New research shows us that if you want more productivity from your employees you need to focus more on flexible working than high pay. While this is a sentiment that has been repeated over many months, the latest person to tell us that we really need to be taking flexible working seriously is Simon Adcock, the head of professional services at HSBC.
Economist Paul Krugman famously said “Productivity isn’t everything but, in the long run, it is almost everything” back in 1990’s. Yet it is only now that people are focusing more on how important flexible working is for their business and the advantages it has for increased productivity.
In a study completed by HSBC it was found that almost 9 out of 10 workers believe that flexible working motivates them to be more productive at work. That is 89% of all workers in the UK stating that they are motivated to be more productive by flexible working!
Further to this research found that 18%, around 1 in 5 employees, stated that a poor work-life balance was the reason that they left their last job. Yet even with this research out there, only 30% of all businesses in the UK offer flexible working opportunities to their employees.
The most productive industry in the UK is the professional services sector. Looking at this sector you can see that 36% (around a third) of all employees are offered flexible hours.
Yet when you look at the hospitality and leisure industry, where productivity is at the lowest in the UK, you can see that 24% are not offered benefits or perks of any kind, including flexible hours.
It is important to note that the link between flexibility and productivity has a lot to do with the change in demographics, desires and ambitions in what was a ‘typical workforce’. It is predicted that millennials will make up 75% of the workforce by 2025.
While previous generations may have wanted a better work-life balance from their job, millennials expect a good work-life balance. This is why you need to consider flexible working for your business, as a way to attract new talent but also to retain your existing talent.