Surveys show that as many as two-thirds or more of employees consider work-life balance as the key factor in evaluating their job satisfaction, even more important than salary. Do your employees have work-life balance? Here’s how it may affect your company if they don’t:
Poor work-life balance contributes to staffing attrition and turnover. The costs associated with turnover include the expense of hiring new employees, onboarding and training them, as well as the potential costs of project delays. It’s been estimated that companies that help employees find balance can increase retention by as much as 33 percent.
Over-tired, over-stressed workers don’t think as well. Tech companies depend on the creative thinking of their staff, which is negatively affected by poor work-life balance. Burned out workers can’t contribute as much as staff who are happy to be at the office. Workers who can’t address personal matters on their own time have no choice but to address them on company time using company resources, resulting in lower productivity and higher expenses.
Achieving a diverse workforce requires work-life balance. The impact of poor work-life balance on family makes it harder for companies to keep employees with concerns about childcare or elderly parents. The burden still often falls harder on women, though work-life balance is not a women’s issue.
The next generation of workers won’t give up work-life performance. The younger generation expects to have a good work-life balance. One reason the freelance economy is growing is the flexibility it gives those workers in managing their work and lives. Companies that want to get the best workers in the future need to offer an environment that allows them to have a life outside work.
Your competitors offer work-life balance. In a survey, more than half of companies with work-life programs planned to increase their spending on it in 2015. If you want to keep up with your competitors, you need to make work-life balance part of your brand.
Even if your company offers lots of flexibility and a great work-life balance, you still need to replace workers or staff up new projects. Contact InReach IT Solutions to help solve your hiring problems.