When the concept of promoting a work-life balance within industry became popular employees loved it, as it seemed to put employee’s needs at the forefront of business. But, fostering a work-life balance in your business environment doesn’t just give your employees a boost – it can also help improve your business.
In this article, we’ll briefly discuss what the concept of a work-life balance is, and then explain how it can boost your business.
What is It
Work-Life Balance is the ratio between your work life and your life outside of work. To create the ideal balance, these two do not have to be equal, but they should allow you to enjoy your life outside of work without compromising it on account of our work commitments. That last part has a tendency to creep in with that "always on" technology factor that allows you to work anywhere, at any time.
When you prioritize your own needs and aim to balance these with your work commitments, the two principles of Enjoyment and Achievement are optimized. This helps you feel as though you're making a worthwhile contribution to society, while also reducing stress.
You should be able to derive achievement and enjoyment from all aspects of your life, including work. So, getting the right work-life balance can be tricky. It must be determined by each person for themselves.
Putting programs in place within the workplace can cost money initially, but when you weigh this against the benefits on offer, you will ask yourself why you haven’t been promoting a healthy work-life balance before.
5 Benefits for Your Business
No. 1 – Your Employees Become More Productive
When your employees feel they are being listened to and their needs catered for, they generally are more satisfied in their work environment. But when this is coupled with the effect of flexi-time, flexibility in terms of working remotely or shorter hours, your staff actually gains more hours at home to do the things that are important to them.
This free time can help to reduce stress and fosters a good feeling toward employers.
In addition to the good feelings, less stressed and more rested employees tend to be more engaged employees. They are more productive and, actually present more creative solutions to problems within the workplace.
No. 2 – You Can Offer Longer Service Hours
When you offer flexi-time working arrangements to your staff, it enables you to stay open longer, because while you don’t have as much staff working on each shift, you can run more shifts. This can translate into increased profits for you and better availability of customer service for your clients. Everyone wins.
No. 3 – Absenteeism Decreases
Workers who are rested and less stressed get sick less often than those who are overworked and running on empty. This is not rocket science. When you give your employees down time, they can get to the gym more often, sleep better and, consequently, are healthier workers.
Not only does that mean there will be fewer times you will have to load extra work onto somebody to cover an absent employee’s workload (think higher stress levels), but your sick pay expenses will drop, too.
What impact could this have on your bottom line? Well, it is estimated that absenteeism in the workplace may set the economy back billions of dollars a year. That’s not an insignificant amount.
No. 4 – Staff Turnover Decreases
A study conducted by Kelly et al. in 2008, which is cited in The Costs & Benefits of Adopting Work Life Balance Working Practices: A Literature Review, estimates the cost of staff turnover at between 50 percent and 200 percent of an employee’s annual salary.
The staff turnover costs involved include recruitment, training and reduced productivity until a new worker gets up to speed. However, happy employees are the ones who stick around. In an economy where workers tend to view a good work-life balance more important than their salary, treating employees well and allowing them flexibility in the workplace can help you keep your best workers longer.
No. 5 – It Makes You Look Good
Every company should be aware of the story their company relays to the world. We have all heard of companies that are great to work for. We also have heard about those we should avoid like the plague. Which one would you like to be?
Happy, engaged employees talk positively about their work experience, while staff who feel unappreciated and overworked undoubtedly will complain about their jobs. When your business earns a reputation for being one of the best in your industry to work for, it makes the recruitment process more fruitful. You not only get to attract the best candidates, but that good reputation goes a long way in your overall marketing efforts.
There are plenty of great reasons to promote a good work-life balance in the workplace. Why not start considering the small steps you can take tol give your employees and your business a boost today?
Author’s Bio: Susanne Loxton is a business enthusiast who combines her interest in career and personal development with a passion for writing. On a daily basis, Susanne works for Aubiz, a compendium of knowledge about companies in her native Australia. Follow her on Twitter @LoxtonSusanne