The modern workplace is changing. More employees value progressive perks like flexible work, and folks will quickly jump ship if they can find remote work that offers the benefits they’re looking for.
Many employees expect their employer to offer well-being–related perks. Offering these benefits to boost well-being will improve your productivity and help you build a better work culture, too. Folks are far more likely to put forward their best effort when they care about the company and feel welcome at work. However, you can’t expect the occasional pizza party or afternoon off to cut it. Instead, invest in your people by making policy-level changes that show you care.
The Value of Well-Being
It’s easy to overlook well-being when you’re focused on improving employee performance at work. But investing in progressive policies today is important in all industries, especially high-stress ones.
For instance, finance professionals can burn out due to long work hours, repetitive tasks, and employees feeling like they have limited control and autonomy over their day-to-day work life. This can result in stress and work-related depression, among other problems. To combat these issues, progressive policies that emphasize work-life balance and self-care are key.
Désirée Pascual, human workplace advocate and Chief People Officer of Headspace Health, explains that policy-level adjustment is important as “Change starts at the top,” and “that strong leadership is key to top-down stress management of the entire workforce.” Pascual also highlights the fact that “unfortunately, many employers are pulling back on mental health support at this critical moment in time.”
Underfunding progressive well-being policies is a major misstep that will cost your firm dearly in the years to come. Cutting down on access to therapists and gym memberships may save you a few dollars in the short term but is sure to increase turnover and undermine your retention efforts. This is a major mistake, as it costs an average of $4,000–$20,000 to hire a new employee for your business.
Flexi-Hours
Modern workplaces are scrambling to offer flexi-hours to their employees—and for good reason. Flexible scheduling gives people the ability to fit work around their life, rather than the other way around. This is crucial for well-being, as folks who can set their work schedule can take care of key responsibilities like the school run and childcare.
Offering flexi-hours can help folks balance work with their hobbies, too. For example, employees who have a passion for woodworking can reassess their priorities and find time to put their hobby first. By consistently offering flexi-time, these talented employees can schedule time for their favorite pastimes and will be more engaged when they clock in at work.
Unlimited PTO
A few years ago, the idea of unlimited paid time off was enough to raise eyebrows and attract the interest of loafers. Today, however, even financial giants like Goldman Sachs offer unlimited PTO. While this may sound like every employee’s dream, offering unlimited PTO should come with a few caveats and considerations.
The biggest issue with unlimited PTO today is some employers do not create a culture where employees feel that they can step away from the office for a lengthy break. This means that many firms that offer unlimited PTO find that workers take fewer holidays every year.
To ensure that your PTO structure works, communicate regularly with staff and find out if they’d benefit from a change to the policy. You may find that, rather than offering unlimited PTO, they’d much rather be granted a grace period when late to work or the opportunity to leave when they’ve finished their tasks for the day. This effectively increases PTO by increasing the flexibility in their schedule.
Four-Day Workweeks
The four-day workweek has been proven to improve employee’s health, reduce stress, and increase happiness. Shifting to a four-day workweek can increase productivity when folks are in the office and may help your firm save cash that would have been spent on heating, cooling, and lighting the office, too.
However, if you want a four-day workweek to go smoothly, you’ll need to invest in tech to keep your projects moving along smoothly. Strategically investing in the right tech is crucial, as too many programs and devices can cause cognitive overload. This is a serious problem, as you need folks to be collaborating effectively if you want to shift to a four-day work week.
When looking for new software for your tech stack, opt for programs that already integrate effectively with one another. This reduces the amount of time folks have to spend learning a new program or migrating data from one place to another. Programs that stack effectively with one another will help folks pick up where their co-workers left off, which is crucial when moving to a flexible four-day work week.
Nurturing employee well-being is crucial in the modern workplace. The rise of remote work means that talented employees have more options if they decide to jump ship for greener pastures. Boost your productivity and increase your retention by offering progressive policies like four-day work weeks and flexi-hours. This will incentivize staff and create a more positive work environment.
Katie Brenneman is a Guest Contributor at HR Daily Advisor.