Flexible working hours boost happiness, productivity
In recent years, daily commuters in the Philippines’ largest cities and business hubs have dealt with worsening traffic on roadways and inconvenient, lengthy and unreliable public transport systems. According to a Boston Consulting Group study for Uber, Filipinos in Manila spend 16 days a year stuck in traffic, wasted time that costs them about P100,000 a year in lost income opportunities. The average statistics don’t allow for the extra hours in traffic on payday Friday, or on the regular rainy days that see half of Manila’s roads flooded.
The cost should not be measured only in monetary terms — family time is suffering because of the long commutes parents face every day. Apart from the negative effect on every commuter’s health, time spent on the road is time lost for new parents to experience their baby’s milestones, and those with older kids miss out on their important events and activities in school. These extra burdens that daily travel imposes on corporate workers are having a huge influence on the types of jobs Filipinos are seeking and accepting.
For businesses striving to attract and retain top talent, it is becoming more and more crucial to stand out as a great place to work. A key way that many companies are finding to do this is by offering flexible workspace policies. In our recent survey of over 15,000 professionals in 80 countries, including the Philippines, about their views on the changing workplace and flexible working, we learned that Filipino workers agreed that when faced with two job opportunities they would turn down the offer that did not have a flexible working policy. Additionally, they tended to believe that businesses were using flexible working to attract and retain talent as well as improve staff work/life balance. That is no surprise when you consider that 37 percent of respondents in the Philippines believe that the majority of people will no longer commute by 2030, and an additional 32 percent believe it will happen even sooner.
In order to be prepared for this inevitable shift, businesses need to consider the financial and strategic benefits of flexible workspaces. This includes cost savings from retaining talent as well as time savings and productivity boosts when employees have the option to work outside the main office and cut down on commuting times. Companies can also be more agile in their market strategies as flexible working can help businesses scale and expand into new markets while also reducing capital and operational expenditures.
Attracting and retaining top talent
Daily commutes to and from the office are taking a toll on professionals in the Philippines. With the median age of the workforce at 23 years old, according to National Statistical Coordination Board data, companies need to adjust to the changing expectations that this young population carries into their jobs — including significantly less feelings of loyalty to jobs than baby boomers, a preference for technology and social media and a desire for a healthy work/life balance. It’s said that by 2020, millennials will make up 50 percent of the workforce and that by 2030, they will represent fully 75 percent. In just a few years, their numbers will be the only statistics that matter. For millennials, what’s important is career growth and having work with a purpose. They look for instant gratification, too, and that means using technology to get things done fast. Millennials know they don’t need to be physically stuck to their work desks to be productive, as there are tools, apps and software available for every task imaginable.
They also want a more flexible workplace. The Internet that solves their problems at the office also makes it possible for millennials to work remotely or from home. So long as they’re connected, communication and collaboration are a breeze.
Most millennials are also willing to use their personal devices such as laptops, computers, or smart devices as long as they can be allowed to work independently. Working from home or remotely is a big perk for this group.
Traditionally, there were concerns that remote workers would be less productive than their office-bound peers. In fact, studies have shown the opposite to be the case. One of the first revealed that over a nine-month period, flexible workers achieved more, took less sick leave, worked longer hours, and were happier in their work. A more recent study endorsed these findings. In a randomized control trial, employees who were placed on a flexibility program were both happier at work and less prone to burnout and psychological stress than their colleagues who were not on the program.
Increase productivity with happy workers
Without the hours spent sitting in traffic commuting to and from home, employees have more time to devote to completing tasks.
When employees are offered workspace options outside of companies’ main office locations, they are also able to get more work done. Without the hours spent sitting in traffic commuting to and from home, employees have more time to devote to completing tasks. In our survey of professionals in the Philippines, 85 percent indicated that productivity has increased in their companies because of greater flexibility and half believe that flexible working can help businesses become over 40 percent more productive. Additionally, utilizing coworking spaces as part of a flexible working policy enables employees to avoid the obstacles that can arise from working at home such as family demands, slow or unreliable Internet connection, and lack of data security and secure networks.
It is clear that flexible working is quickly becoming the new normal in the Philippines as choice of work environment grows in importance among workers. It 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. Businesses must also develop flexible working policies that include the utilization of coworking spaces to ensure that they are not seen as out of touch with the needs of today’s workforce.