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Today is National Flex Day, an occasion to celebrate the benefits and importance of flexible work arrangements: telecommuting, flex time (no more 9-to-5), and compressed work weeks (longer shifts, fewer days). Flex time is great for employees seeking work-life balance, especially those with dependent family members (children and the elderly) whom they have to care for.
It's also surprisingly important for employers. Here are three reasons why:
WorkingMoms.com, one of the biggest proponents of National Flex Day (and the source from whence this blog topic was derived), released a survey of 1,500 working moms that showed wide-ranging quality-of-life benefits of flexible schedules. Those with flex time were more likely to say that:
Karyn Twaronite, Ernst & Young's Global Diversity and Inclusiveness Officer, wrote over at The Huffington Post about the importance of flex time for her organization, especially for male employees. She cited another WorkingMoms.com study that found that men with flexible schedules were more likely to say that:
Happier employees, obviously, are more likely to stick around. Twaronite noted that Ernst & Young had a significant double-digit gap in the retention rate among genders in the 1990s -- a gap that has nearly closed since the organization implemented a more flexible working environment.
She said that it costs her company 1.5 to 2 times an employee's salary to replace a worker. Other measures of the cost of failed retention vary from 16 percent of salary (for low-paying, high-turnover positions) to as much as 213 percent of salary for a highly educated executive position, reports Zane Benefits.
It's good for women. It's good for men. And flex time is probably good for your business as well.
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