The Business Case for Flexibility
More than 35 Million baby boomers will reach retirement age in the next 5 to 10 years. That translates to more than 1/3 of the US workforce. And according to the Conference Board, there are not enough young workers to fill the void that will be left when these workers exit the workplace. Their economists advise that we should fasten our seatbelts for a 10 Million person labor shortage in the next decade. And in light of this changing labor market, companies will need to become a lot more flexible about work schedules to entice the boomers and other professionals to stay on the job. A recent AARP poll shows that up to 68% of baby boomers plan to work part time into their retirement. And as the discussion on Good Morning America and a number of studies attest, with the work week growing ever longer, many dual working parents are requiring more flexibility from their employers to meet their family obligations. Given the dire labor predictions, the boomers and other groups like working parents, opt out parents, and workers caring for ailing loved ones will be in a good position to negotiate the flexible schedules that they need in a few short years. But in a country with a face time management culture, are we ready to manage a flexible workforce? The answer seems to be yes and no. Organizations like Corporate Voices for Working Families and the Hidden Brain Drain Task force represent groups of companies that are decidedly ahead of the curve in embracing flexibility as a corporate culture and strategic imperative. For those companies that have fallen behind in the march toward flexible workplaces, these two organizations’ research makes a compelling case for the business value, some would even say the business imperative, for companies to create a flexible workplace in order to attract, retain and motivate talent. And their member companies provide excellent blueprints for other companies seeking to prepare to attract and manage the emerging labor pool of flex talent. Many of the existing models are very compelling. Pfizer’s VistaRX part time sales force, made up of individuals on an 80% schedule, boasts an over 120 person waiting list to join the team and enviable productivity. Lehman Brothers’s Encore recruiting program is a stellar model for On Ramp recruiting. The new program designed to re-attract VP level talent that had Opted Out of their Financial Services careers with various firms back to work with Lehman has already resulted in a number of key hires. And Deloitte and Touche’s successful Personal Pursuits program supports key employees who opt out for a time, keeping them connected, current and technically proficient through mentors, a career coach, networking events, short term work assignments and subsidized training. How Flexible Is Your Workplace? Find the answer by considering where your culture falls on Corporate Voices for Working Families’ Flexibility Continuum:
For individuals interested in proposing flexibility, the number of role models is growing steadily. It seems that you can’t throw a stone without hitting a flex exec these days. Professionals like Paula Rivers and Dana Meade, Job Sharing GM’s at Zoomerang, Thomas Kelley, an EVP at Jet Blue that works a 4 day week, and Alison Toucher a Litigation Partner at Morrison Foerster that works an 80% schedule are helping to shatter outdated myths that you can’t succeed and deliver significant value on a flexible schedule. For those companies that haven’t yet invested in flexibility, a little forward thinking may go a long way. “Changing corporate culture is a marathon, not a sprint” says Donna Klein, President and CEO of Corporate Voices for Working Families. “And 5 years is not a long time. Companies that want to invest in a culture of flexibility should start today. Corporate Voices research has shown that flexibility is not just a program that benefits the individual, it is a proven management strategy and critical tool in the fight for a competitive advantage in the global marketplace. Across different companies, industries, geographies and levels within a company, flexibility programs influence employee commitment, impact employee satisfaction, and reduce stress, which in turn have a direct impact on financial performance.” Returns on an Investment in Flexibility
If your company is interested in taking the next step toward becoming an employer of choice in the coming labor market, plan to attend the Department of Labor’s Flex Options Seminar on The Business Case for Flexibility and On Ramp Recruiting the morning of May 3rd, 2006. Donna Klein, the Executive Director of Corporate Voices for Working Families will speak on their research compiling the internal data from over 20 of their member companies on the business case for flexibility. Companies large and small will share their real world perspective and the Department of Labor will share a number of tools for employers. Send an email to events@flexibilityalliance.org for further information.
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