What are the benefits of work-life balance for business?
The term work-life balance isnt just a trendy buzzword, its a seriously important part of a healthy work environment. Not only that, but there are a wide range of benefits of work-life balance that could help you gain a competitive edge over your competition. Find out everything you need to know about work-life balance for business, right here. An introduction to work-life balance  Work-life balance refers to the division of time and focus between working and family/rest/leisure activities. The importance of work-life balance cant be underestimated. Helping to reduce chronic stress and prevent workplace burnout, a healthy work-life balance can be a significant factor in developing a happy, productive work environment. But its also likely to have a positive effect on your businesss bottom line. Here are some of the key benefits of work-life balance for businesses. 1. Become a destination of choice for talented millennials  A healthy work-life balance has become an increasingly vital way for businesses to distinguish themselves among talented young professionals, with 16.8% of millennials ranking good work-life balance as the most important factor when evaluating potential job opportunities. Simply put, companies with the best work-life balance are more likely to attract the most talented young professionals. Gen Z-ers and millennials expect and demand flexibility, so consider providing your employees with generous vacation time, extended paid family leave, and the ability to work remotely to establish your business as a desirable place to work. 2. Reduce levels of stress, sickness, and absence  Modern workplaces can inflict dangerous levels of stress and anxiety on workers. One meta-study of workplace stressors found that workplace stress was as bad for mortality as second-hand smoke. Many employees  particularly working parents  are at risk of falling ill and taking time off from work. By enforcing healthy work-life balance policies in your workplace, from flexible working arrangements to paid childcare, your business can reduce absences and workplace burnout among your employees. 3. Improve staff retention  Achieving work-life balance at your company can also help to improve your staff retention rates. Creating a positive work environment, including perks like flexitime or telecommuting, will make your employees more invested in your company, if for no other reason than other employers rarely offer these sorts of benefits. Young professionals arent afraid to change jobs, with almost half of millennials planning to leave a job within two years, but by creating a healthy workplace environment, youll have a better chance of retaining your top-performing employees. 4. Increase productivity  Studies have shown that companies with the best work-life balance tend to have high levels of productivity. Simply put, when employees feel a greater sense of ownership and control over their work, they tend to be more motivated and increase their productivity. You can reap the rewards by providing effective work-life benefits to motivate your employees. Achieving work-life balance at your business  Work-life balance is a broad category covering many different areas of the workplace. Here are some of the best ways that you can improve work-life balance in your business:  Provide flexitime, so employees can come into work on a schedule that suits them Allow remote working unless theres a specific need for your employees to work in-office Encourage your employees to take all of their vacation days Create designated quiet spaces (open-plan offices arent for everyone) Offer free or subsidised childcare for working parents Ensure that the guidelines around work-life policies are clear and well-understood Give employees funding or time off for learning to encourage personal development Coordinate non-mandatory workplace activities to help employees get to know one another  GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.