Work-Life Balance - Why A Blend Is Essential for Retention
You've probably been seeing a lot lately about work-life balance and why it is a priority for today's workers. What you may not have seen is the relationship between an employer supporting work-life balance and high employee retention rates.
When a company supports work-life balance through things like the possibility of remote work or flexible scheduling, it does place a heavier burden on the organization. However, studies show that what the company invests and work life balance, it gets back in lower turnover. For instance, one recent survey found people with good work-life balance were 12 percent more likely to stick with a current employer than those who didn’t have that same balance.
Why Work-Life Balance is So Valuable
In previous generations, people dedicated a large chunk of their life toward the company or companies that employed them, hoping to be rewarded for all their hard work upon retirement. However, waiting until you are 65 to “start enjoying life” doesn't seem appealing today's professionals. Furthermore, with the outsourcing of jobs, rise of automation, the disappearance of pensions and uncertainty surrounding social safety nets, today's workers can't even be sure if they will be able to kick back and enjoy a life after retirement.
Given the uncertainty they face, today’s employees appear to be willing to handle work duties during evenings and weekends if it means having more control over their personal life. For employers, this should indicate just how valuable work-life balance is to their employees.
More Than Just Higher Retention
While there is a strong connection between offering a work-life balance and higher employee retention, there are many other benefits associated with providing this benefit to employees.
Work-life balance has also been linked to higher productivity. When employees are feeling stressed or uninspired, they’re much less likely to be productive. One study showed that employees who report having a good work life balance are actually 21 percent more productive than those who don't. The study also found that employees don't even have to take advantage of flexible scheduling and other work-life measures in order to the more productive. The correlation is simply between having these measures offered and higher productivity.
Work life balance has also been associated with lower medical costs and lower rates of absenteeism. Stress not only causes people to be less productive, it also causes them to take more sick days. A study from Forbes found that unexpected absenteeism costs about $3,600 annually per hourly worker and more than $2,600 for each salaried employee. When employees are able to adjust and adapt to the demands of life, they are less stressed and as a result will miss less work.
Finally, offering a good work-life balance to employees also supports your company brand. Not only is your company more likely to get on a Best Places to Work list, it can also generate create good word-of-mouth as your employees are more likely to talk about how well their employer supports.
We Can Help You Company Support Employees’ Work-Life Balance
At Quanta, we help our clients support employees’ work-life balance through talent acquisition solutions and services. Please contact us today to find out more.