ETO vs Work life Imbalance

 

Work life imbalance explanation

 “Work-life balance” can be heard as a very common phrase at workplaces. This might describe the idea about employers offering their employees flexible and accommodative working hours or employees extending their time off from work.

According to (Kratz, 2022) views about work-life balance differ among people. It is hard to provide a universal definition since the idea about “work-life balance” is personal. Moreover, the definition keeps changing with time or between different generations.

Work-life balance does not mean a balance between work life and personal life or a 50-50 situation. Work-life balance can be  referred  to a state of equilibrium, where someone is effectively balancing career demands and those of their personal life(Hall, 2022). Individuals who lack a work-life balance face more working hours, issues at home and also very minimum of personal time. This also means how well an individual prioritizes professional and personal demands.

Work life balance methodologies using SHRM

Establishing effective work-life balance strategies for an organization can maximize employees’ productivity and organizational performance. Knowing what motivates employees to work and engaging positively according to organizational principles.

Employee-specific factors, like employee personality and their stage in life is important in establishing an efficient work-life balance. The type of work and the environment also affects work life balance. 

Work-life balance refers to the level of prioritization between personal and professional activities in an individual’s life and the level to which activities related to their job are present in the home.

The ideal work-life balance is open to discussion. Freethinker Paul Krassner said that anthropologists often define happiness as having little or no differentiation between an individual’s professional and personal lives.

Work-life balance is a topical issue due to the increased amount of technology that removes the importance of physical location in defining the work-life balance. Previously it was difficult or impossible to take work home and so there was a clear line between professional and personal.

The increase in mobile technology, cloud-based software and the proliferation of the internet has made it much easier for employees to be ‘permanently’ at work, blurring the distinction between professional and personal. Some commentators argue that smartphones and ‘always-on’ access to the workplace have replaced the authoritarian control of managers.

Stress is a common feature of a poor work-life balance. In the information economy mental stress has been identified as a significant economic and health problem, causing by a perceived need of employees to do more in less time.

A key issue in the work-life balance debate is where responsibility lies for ensuring employees have a good work-life balance. The general feeling is that employers have a responsibility to the health of their employees; apart from the moral responsibility, stressed-out employees are less productive and more likely to make errors (Boon, 2022).

Work- Life balance in Globalizing Environment

Amazon CEO Jeff Bezos recently advised all new employees to stop attempting to achieve balance between their professional and personal lives and instead to embrace a more holistic relationship between work and home life. Fidelity’s Jeanne Thompson drew a similar conclusion in 2015 when she suggested that we should retire the term “work-life balance” and instead aim to achieve work-life sway. Contributor Simon Ball, head of international risk and healthcare at fidelity benefits consulting.

Global research has long dispelled the myth that the more hours your workforce works, the more productive the workforce is. Recent statistics from the OECD2, shows a general trend that the fewer hours in a working week, the greater the level of productivity(Errera, 2022). According to the study:

Mexicans work the most hours per year at 2,255; however, Mexico was also ranked as the least productive

In the USA, people work 474 fewer hours, on average, than Mexicans but are over three times more

Germany, where employees work the fewest number of hours (1,356 hours per annum), is ranked significantly higher than the US and UK for productivity.

                        Fig 01. Global aspect of ETO vs work life imbalance(Nassiuma, 2022).

Overall country competitiveness is influenced by the social environment and regulatory regime set down by governments, coupled with the corporate efficiency. Multinationals take decisions to move manufacturing or support services to countries to take advantage of global efficiencies and advantageous regulatory regimes(Nassiuma, 2022). The research from the WEF reflects this. The opportunity for multinationals is therefore, to explore how they can maximize the productivity and employee welfare within each country by focusing on well-being as a driver for a strong, happy and productive workforce.

                                Fig 02.Worklife balance across the globe(Errera, 2022).

Benefits of work life balance

The benefits of a work-life balance initiative are not confined to just the workforce. Work-life policies and flexible working practices can also benefit your business as you can:

·         lower levels of absence, sickness, and stress

·         increase competitiveness and productivity

·         boost staff morale

·         improve customer service

·       meet customer demands through flexibility - for example, shift work, part-time work and flextime can help you open longer without making your employees work longer hours

·         meet seasonal peaks and troughs in your business

·         lead to more committed and positive attitude in your staff

·         reduce staff turnover and minimize recruitment costs - see control staff turnover

·         become recognized as a business that people want to work for and therefore helping you attract top talent

Of course, it also benefits your employees in ways including:

·         Better time management

·         Personal growth

·         Better focus

·         Higher engagement

·         Personal health & wellbeing

·         Feel more valued

·         Reduced stress

Any good business knows that investing in people is one of the most valuable things you can do. Your business relies on the talent of the people behind you, so keeping them engaged and happy will help the business go further

Fig 03. Benefits of work life balance(Kratz, 2022)

Work life balance to increase organizational performance

Satisfied employees stay. Work-life balance is a key aspect of job satisfaction, so encouraging a healthy work-life balance for employees will help reduce staff turnover.

Staff turnover costs businesses £16,000  per employee on average, a cost most businesses can’t keep absorbing. High staff turnover is also terrible for morale, disrupts projects and makes it harder to get things done(Kabir & Tirno, 2018).

In addition to being more productive, employees with a healthy work-life balance can offer other profitable advantages. Employees that are happy both physically and mentally take fewer sick days, have better control over their own finances and are able to commit more to work.

A good work-life balance allows people to be more flexible, giving them the opportunity to take advantage of business opportunities too(Panda & Sahoo, 2021). They are also more receptive to personal growth and training, allowing  to potentially expand organizations offering with new skills and proficiencies

References

Boon, H., 2022. The Relationship Between Work Life Balance and Employee Retention. [Online]
Available at: https://www.boon-health.com/blog/the-relationship-between-work-life-balance-and-employee-retention
[Accessed 15 November 2022].

Errera, R., 2022. Eye-Opening Work-Life Balance Statistics. [Online]
Available at: https://www.tonerbuzz.com/blog/worklife-balance-statistics/
[Accessed 14 November 2022].

Hall, J., 2022. A Work-Life Balance Will Help You Keep Employees. [Online]
Available at: https://www.entrepreneur.com/growth-strategies/a-work-life-balance-will-help-you-keep-employees/431437
[Accessed 18 November 2022].

Kabir, M. A. A. & Tirno, R. R., 2018. Impact of Work-Life Balance on Employees' Turnover and Turnover Intentions: An Empirical Study on Multinational Corporations in Bangladesh. Jahangirnagar University Journal of Management Research, Volume 1.

Kratz, G., 2022. Why Work-Life Balance is Vital for Employee Retention. [Online]
Available at: https://www.flexjobs.com/employer-blog/work-life-balance-vital-employee-retention/
[Accessed 17 November 2022].

Nassiuma, B., 2022. The role of work life balance on employee turnover. [Online]
Available at: https://www.academia.edu/41996984/THE_ROLE_OF_WORK_LIFE_BALANCE_ON_EMPLOYEE_TURNOVER_IN_THE_FLOWER_INDUSTRY_IN_THE_NORTH_RIFT_KENYA
[Accessed 18 November 2022].

Panda, A. & Sahoo, C. K., 2021. Work–life balance, retention of professionals and psychological empowerment: an empirical validation. European Journal of Management Studies, Issue 2183-4172.