Literature abounds with studies and insights on how to build more resilient and efficient organizations. Yet, the corollary studies continue to showcase that turnover and retention still plague even the best organizations—lending credence to “what can be re-engineered” within organizations to reduce turnover and increase retention, in an effort to build and sustain more resilient organizations. Enter stage right: Teleworkonomics!
Telework is not a new term in the realms of human capital management and organization practice. However, what has been lacking is the science of Teleworkonomics. Teleworkonomics: the behavioral economic sensibility of merging technology with the technical savvy worker as a substitute for the size, cost, waste, congestion, and inefficiency of traditional work practices. This is especially true for organizations in densely populated urban centers.
Telework or mobility work solutions have emerged to be an effective tool in the organization toolbox to effectively deploy work/life balance opportunities with cost savings (increased productivity from eliminating long commutes, parking, space compression, etc.). Viable? You bet! In a case-study analysis of 516 federal employees in a densely populated urban setting, results showcased that well-being increased exponentially among recurring teleworkers. Further the study revealed that respondents were more driven by autonomy over their time than extrinsic rewards. This result is vital as financially strapped organizations struggle to find ways to motivate their workforce sans traditional bonuses or elevation to the corner-office-with-a-view.
Teleworkonomics, when deployed effectively, can become those intangible savings for organizations that have previously gone uncharted on the balance sheet. With lower turnover and higher retention—it’s a win/win! The time is nigh to utter the term Telework more broadly—applying its tenets as a human capital and organization resource—not merely as a fringe benefit. This is the time to merge 21st Century Technology with the 21st Century Worker to become a more productive and engaged 21st Century Organization. Telework and Mobility Work Solutions exist to promulgate individual and organization productivity.
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