WriteRelease reveal that new research shows that work-life balance is the key factor in attracting and retaining staff and is even more important than salary.
With unemployment in Australia at record lows and skill shortages creating a ‘war on talent’, employees are demanding the implementation of successful work-life balance strategies from their employers.
The Safety Conference, Sydney, Converge International CEO Dr. Lindsay McMillan explains how businesses can benefit from increased productivity and reduced turnover with the right work-life balance strategy.
Australians work the longest hours of any OECD country, with 20 to 25% working more than 50 hours each week. Yet recent Converge International research shows that 47% of workers rate work-life balance as very important and another 32% see it as important.
An imbalance between work and life can result in declining:
- Quality of life
- Loss of community
- Erosion of relationships
McMillan lists five key aspects of work-life balance as:
The Converge International research has highlighted four key mechanisms for incorporating flexibility into an organisation. These include:
Hours – flexible working hours can include part-time, job sharing, flexible start or finish times or compressed work weeks.
Leave – Everyone receives annual leave, but more creative options include study leave, bereavement leave, parental leave, unpaid leave and holiday purchase.
Location – flexible options include working from home or giving an employee the opportunity to transfer to a different work location.
Carer Assistance – At some stage in their life, almost everyone will need to assume a carer’s role. Often this role is temporary and by offering employees flexible options such as carer’s leave, work-life balance of these employees can be enhanced.
There needs to be a cultural shift within the organisation which will support its work-life balance strategy. Many workplaces fear such practices interrupt the day-to-day running of a business and that employees who take advantage of work-life balance strategies are lacking in commitment.
For this reason, senior leaders in a business need to lead by example and champion the cause. This shows all employees that they can switch over to work-life balance initiatives without risking their career progression.
Skill shortage is an economic and a demographic reality due to shifts in population, generations, perspectives and expectations. Although it may be an imagined ideal for many employees today, work-life balance needs to become tomorrow’s reality as the sustained future of the workforce depends on it.
McMillan concludes that any employer who is serious about signing up the best talent available, maintaining low levels of staff turnover and securing their business for tomorrow will recognise the need to do something about work-life balance now.