Like most of today’s workforce, you are probably constantly wrestling with managing some sort of a work-life balance. And while achieving that balance is an ideal goal, it’s not easy. In fact, a recent EY survey revealed that one-third of employees report that managing a work-life balance has become harder than ever before.
In that same survey, it was reported that for U.S. millennials, managing work and family responsibilities has also become much more difficult, especially for those who are parents. 76 percent of millennial parents (who are in a managerial position) said the most prevalent obstacle they face is “finding time for me”, followed by “getting enough sleep” and “managing my personal and professional life.”
What’s making it so hard for these employees to manage a work-life balance? One answer could be the lack of flexible work schedules offered by their employers. And while many successful top-tier companies offer crazy benefits and incentives, like complimentary concierge services and unlimited snacks, only a few actually focus on what their employees truly need: flexible work schedules or more time-off.
In a recent Entrepreneur article, iBeat CEO Ryan Howard wrote about how his company gives employees every other Friday off, and how he believes it is the key to creating and maintaining a productive workforce. Howard wrote, “There may be fear that fewer working days equals fewer days of the company making money, but in the long term, there are tangible ways it can positively impact your bottom-line.”
According to Howard, by offering a flexible schedule with more personal time, you become a magnet for recruiting exceptional talent who create a stronger corporate culture, which, in turn, increases retention rates. The equation is simple: by giving employees benefits that actually matter and improving their personal life, they’ll likely contribute more during their time in the office.
In fact, a survey conducted by Staples revealed that those who were allowed to work from home a few days a week produced 43 percent more business volume and experienced 25 percent less stress. That means happier employees are more productive employees who are more likely to stick around when compared to those with rigid and strict in-office work schedules. And that’s a major benefit for employers considering the impact that high attrition rates can have on overhead costs.
So, when it comes to recruiting and retaining top-tier talent, throw out that laundry list of “unique” benefits and opt for those that will have a significant impact on your employees and their ability to maintain a work-life balance.
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