomes.