Letting employees choose when they work could prove beneficial for some small businesses.
Flextime, or the option to vary work hours, can improve your staff’s overall morale and increase productivity, Bankrate explained. This distribution of work hours can be set up in a number of ways. For example, employees could work fewer days per week, but longer hours – such as four 10-hour work days. Another option is to work fewer hour per day, but include weekends in the mix. First you will have to get the approval of your staff and design a financial plan that fits in flextime-adjusted payroll. But chances are the alternate scheduling system could prove advantageous for your small business. Read below for more on the benefits of flextime scheduling.
1. It keeps your employees around
Your staff is more likely to stick around if they are offered flextime, Corporate Voices for Working Families found in a study. Many people feel that their ability to manage their home and work lives on an even keel is a big reason why they stay at, or leave, their jobs. Additionally, 80 percent of women who worked at AstraZeneca, as well as 61 percent of men, stated that the work time flexibility offered to them is very important to them.
According to Entrepreneur, millennials in particular appreciate being offered flexible hours. Often they demand the ability to live and work how they want to, which is made much easier when they can choose their hours.
2. Flextime can save your small business money
Estimates place the savings that small businesses can achieve with flextime and telecommuting at around $10,000 per employee, according to Entrepreneur. These savings account for real estate, parking and the capital generally required to run a business. Additionally, businesses can save on human resources-related costs by introducing flextime. A big chunk of the savings can be attributed to the higher employee retention rate for companies that employ flextime. Hiring someone and onboarding the individual, just to lose him or her shortly after, can prove very costly.
3. Employees get family time
Trying to coordinate a family with a job isn’t a simple task, and flextime makes that a bit easier, according to Neomobile, a mobile commerce provider. Providing the necessary care to children, an aging parent, and other family members take time and energy that sometimes isn’t available to people who work regular hours without and flexibility. Having the time to balance work and family can help reduce stress for employees.
4. A reward for your employees
Flextime can be a simple and cheap way to reward your staff members for all of the hard work that they put in, CBS noted. When Corporate Voices for Working Families asked how flexibility compared with other benefits or rewards that companies can offer, it ranked within the top three in terms of importance. Ultimately, employees who are “rewarded” with flexible work hours are happier than those who aren’t.
5. Employees can adapt their schedules to themselves
Everyone is different, some people work better early in the morning, while others are at their best in the evening. Flextime gives employees the chance to work when they are most productive. This can also allow your staff to more easily adhere to cultural customs that may prevent them from working at times. The ability to choose when they want to work gives employees that power to be at their most productive every time they work.
Flextime can be a huge boon to morale as well as productivity. Small business owners should take a look at flexible hours for their employees in order to make their staff happy and efficient.