If you’ve spent any amount of time reading our blog, you know that we are huge advocates for finding the perfect balance between professional and personal life. And while that’s an ideal goal, a recent EY survey revealed that one-third of employees report that managing a work-life balance has become harder than ever before.
The same survey also showed that for U.S. millennials, managing work and family responsibilities has also become much more difficult. Seventy-six percent of millennial parents who are managers said the most prevalent obstacle they face is “finding time for me”, followed by “getting enough sleep” and “managing my personal and professional life”.
While some mega-successful companies offer some unique and over-the-top incentives — like free helicopter rides, complimentary concierge services or unlimited free snacks — only a few actually give their employees what is truly top of mind: flexible work schedules or more time-off.
One of those companies, iBeat, gives their employees every other Friday off, and pays them for it. The company’s founder and CEO, Ryan Howard, believes that it’s the key to creating and maintaining a productive workforce. In a recent Entrepreneur article, 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 in can positively impact your bottom-line.”
Two of those positive impacts? Recruiting and retention. Howard continues on about how important and valuable recruiting employees with high aptitude and significant experience is. “These candidates are dramatically more productive because they can do something fast and right the first time. I call these people 5x’ers,” writes Howard.
And because these hyper-productive employees are a typically a little further along in their career, they tend to have a spouse, home or family, which means their yearning for a better work-life balance is more prevalent. According to Howard, by offering a flexible schedule with more personal time, you become a magnet for recruiting exceptional talent that create a stronger corporate culture, which, in turn, reduces retention rates.
In a sea of companies fighting for the next best recruit, adding flexible schedules with more personal time to your benefits package could make your company not only stand out from the crowd, but could also save you money in the long run by saving on attrition costs.
Flex work, work flexibility and work-life balance are no longer overused buzzwords that are ubiquitous in the workplace. These concepts are here to stay, and according to research, are becoming inherently important to the millennial generation that will be taking over the workforce in a few years. So when it comes to recruiting and retaining talent, nix the laundry list of “unique” benefits and opt for one that will could make a significant impact for your company and your employees.