Over the past two years, COVID-19 has significantly changed the way we live and work. It has challenged many entrepreneurs to be innovative in creating solutions for their employees’ and businesses’ welfare.
With the recent news about the variants and low vaccination turnouts, nobody really knows when all this will be over. Yet despite the uncertainty of the crisis, many business owners are trying to regain a sense of normalcy — through introducing flexible working arrangements.
By now, you’ve probably realized that work will never be the same again, even though we’re not quite sure in which ways it will be different. That’s why flexibility matters. Introducing different policies and protocols geared to flexible working arrangements offers a huge advantage. It highlights a business’ commitment to its employees all while ensuring that it has everyone’s best interest.
Flexible Work Arrangements: How It Affects Your Staff and Business
Hybrid work set-ups are not a new occurrence in the corporate world. Many businesses have been working in coworking spaces and using a virtual office address in San Francisco — for a whole lot of reasons.
However, it has taken the workforce by storm because of the coronavirus crisis. Now, employees are telecommuting, working from home, or even using shared workspaces in San Francisco, and these seem to be the new normal.
While many are still skeptical about the hybrid work set-ups, it proves that shifting to remote work is rather effective and beneficial. But why does it really matter? How does it affect your business? Is it even here to stay? In this article, we will elaborate on the reasons why flexibility is among the best-kept values of thriving businesses despite the pandemic.
What Does It Mean to Be Flexible?
Some businesses have gradually recovered and even thrived during the pandemic. They are using coworking spaces in San Francisco for their hybrid setup. But truth be told, many companies still struggle to cope with the changes. Two years into the pandemic, some businesses are still reviewing traditional guidelines on whether or not they will adapt to the new setup. This is an extremely counterintuitive and backward mindset.
Being flexible goes beyond implementing hybrid working arrangements for your employees. It is being proactive and understanding how the ever-changing trends will influence the present and future of your company.
While deciding on the set-up of your business should never happen overnight, it is important to consider time as a variable in the equation. So, how can you be both effective and flexible? The answer is not as simple as you can think of. You have to weigh between all the pros and cons.
How You Can Benefit From Hybrid Working Arrangements?
For those skeptics out there who think that being flexible is bad for business, we’ll prove you wrong — and you might just change your minds. Here are the reasons why you should consider hybrid and flexible working arrangements.
1. Better Recruitment and Talent Pool
Most start-up companies are geared to hybrid working arrangements. They prefer coworking spaces in San Francisco than traditional offices. Why? It’s because they want to have access to the best people.
Imagine having a remote set-up; you’ll have the ability to hire talented people all across the globe. This only means you have an unlimited pool of professionals to choose and hire from. Moreover, flexible working arrangements are also among the easiest ways to attract potential talents.
A significant number of employees would love to continue working remotely after the pandemic. That’s why it’s best to offer flexible options to cater to your employees’ interests. Way before the COVID-19 crisis, work flexibility is a major factor to consider for many top talents when evaluating job opportunities.
2. Improved Retention and Low Staff Turnover
Whether you’re a well-established business or a budding start-up company, you want to make sure you have the right people to support your business. While attracting potential talent is an awesome benefit of flexible working arrangements, it also improves employee retention. This leads to low staff turnover and prevents any downtime due to new staffing and onboarding.
In a BLS Employee Tenure report, the newer generation of employees is highly likely to do a “job hopping” over the course of their careers. They have a significantly shorter tenure within the company. Most Millennial and Generation Z employees crave for work-life balance, and flexible working arrangements might offer just that.
Here are a few statistics that stresses the benefits of remote and flexible work with regards to employee retention:
- 78% of the HR staff mentioned flexible schedules and telecommuting as the most effective non-monetary ways to retain employees
- A study conducted by FlexJobs stresses that more than 25% of the respondents are willing to take a 10% to 20% pay cut in exchange for a flexible work arrangement.
- In the Condecosoftware research, over half of the organizations that participate in the survey have seen significant improvement on employee retention due to flexible work setups.
3. Significant Cost Savings
This is probably one of the most obvious yet overlooked reasons. A flexible work setup saves money both for your business and employees. Remote companies in Silicon Valley have lower business costs since they tend to use coworking space in San Francisco than lease traditional offices.
If you need to meet with your clients you can consider booking a conference room in a shared workspace in San Francisco. This is rather cost-effective than operating in a regular office environment. And when you need a company address, there are services offering a virtual office address in San Francisco; this comes as an affordable and efficient solution for your business.
As for your employees, they don’t have to spend more time and money commuting to the office since they can either work in the comforts of their own space or go to the office less than usual.
Bottom line: Flexibility Opens Endless Growth Opportunities
It’s no secret that work flexibility continues to champion growth opportunities for both businesses and employees. Scaling up your business during this difficult time might be hard, yet it is critical to value flexibility and develop strategies geared to it.
Here at Dynamico Space, we value and understand why flexibility matters. Whenever you need conference rooms or coworking spaces in San Francisco, we’ve got you covered. We offer a comprehensive range of services that support your growing business.
For more details and information, don’t hesitate to contact us today! If you want to explore our space, check out our virtual tour now.