Work-Life Benefits Key to Employee Satisfaction, Retention During Credit Crunch

LONDON - As the credit crunch continues to constrict budgets and businesses look for ways to cut spending, companies may need to reconsider any plans to scale back employee work-life benefits. Britons continue to be Europe’s hardest working employees, logging the most hours on the job, yet only 33 percent of workers say their employer has any family-friendly practices or personal support services, such as child care, wellness services or financial consulting, in place.

Many employees are feeling the pressure to work harder than ever in an effort to please managers and ensure job security. But as workplace anxieties rise and employees have less time for family and personal commitments, benefits that promote work-life balance play an increasingly important role in morale, productivity and ultimately the company’s bottom line.

A recent poll conducted by the Chartered Institute of Personnel Development (CIPD) found that three out of four people say they are working very hard, with many saying they are working as hard as they can and could not imagine being able to work any harder. The survey also found that one in three partners of people who typically work more than 48 hours a week feel their work load has had a negative impact on their personal relationships.

Companies in the U.K. are increasingly aware of the business case for work-life balance, and work-life balance is now rated one of the most important workplace attributes, second only to compensation, according to research by the U.S.-based Corporate Executive Board (CEB). The CEB poll of more than 50,000 global workers also revealed that employees who feel they have a better work-life balance tend to work 21 percent harder than those that don’t. The trickle-down benefits of employer-sponsored work-life offerings include increased productivity, improved recruitment and retention, lower rates of absenteeism, reduced overheads, improved customer service and a more motivated workforce.

“In order to retain valuable workers and ensure continued productivity, businesses must be attuned to the heightened challenges employees are facing at the intersection of work and life,” said Alan King, president and managing director of Employee Advisory Resource (EAR), a leading provider of Employee Assistance Programmes (EAPs) and integrated work-life services in the U.K. and internationally. “The recession is hitting business hard, but it also affects employees’ work quality, home life and even health. With a third of Britons working more than 48 hours a week and many of them under high levels of financial and personal stress, companies risk losing employees due to burn out, stress-induced illness or to a competitor who can offer them a more desirable work-life balance.”

To help employees better manage their work and personal commitments, many employers offer a variety of work-life benefits, including help with finding child and elder care, back-up care for when their regular care plans fall through, wellness counselling and financial and legal consultation. For more information on these work-life benefits, visit www.ear.co.uk.

Source: Employee Advisory Resource

Tim Cuthell (UK), +44-7787-12408, Tim.Cuthell at ear.co.uk; or Christine Hall (USA), +1-919-882-1998, chall at capstrat.com, for EAR