Globally, work-life balance is becoming a challenge and is one of the top reasons for attrition. The dynamic workplace environment is adding to the challenges and making traditional business models redundant. Employees, too, are looking for challenging assignments, more flexibility and better work-life balance. A flexible work environment is the need of the hour and is perhaps the most significant development in working practices globally.
A study commissioned by a global workspace provider Regus tracked flexible working in 16 developed and developing nations including India. According to this study, flexible working has the potential to contribute USD 376 billion annually to the Indian economy by 2030 as co-working spaces will help corporates save costs and boost employee productivity. A flexible work environment is a high performing work space and can help the business in several ways:
- It can improve the overall productivity and efficiency of the workforce by reducing their commute time and improving their work-life balance. In a flexible work environment, employees can prioritize their tasks better and deliver results.
- Most flexible workspaces are business hubs where one can meet people with varied experiences. It can help in creating business opportunities by increasing networking opportunities, building larger customer base, filling job vacancies, finding vendors and even getting assistance on projects when required.
- While a traditional office set up might involve a lot of office politics, working from home or as a freelancer might be a very lonely experience. However, when working in a flexible work environment, individuals are surrounded by people with varied experiences and have more freedom to express themselves without being judged. It provides a balance between independence and a community experience.
- Having designated spaces for different functions can cater to the preferences of different employees and improve their productivity. They have the liberty to close themselves in a quiet room while working or have a group discussion with team members over a cup of coffee.
- Most co-working spaces are open for 24 hours in a day and if the organizational operations allow the freedom to work flexibly in terms of time, employees can start work at their preferred time.
- A flexible work environment is usually filled with budding entrepreneurs giving the space an entrepreneurial spirit. It helps the employees find a sense of purpose, encourages creativity and help them develop a risk-taking attitude.
- It helps organizations save overheads of running an office premise and invest the money in innovation and product development.
- Men now are keener on sharing household responsibilities and women are becoming an equally important part of the workforce. Flexibility in the workplace allows them to achieve the desired work- life balance.
- Flexible working options can also help organizations fill some critical positions when the employee is on a maternity break or a sabbatical. Also, it helps in finding expertise on project basis when a full- time employee is not required for the role.
You might also be interested to read: Promoting A Constructive Work Culture & Synergistic Approach Can Reinforce Successful Digital Transformation
It has been proven that flexible working options lead to a decrease in employee turnover and increase in productivity. It makes the employees feel that they are trusted and hence they are more invested in their work. However, a flexible working culture is based on trust, communication and collaboration. It requires an open mindset and better articulation of the expectations and outcomes. Flexible work environment can help create an ecosystem that promotes healthier work culture, improves productivity and encourages innovation.
References:
- Infographic: Benefits of flexible work environment – Jen de la Cruz, 03 October, 2019
- Flexible working can boost Indian economy by 141 per cent, claims study – India Today Web Desk, 17 October, 2018
- Heralding flexible working in India: A shift from status quo – Sanjay Lakhotia, 15 September, 2018
- Flexible working is the future – Sonal Mishra 22nd Dec 2016
