New findings suggest that UK businesses without a flexible workspace policy risk losing out on top talent. That’s according to research which shows that 80 per cent of those in the UK would chose a job which offered flexible working over a job that didn’t*.
IWG’s Global Workplace Survey reveals that almost a third (28 per cent) of Brits value being able to choose their work location over an increase in holiday allowance. Considering these findings, it’s unsurprising that 73 per cent across the country believe that flexible working has become the new normal. As a result, in the past ten years, 84 per cent of businesses have introduced a flexible workspace policy, or are planning to adopt one. The findings signal that, when it comes to dictating what an average working day entails, there has been a power shift towards the employee.
However, not all businesses have been able to embrace the concept. Fifty-eight per cent of those surveyed say that changing the organisational culture is the main barrier to implementing a flexible workspace policy, particularly within businesses that have a long-standing, non-flexible working approach. Over a third (43 per cent) say that fear of how flexible working may impact the overall company culture is the biggest obstacle.
Mark Dixon, CEO and founder of IWG, said,
Last year our Global Workspace Survey talked about reaching a tipping point, but what we are seeing now is that flexible working is considered by many to be the new norm for any business that is serious about productivity, agility and winning the war for top talent. Indeed, half of all our respondents claim to work outside their main office location for at least half of the week.
Businesses around the world are facing multiple challenges including ensuring that their business is agile enough to adapt to change. Our research shows that businesses that haven’t already considered the financial and strategic benefits of flexible workspace need to do so now. Otherwise, they face being seen as out of touch, both with their competitors and with the demands of the modern workforce on what constitutes a great day at work, which means losing out on the best talent.
Attracting and retaining talent
Findings show that 71 per cent of businesses think that offering flexible working enables them to expand their talent pool. In fact, the research reveals that many (82 per cent) UK businesses are adapting to improve talent retention by introducing flexible working. From an employee’s point of view, a third of Brits would say that flexible working is so important, they would prioritise it over having a more prestigious role (30per cent).
Perhaps this is due to an increasing focus on work/life balance: flexible working is seen to improve this balance by 81per cent. The findings also show that flexible workspace is seen to encourage a more inclusive working environment, with benefits for returning parents, older workers, people suffering from stress or struggling with mental health issues.
No more commuting?
The findings also show that two-fifths of people in the UK see commuting as the worst part of the day (41 per cent) and almost half (46 per cent) of respondents believe that it could be obsolete in a decade (2030).
Pressure has been mounting as commuters are increasingly disgruntled by their journey to work. In fact, 47 per cent of those in the UK believe that road congestion is the biggest challenge to getting to work on time. Additionally, one in five (20 per cent) respondents would say that they are ‘regularly late’ for work due to travel disruptions. More than half (52 per cent) of workers spend their commute working, and as a result, 37 per cent think that official working hours should include time spent on their journey, as this does not constitute ‘free time’ in their day.
The new normal
For many employers and employees, flexible working is now the norm. Half (50 per cent) of those surveyed state that they now work outside their company’s main location for at least half the working week or more, and for 70 per cent of people, a choice of work environment is a key factor when evaluating new career opportunities. Flexible working is a model that provides employers with the opportunity to increase productivity, attract talent and adapt to changing circumstances, and something that will therefore prove invaluable as we look at uncertain times ahead.
Interested in employee engagement and the future of work? We recommend the Rewards Strategies to Deliver Business Objectives training day, the Employee Engagement Summit 2019, and the Future of Work Summit 2019.