The workplace has changed. Global connectivity, cloud-based technology and the use of hot desks has made it easier for people to complete their work from home. This has resulted in an increasing trend towards home-based working and it’s benefitting the workplace in more ways than one.
A recent study by Insurance Business Magazine found that retention rates are 25% higher in companies where home-based working is supported. Here are four reasons why:
1 Improves work-life balance
Over 50% of those surveyed by Insurance Business Magazine reported that flexible working has positively impacted their work-life balance. Balanced work-life ratios lead to greater productivity and lower stress levels, which will result in fewer sick days among your team.
2 Gives employees a greater sense of autonomy and trust…
When your people feel micromanaged or mistrusted, it should come as no surprise when they become stressed and unmotivated. These types of negative feelings are what push a valuable employee to leave your organisation. But by supporting flexible working you are showing your people they can be trusted to work away from the prying eyes of management.
3 … which will in turn increase employee engagement
If your people feel trusted and valued, your organisation will reap the benefits. Allowing people to work from home will directly impact employee morale and overall team engagement – which will lead to greater productivity and impact your bottom line. Remember: companies with the most engaged workforce receive two times more annual net profit.
4 You’ll recruit more diverse talent
Supporting flexible working and allowing your people to work from home will make it easier for disabled employees, carers and parents, who may not be able to travel to and from work every day, complete their work. Likewise, it will enable you to recruit in areas you wouldn’t be able to reach without the help of home working.
Remember: the best managers are empathetic to the situations of their people – so now is the time to embrace the age of the flexible workforce, or risk losing your people to a company that does.