The report focuses on the rising value of flexibility and its (positive) impact on productivity. According to Quinyx, “we are on the verge of a truly transformational time”; a time that has entirely disrupted the perception of the office and that, up to a certain extent, began with the rise of the gig economy.
The gig economy broke with the traditional employment model, promising more flexibility without having to compromise income and standard of living.
“The next evolutionary step in disrupting employment models takes the lessons learned from the flexibility workers gained from the gig economy and now applies them to industries far and wide.”
Flexibility: it’s a right, not a perkFlexibility has become a core element in the way we work. It is key because work models are changing right in front of our eyes, and they will continue to change for years to come.
Quinyx’s research found that “giving the largest segment of the workforce more flexibility through workforce management solutions creates a compensation equivalent valued at $8.1 billion per hour worked.”
Companies are increasingly facing a disengaged workforce, and it is costing them approximately $7 trillion in productivity. As if lost productivity wasn’t enough, disengaged employees results in higher staff turnover.
The old adage of pay more to get more no longer holds true. Worse still, good pay doesn’t guarantee that employees will be loyal.
In fact, the survey found that 43% of Millennials and 78% of Gen Z’ers plan to leave their jobs within the next two years.
Why? Lack of flexibility.
When asked if they were to quit their jobs today, what the driving factor would be, 17% of workers stated a lack of schedule flexibility. Asked what they would look for in a new opportunity, 50% said a flexible schedule. Those willing to stick around with a company would like to see improved schedule flexibility (28%).
More shocking, however, is that an increasing amount of employees (mostly younger workers) believe that flexibility is a right.
When asked if they believe flexibility is a right, 72% of Gen Z’ers said yes, 71% of Millennials said yes, and 61% of women said yes. The survey also found that parents are 31% more likely to agree with the statement compared with workers without children.
The recipe for happier, more engaged employeesWith such a diverse workforce (Babyboomers, Gen X’ers, Millennials, and Gen Z’ers), employee satisfaction does not equate to happy employees, Quinyx found. The challenge is that employees find passion and motivation in different perks, benefits, privileges, and pursuits.
Engagement begets productivity begets revenue begets growth begets new opportunities…To land on a happy workforce, companies need to take into consideration satisfaction, but more importantly, engagement and productivity.
Flexibility, when done right, is the key ingredient that companies should look for in their recipe to nurture a happier workforce. Quinyx’s survey found that “flexible working can allow businesses to improve productivity, save time, reduce costs, improve employee retention, and boost happiness.”
Quinyx’s data backs the above claim.
85% of workers feel that a more flexible work schedule will make them more productive. Furthermore, flexibility might help motivate employees, and 91% of workers believe that motivated employees improve sales.
Quinyx believes that “putting power back in the employee’s hands by giving them flexibility will ultimately make for a happier, more productive workforce that is more dedicated and less likely to turnover.”
Additional findings from the survey
- Scheduling is costing businesses more time and money than anyone thought.
- 26% of workers said their scheduling process at work is inefficient or very inefficient
- 41% of workers said their current scheduling process at work is frustrating or very frustrating
- 32% of workers say that coordination with coworkers is their top frustration at work
- 51% of managers and employees said they spend up to 5 hours per week trying to coordinate with colleagues or waiting for a colleague to get back to them
- 52% said that communicating with employees is either somewhat challenging or very challenging