401k Committee Members Can Impact Employee Retention with Flexibility and Work Life Balance
401k Committee Members often have a favorable impact on employees’ interests in staying with an employer. In recent years 401k Plan, 401k Committee members began taking an active role in Financial Wellness as a cross-over benefit/retirement-savings tool. What’s next? When it comes to employee retention tools amidst a tight labor market 401k committee members and human resource professionals are looking at work-life balance programs and flexibility in the workplace. Work-life balance, flexibility, financial wellness all go hand-in-hand with objectives of 401k Committee Members.
You may have heard of a book called The Four-Hour Workweek, by author, entrepreneur and public speaker Tim Ferris. The idea of working just four hours a week may seem far-fetched to most employers — and frankly, probably most employees, too — but how about a four-day workweek? Yes, please! Where do we sign up?
It turns out employers’ value flexible work schedules about as much as their employees. Shorter work weeks can result in higher employee productivity and better work-life balance?
A new study from staffing services agency, The Creative Group, finds that many employers believe that longer hours worked during fewer days is the ideal work schedule. Half of the advertising and market executives surveyed believe productivity would improve if their organization implemented a compressed work schedule that allowed employees to work four 10-hour days a week, according to the study, cited by HRDive.
Another 76% said they favor a policy that allows employees to do non-work tasks on company time to help increase performance. Perhaps, for example, employers could allow their workforce time to take care of finance-related tasks on the job, therefore, reducing stress and greatly increasing productivity by creating an environment that supports a strong work-life balance.
Speaking of which, having a flexible work environment that provides employees more control over when, where and how they work results in improved productivity, job satisfaction and creative, said a Creative Group spokesperson, again quoted by HRDive. 401k committee members make note, more than half of survey respondents said they believe employers and workers should partner to achieve work-life balance, as opposed to 6%, who said that it’s the company’s sole responsibility.
Flexibility is important to job-seekers, too. HRDive cited another study, this time from Spherion Staffing Services, which found that 41% of workers said they would accept a job offer only if the employer offered a flexible work schedule. And according to a 2017 report from the U.S. Bureau of Labor, more employees than ever are working from home.
Along with highly-valued retirement packages that 401k committee members put into place, other benefits include financial wellness, flexible work schedules, in-office or remote work options, flexible work days or flexible hours. Any of these benefits or options may be that single motivation, for the coveted key employee a firm is hoping to attract or retain. For many employees, especially those with care-taking responsibilities, having the flexibility to work where and when they want is a top priority. Whether it’s a four-day workweek, staggered start times, a remote office, work sharing arrangements or other creative options, giving workers a say in their work environment and schedule can help employers create a happy, productive workforce. And, when that happens, everybody wins.