A Look at the Flex Work Industry Today
The COVID-19 pandemic has brought flex work to the center stage for companies and employees alike. But even before the pandemic created a necessity for different work dynamics, many employers were already exploring its potential.
Flex work refers to any work schedule that breaks tradition with the 9-to-5, five-days-a-week schedule. Workers, particularly younger generations, are increasingly interested in flex work arrangements, with nearly a third of LinkedIn users saying it’s an extremely important consideration when vetting jobs.
Should companies go all-in on flex work? Here’s a snapshot of the possibilities as they stand today.
Flex Work Schedules are In Demand
The idea of flex work was once considered an illustrious job perk, but today, it’s becoming more of an expectation among discerning employees.
One study by Bentley University found that 77% of millennials feel that flexible working hours would make their workday more productive, a stat that’s supported by this generation’s comfort with technology that allows them to work from just about anywhere.
The demand is fueled in part by changing demographics in the workforce. As Baby Boomers are retiring, Millennials and Gen Z are stepping to take over as the largest generations of workers. These are also the same generations that grew up using digital technology and are likely to be more comfortable adapting to a flex work environment.
The Benefits of Flex Work
Flexible work schedules are being requested and expected by workers. However, a successful transition isn’t just a notch in their own belts. Employers can benefit from shifting workplace dynamics, too.
Work-life balance, reduced commuting expenses, and better use of energy all top the list of flex work benefits for employees. Many of those who have tested a flexible schedule say that it allows them more time to spend with family and take care of needs outside of the office. They’re skipping the dreaded morning commute and come into the office at a later time without spending a chunk of their morning sitting in traffic.
They enjoy more flexibility when dropping kids off at school, scheduling appointments with a doctor or dentist, and working according to their body’s natural energy rhythms. And if kids are home from school sick, they can shift to a work-from-home setting and not lose a day’s worth of productivity.
The growing expectation for companies to offer flex work policies can increase an employer’s competitive advantage when it comes to recruiting. If flex work also includes remote work, the talent pool is nearly infinite since it can include workers in different states.
It also creates an opportunity for companies to downsize their physical footprint if more workers are staying home on a permanent basis. Employers may be able to slash operating costs, like Dell’s $12 million savings when it embraced the flex work culture.
How Flex Work Schedules are Being Implemented
Companies that have already adopted a flex work policy should focus on how they can support workers from afar.
One solution is office-on-demand spaces like Office Evolution. We’re helping flex work thrive by serving as an extension to company workspaces while offering all the benefits of breaking free from the 9-to-5.
Find the Office Evolution location nearest you and empower your flex work policies!