Bill Gates says companies that offer flextime will always have an edge — and here are 6 reasons he's right
- Several years ago, Bill Gates predicted the future of employment: the necessity for companies to have flexible work hours.
- More than 75% of millennials would take pay cuts to work for a company with flexible office hours.
- Companies that offer flextime are more likely to hire and retain employees. They'll also save money, because employees will be healthier, and have a more productive workforce.
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Recruiting talent over the next decade will be challenging for many companies. As the work demographic continues to shift and technology advances at breakneck speed, traditional brick-and-mortar companies will be challenged to recruit and retain the best talent available.
Bill Gates understood this several years ago when he imparted on us wisdom that is now deemed conventional: "The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area."
The gig economy, remote work, compressed workweeks. It's clear we have transitioned to an age where workers expect more flexibility. But while "flexibility" has increased substantially, the majority of companies today are either unable or unwilling to adapt to the lifestyle demands of young workers. In turn, they're losing good talent to companies with more flexible options like remote work.
Why you should offer more flextime for employees
According to a recent study by FlexJobs, 84% of millennials want more work-life balance and 54 percent want to work a flexible or alternative schedule.
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According to Global Workplace Analytics, up to 90% of the US workforce say they would like to "telework" at least part-time, with two to three days a week being the sweet spot for the right balance of "concentrative work (at home) and collaborative work (at the office)."
Other research from survey software firm Qualtrics found that roughly 76% of millennials would take a pay cut to work for a company that offers flexible office hours.
So what are some tangible business reasons why companies should offer their employees flexible work options?
According to The Deloitte Global Millennial Survey 2019, millennials and Gen Z may stay in a job for more than five years if their employers are flexible about where and when they work.
According to a recent Staples study, a massive 90% of workers indicated that more flexible work arrangements will boost morale and increase their satisfaction at work — a key component of employee recruitment and retention.
It's a simple equation: Healthier employees lead to more engaged and productive employees. Lost productivity due to poor health costs U.S. businesses nearly $226 billion per year. Companies also pay less in health coverage for healthier employees.
Companies with no flexible working policies in place are losing valuable talent. Per the Staples study listed above, 67 percent of employees would consider leaving their jobs if work arrangements become too fixed.
Flexible working will also improve your recruitment metrics. A 2018 Zenefits survey found 77% of employees list flexible work as a top perk when evaluating job opportunities.
People who have some control over their schedules are more productive, plain and simple. Ron Friedman, award-winning social psychologist and author of "The Best Place to Work: The Art and Science of Creating an Extraordinary Workplace," said in an interview, "We have decades of studies showing that people are happier, healthier, and more productive when they feel autonomous." Friedman explains that autonomy is a basic psychological need so that "the more autonomous we feel, the more likely we are to be engaged."
Compared with five years ago, 40 percent more companies are now offering flexible work arrangements as the demand for remote and flexible arrangements rise in unprecedented numbers. Firms not jumping on the bandwagon will be at a significant disadvantage as younger generations seek out flexible work options.
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