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Rewarding and Retaining Employees with Flexible Work Arrangements

Rewarding and Retaining Employees with Flexible Work Arrangements (Last Updated On: March 8, 2019)

Everyone likes to be rewarded and recognised for their hard work and the same holds true for employees of your workplace.

Employee recognition is the acknowledgment of an employee’s efforts and behaviour in the workplace that has contributed to business objectives and success in some shape or form; generally by way of recognition, acknowledgment and rewards.

Employee reward and recognition is a powerful tool when it comes to retaining employees. When delivered well, it builds a productive, hardworking culture by increasing employees’ engagement and self-worth. It moves employees from being motivated by just a pay check, to actively contributing to your business goals and most of all, retains your best staff.

In 2015, Employsure invited all clients to participate in an in-depth survey asking them, based on their experience, which method of retaining employees works best. Of the 470 respondents, below are the most common and successful methods of retaining employees:

Not surprisingly, and most importantly, employees want employers to understand that they have a life outside of work, and Employsure clients have told us that this is the best method of rewarding and retaining staff. Almost 40% of the employers surveyed suggest that sometimes you just need to be flexible to reward and get the best out of employees.

As always, every business is different, and a wealth of flexible working arrangements exist. With such a wide range of options available, it is possible to find an option that can meet both your employees’ and business needs.

We have set out below some prevalent flexible working arrangements to consider.

  • Part-time: working less than the normal hours, less hours in a day or less days in a week
  • Flexi-time: also known as flex scheduling. Generally includes set working hours that must be worked by employees, however start and finish times can be adjusted
  • Annualised hours: agreed number of guaranteed hours the employee is contracted to work through a twelve month period. Employees have some flexibility about when they work.
  • Compressed hours: employees work agreed hours over fewer days
  • Staggered hours: different starting, break, and finishing times for employees in the same workplace
  • Job sharing: sharing a job designed for one person with someone else
  • Remote Working: telecommuting, or working from home

In order to reward and retain employees, businesses can implement flexible working schedules that can suit and allow employees to balance work and personal life. Methods like pay increases and bonus may not be what employees always view as rewards or key priorities today. Rewarding and retaining your employees may be as simple as accommodating external, personal factors in their life. You are however, well within your rights to refuse flexible working requests on reasonable business grounds.

If you are thinking of introducing a flexible working arrangements you should make sure that it is given appropriate time and thought. Employsure are specialists in helping you manage all working arrangements for your business. Contact us today on 1300 651 415.

 

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