Flexible working: a competitive advantage in the New World of Work
7 November 2018
In the war for talent, companies without flexible working will see their profits eroded and their opportunity for growth diminished
Nicola Smart, Chief Operating Officer, HFX
Offering a flexible working policy can reap huge benefits for any company, making them more competitive in the war for talent, boosting productivity and increasing profits. According to Vodafone’s Flexible Working Survey, 61 per cent of companies increased profit and 83 per cent of companies improved productivity.
Historically, flexible working was seen as a “nice-to-have” to keep staff happy, but the full benefits are often not appreciated.
In fact, flexible working is truly a win-win situation for both employers and employees, resulting in improved success and profits for any business. So much so that companies who don’t offer flexible working will soon find they are no longer able to attract the best talent – 31 per cent of employees would choose flexible working over a pay rise.
The New World of Work is characterised by a day that combines both work and personal life. Companies which permit employees the flexibility of fitting their personal obligations around traditional working hours will find that their existing employees become happier and more motivated. They will be less likely to leave for a competitor, thereby improving staff retention – and high staff turnover is expensive.
Motivated staff are also more productive, and higher productivity means higher profits. They will also provide better customer service, which in turn leads to more repeat business and beating the competition. The company will also be more attractive to high-calibre job candidates, in particular women, in the war for talent. Companies where 30 per cent of executives are women achieve 15 per cent higher profits, says McKinsey.
HFX provides the latest SaaS Cloud Workforce Management Solutions to enable organisations to implement a flexible working policy, transforming their workforce across all staffing groups.
Our complete suite encompasses workforce optimisation, 3D rostering, time and attendance, flexitime, annualised hours, access control, staff tracking and visitor registration.
Find out how HFX Cloud Solutions enable a New World of Work