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Business Impacts of Flexibility: An Imperative for Expansion

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Created to bridge the gap between private and public sector regarding working family policies. ... Not an accommodation. Not a women's solution. Objective ... – PowerPoint PPT presentation

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Title: Business Impacts of Flexibility: An Imperative for Expansion


1
Business Impacts of FlexibilityAn Imperative
for Expansion
Business and Professional Womens Foundation
Audio Conference May 23,2006
2
Corporate Voices
  • 52 company coalition
  • Founded in 2001
  • Created to bridge the gap between private and
    public sector regarding working family policies.
  • Non-partisan, non-profit 501c3

3
Corporate Partners

4
What Is Flexibility?
  • Flexibility is the ability of the manager and the
    employee to determine when and where work gets
    done.
  • Workplace flexibility is about how work gets
    done. Its the 21st Centurys response to a
    one-size-fits-all way of working.

5
Overview of the Project
  • The Challenge
  • Not an accommodation
  • Not a womens solution
  • Objective
  • Measure and define the business benefit of
    flexibility
  • Expand flexibility as a core business practice
  • The Findings
  • There is a compelling business case to expand
    flexibility.

6
The Weight of Evidence
  • The body of data about flexibilitys positive
    impacts is substantial more than generally
    realized
  • Sophisticated measurement and analytic tools
    going beyond self-report
  • Positive business impact
  • demonstrated independently
  • by research in many companies

7
Cumulative Findings
  • Three kinds of business impact have been
    documented
  • Human capital outcomes
  • Talent management
  • Financial performance and operational outcomes

8
The Power of Human Capital Outcomes
  • Employee Satisfaction
  • Validated research construct that predicts
    performance behaviors
  • Employee Engagement/Commitment
  • Every 10 improvement in commitment can increase
    level of discretionary effort by 6 and
    performance by 2 - Corporate Leadership Council
  • Double-digit growth companies have 39 more high
    engaged employees, 45 fewer disengaged employess
    Hewitt Associates
  • Stress
  • Stress is responsible for 19 of absenteeism, 40
    of turnover, 55 of EAP cost, 30 of short-term
    and long-term disability costs, 10 of
    psychotherapeutic drugs, 60 of cost of workplace
    accidents and 100 of workers compensation and
    lawsuits due to stress

9
Impact of Flexibility onHuman Capital Outcomes
  • Increased Satisfaction
  • Higher flexibility score related to job
    satisfaction, rating of company, sense of
    accomplishment, rating of workplace as healthy
    IBM
  • Access to flexibility, both formal and informal,
    affects overall satisfaction and perception of
    the company JP Morgan Chase
  • Increased Level of Engagement/Commitment
  • Commitment scores 28 - 32 higher for employees
    with flexibility AstraZeneca, Deloitte
  • Reduced Levels of Stress
  • Employees with flexibility able to work more
    hours before feeling work-life stress IBM
  • Employees with flexibility scored 30 lower on
    stress and burnout

10
Impact on Talent Management
  • Improved Employee Retention
  • Flexibility a top three choice Accenture
  • Flexibility issues second leading for considering
    leaving the company number one issue for mothers
    IBM
  • 96 say flexibility influences decision to stay
    AstraZeneca
  • 41.5 million savings in turnover-related costs
    in 2003 - Deloitte
  • Improved Talent Recruitment
  • Unacceptable levels of turnover addressed through
    implementing flexibility - Deloitte
  • 95 report that availability of flexible work
    arrangement is a critical factor in taking a job
    - Discovery

11
Flexibility AffectsRecruitment
Of Employees Hired in the Last 3 Years, Who
Were Influenced by Flexible Work Arrangements to
Join the Company
Source Bristol-Myers Squibb work-life survey
12
Impact on Financial Performance and Operations
  • Increased Productivity,
  • Increased Revenue,
  • Business Process Improvement,
  • Client Service Improvement.

13
Summary
  • Robust research techniques have produced multiple
    data points
  • Positive people effects are proven
  • Flexibility has direct effect on business
    outcomes
  • Impact is widespread and diverse across
    industries
  • More than a business case
  • A BUSINESS IMPERATIVE to expand flexibility
  • to
  • Stay competitive
  • Get the best from peopleand get the best people
  • Improve business results
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