2022 is the year of employee churn. Companies across all industries are seeing their employees leave — and that’s bad news for company culture and product consistency. Still, employees aren’t just upskilling and moving for no reason; they are seeing better work-life balance and flexibility.
Flexible work models can transform a business into an environment that employees never want to leave.
Examples of Flexible Work Models
When we say flexible work models, exactly what do we mean? A flexible work model is a working model that gives employees more flexibility in terms of when, where, and how they get their job done. There are four primary types of flexible work models:
1. Remote work — working at home, either fully or partially.
Most employees are now refusing to go back to the office. Not only have they realized they’d rather be at home with all its comforts, but they’ve actually realized they are more productive at home. They don’t want to return to commuting and have invested money in their home office. Some of them can’t return to a commute even if they wanted to, due to rising energy prices.
2. Flex-time — working on a flexible schedule.
Flex-time is a working model where employees can come in and start working whenever they want, as long as their work is done by the end of the day. For some businesses, this means coming in later and working into the evening. For others, it might mean starting early and taking a longer lunch break.
3. Job sharing — sharing responsibilities with another employee.
Job sharing is when two or more employees share the responsibilities of one job (although of course, the amount of work done may be multiplied). This can be done in a number of ways, but the most common is in programming; paired programming. Importantly, employees can complement each other and take the workload that they feel they are best suited to.
4. Compressed workweeks — working only part of the week.
A compressed workweek is a working model where employees work fewer hours over the course of a week, but still get their full-time salary. The most common way to do this is by working four ten-hour days instead of five eight-hour days. At least some studies have shown that employees will work just as effectively this way.
The reality is that employees want the autonomy to finish the work the way they want to.
Of course, flexible work models don’t address all the employee’s needs. Many employees are also transitioning to different roles for higher pay. But, likewise, flexible work models address more than just employee retention — they can make a business more efficient and cost-effective. Additionally, it is essential to note that implementing new technology in the workforce also contributes to promoting flexible work models. For instance, implementing time tracking software will allow employees to to work from home at ease while you track their progress from anywhere in the world!
The Advantages of Flexible Work Models in 2022
Ultimately, many companies will find themselves upgrading to flexible work models simply because they cannot be competitive without them. Flexible work models offer a number of advantages to businesses, including:
1. Increased Productivity
Working from home can actually make people more productive. In one study, remote workers were found to be 13% more productive than their office-based counterparts. This is likely because they have fewer distractions and can create a better work-life balance for themselves.
2. Lower Costs
If you have remote workers, you don’t need to provide them with office space. This can lead to huge savings, especially if you have a lot of employees. In fact, one company saved $2 million by letting its employees work from home.
3. Improved Morale
Employees who have a good work-life balance are generally happier and have higher morale. This means they’re more likely to stick around at your company, which can save you money in the long run.
4. Greater Flexibility
Flexible work models offer businesses a lot of flexibility. For example, if you have a project that needs to be launched quickly, you can ask your employees to work longer hours for a week or two and then take some time off afterward. Employees are more willing to work harder when they know that they will benefit later.
And, of course, it all leads to greater levels of employee retention. Happier employees will not only perform better for the organization but will also stay longer.
Bottom Line: Flexible Work Models Lead to Business Transformation
Flexible work models are not just a passing fad; they are here to stay. Businesses that want to remain competitive need to look into their own business models. Realistically, companies need to retain employees to remain cohesive and responsive.
The reality is that many organizations moving into 2022 will be hit by a recession that may very well have unprecedented effects. Only organizations that are lean and effective will be able to stay the course. Being able to not only retain employees but also reduce costs will have an extraordinary impact on any brand.