Can companies afford not to invest in flexible working?

A recent report showed that 81% of people would look for flexible working before joining a new company. But businesses in the western world are still slow to respond to the demands for flexible and remote work infrastructures.

Last week, we were looking at the details of a report on The Competitive Advantage of Flexible and Family Friendly Working, compiled by My Family Care. The report looked at the way that people across a variety of industries work and how they want to work. It provided some very interesting insights about both employees and employers. According to the results, a whopping 81% of employees would look for flexible working options before joining a company. In addition, over half of respondents (53%) would prefer flexible work over a 5% salary increase. Naturally the trend is slightly stronger amongst parents and carers, but overall the majority of Millennials and those over the age of 34 would like to work flexible to some degree (51% and 71% respectively).

And while 32% actively promote flexible work practices in their business, 68% admit they don’t, while 61% of companies involved in the study say they allow flexible working to take place ‘under the radar’. There is still the impression that a high number of business leaders recognise the need to embrace remote and flexible work patterns. Perhaps, because industry cultures are slow to respond to the growing trend, they are reluctant to take the leap and invest in a proper course of action. Indeed, this would be backed up by another recent study by Epicor that found companies in the developed world are slow to invest in technologies such as sharing platforms, and cloud storage that support remote and flexible working patterns. Emerging markets are proving to be a step ahead, with 75% of businesses in emerging markets agree that flexible working practices and technologies are significant in helping retain key people (compared to 62% of respondents from developed countries).

With our focus this month on the time and productivity gains to be made from the 1 Million Hours available to legal businesses from our pool of talent, statistics like those above still come as a surprise. Our global, mobile society is hardly a new or emerging trend, so we would expect to see more businesses actively investing and promoting agile and remote working practices. Those who are doing so would appear to still be pioneers of progression.

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