Work-life balance has since been in the mainstream and we are fortunate to live in a time where the importance of work-life balance is being given more attention and value. But, just what is work-life balance?
According to SkillsYouNeed, “work-life balance is a term used for the idea that you need time for both work and other aspects of life, whether those are family-related or personal interests.”
It is having both achievement and enjoyment in life. We spend a lot of our time at work. In fact, according to Gettysburg, one-third of our lives will be spent at working. The issue here is, are you satisfied with how you are spending that one-third of your life?
Here are the facts:
- 85% of employees are dissatisfied with their workplace. – Ipsos
- Just 15% of employees are engaged at their jobs. – Gallup
- 40% of employees reported that their company is aware that they are looking for new jobs – Addison Group
- More than 80% of workers are looking for a new job or are open to having a new one. – Ajilon
Most people are neither engaged nor satisfied with their current job. Satisfaction at work is linked to work-life balance. In fact, according to iEduNote, one of the causes of job dissatisfaction is the lack of work-life balance.
Before the warning signs of employees about to quit arise, strive to improve the work-life balance of your workers. With poor work-life balance, the overall performance of a company can be much lower than those with engaged employees.
It’s no longer enough to just provide retirement plans even from excellent companies like Fidelity 401k and other employee benefits that most companies are offering. You need to step up and also offer work-life balance to the table.
Here’s what you need to know about the importance of work-life balance:
The Benefits of Work-life Balance to Employees
It’s not hard to see the kind of worker one can be if the employer promotes and practices work-life balance. If you are fulfilled in both your professional and personal life, the overall quality of your life improves.
As a result, you are happier, more motivated, have more energy to take action and you can also become more creative. That’s just the start. For the employees, these are the benefits of work-life balance.
- Increased productivity
- Happier and less stressed workforce
- Lowers medical cost and absenteeism
- Improved employee health and well-being
- Increased employee loyalty and commitment
- Engaged workforce
- More positive perception of you as an employer
- Reduces recruitment cost
When employees work too much and become overwhelmed, their productivity can plummet. This is because burn-out and stress can make it harder for an individual to have clear thinking.
Moreover, if most of the thoughts that are in their mind are work-related, work can begin to cause depression. A study by the Corporate Executive Board has found that workers who believe that they have good work-life balance are 21% more productive than those who don’t.
As mentioned earlier, having a good work-life balance improves employee engagement. Here are results from a study conducted by Gallup:
- 41% reduction in absenteeism.
- 24% lower turnover.
- 28% reduction in inventory loss and 40% reduction in quality defects.
- 70% decrease in accidents.
- 10% higher customer scores.
- 20% increase in sales.
- 17% higher productivity.
- 21% higher profitability.
The Benefits of Work-life Balance to the Employer
A workplace that promotes work-life balance impacts both the employees and the employer. For the employer, work-life balance can help you with:
- Better teamwork, communication and coordination
- Improved morale
- Increased commitment and engagement levels
- Better adaptability to changes in market
- Positive company reputation
- Competitive recruitment
As you may have noticed, promoting work-life balance is a good strategy to boost employee morale, improve employee retention and to create a positive company culture. Having a workforce that’s more committed and more motivated makes it easier for you as the employer to achieve game-changing results.
Ways to Promote Work-life Balance
Now that you’ve understood the importance of work-life balance, here are different methods to promoting it:
- Lead by Example
- Embrace flexible work scheduling
- Welcome a remote workforce
Those are but some of the most effective strategies in implementing work-life balance. Always remember that as an employer and a leader, you play a huge role in the implementation of work-life balance.
A lot of companies promote work-life balance but not all do the practice. Lead by example and once the employees see you valuing work-life balance, they’ll begin to do the same. Make it clear to them that practicing good work-life balance is the right thing to do.
Know that empowerment of leaders shape company culture. You can also educate the workforce by conducting seminars about work-life balance.
Encouraging your employees to have a healthy balance between work and personal life will show them that you don’t just value them for their work contribution. Encouraging them to have a good work-life balance also shows that you value them and respect them as individuals.
Implement what you’ve learned in this article for you and your employees to experience the benefits of having good work-life balance. Begin to plan your strategy today.