Benefits of flexible working arrangements

In Korea and globally, workplace diversity is an important topic among both employers and employees, especially as more women are being encouraged to re-enter the labor market after maternity leave.

As firms begin to recognize the significance of diversity in the workforce and its effects on driving business success, it is natural that discussions will arise over the need to implement flexible working arrangements.

Once considered a benefit for employees, the system of flexible working arrangements is now deemed a key business strategy for companies to attract and retain talent and increase productivity and happiness among workers.

In Korea, the government has made it a priority to actively promote a flexible working system. According to a Yonhap News article from Feb. 23, the government plans to expand flexible working hours in the private and public sectors in an effort to boost domestic consumption. One solution cited by the government is to create a “family day” once a month to increase shopping and travel, with incentives being offered to firms and institutions which offer flexible working arrangements.

In the private sector, some companies are offering workers flexible work hours in the hope that this added dynamic will lead to more creativity and productivity, and ultimately more competitiveness and success.

A recent survey undertaken by Robert Walters of 500 hiring managers and over 1,500 professionals in Australia and New Zealand regarding their attitudes on flexible work arrangements offers insight on how organizations can benefit from flexible work policies.

To successfully implement flexible work policies, customization is seen as key as employers move away from the traditional “one-size-fits-all” solution. In fact, survey results indicated that flexible start and end times, the option to work from home and compressed work weeks were seen as the most desired flexible working arrangements.

With more women returning to the workforce after maternity leave, results also showed that balancing career and family is not gender specific as childcare responsibilities are becoming more equally shared among genders.

In other findings, companies should create an open culture where flexible working arrangements are visibly embedded in the daily operations and openly discussed across all levels of the organization so that employees don’t feel disadvantaged by participating in the system. These arrangements must be positioned as an attraction by employers during the hiring process and utilized as a talent retention strategy.

In today’s workplace, flexible working arrangements are vital to a changing society and shift in family dynamics. If the system is managed properly, businesses can gain a competitive edge by improving productivity, increasing employee happiness and engagement and attracting the best talent.