As unemployment soars, record numbers of people are applying for every available job yet businesses cannot afford to be complacent when it comes to meeting the needs of their current employees and optimising job satisfaction.
In the difficult economic climate, good talent management is absolutely crucial to business success. To this end, it’s important for employers to let themselves move away from a rigid view of how and when people can work effectively. A greater working-life balance and the freedom of flexible working are no longer considered tempting bonuses, but are now real priorities for the modern worker – research suggests that staff value flexible working more than pay rises even in these times of financial crisis.
By enabling remote and flexible working schedules, businesses and employees can be liberated from the tight restraints of nine-to-five schedules and in turn, encourage productivity.
However, to ensure business performance isn’t affected, companies are realising the benefits of time and attendance systems. These systems can help by empowering employees to manage their own timekeeping and working schedule – a benefit which can set any business apart from fellow employers and encourage the best people to stay.
In possessing the technological infrastructure to facilitate and track various working practices and by allowing employees to prioritise their workload and release time for key responsibilities, employers will benefit from increased productivity and a happier workforce.
Empowering people to take control of their own time management and implementing flexible working policies can also have major benefits for staff retention. Hays research highlights that 85% of respondents said they would be more likely to stay with an employer who offered flexible working. If employees see that there are opportunities for career flexibility, they are more likely to feel positive about their career prospects in their current role.
According to industry analysts IDC, staff replacement costs reach 150% of the departing employee’s annual compensation figure which is believed to be around £4,500 on average. Higher levels of staff retention reduce turnover costs, enabling businesses to see a true return on investment for flexible working and positive impact on their talent management programme.
For employers looking to attract and retain top talent, the implementation of workforcemanagement and time recording systems can help to create an environment in which employees, and the business, can thrive.
