UK organisations could enjoy cost reductions and productivity gains running up to £8.1bn, or 0.5% of GDP, by optimising their approach to flexible working, according to a report published by the think tank RSA and Vodafone UK.
The Flex Factor, based on a national survey of 2,828 employees and employers, found that employees estimate they could gain on average five productive hours per week (for instance from commuting) through better ways of working, which equates to around £4,200 per employee per year.
While the majority (77%), of UK employees work in organisations that offer some kind of flexible working, more than one in ten (13%) who want to work flexibly aren’t being offered it, or don’t know they can ask for it.
The report reveals that better ways of working are a key driver of productivity, performance and organisational innovation as well as employee satisfaction and wellbeing. Sixty-four per cent of those with experience of flexible working say it has enhanced their job satisfaction – providing tangible evidence that personal and performance benefits are closely linked.
The report states that to realise the full benefits, there needs to be a culture of mutual trust and commitment between employers and employees. It’s a psychological contract and success is achieved when both personal and organisational benefits are recognised.