Work-Life Balance a Win-Win for Business and Employees
Monday, 4th January 2016 at 10:26 am
A new report by the Center for American Progress has shown that the adoption of work-life balance policies could be a win-win for both employer profits and employees’ economic stability.
Specifically, the report provided empirical evidence making the case that the adoption of work-life balance practices could help boost employers’ performance, including profitability.
“Our research shows that many firms… would be well served by introducing better work-life practices for their workers,” Professor of economics at Stanford University and co-author of the report, Nicholas Bloom, said.
“Adoption of work-life practices could improve profitability and productivity for employers and also provide better work-life balance options for their employees.”
To investigate the relationship between work-life balance practices and businesses’ bottom lines, the report used international survey data to analyse work-life balance practices, management practices, and performance among a random sample of firms.
The survey found strong evidence that companies that offered a wider range of work-life balance practices typically achieved higher levels of sales relative to other businesses.
Additionally, the analysis found that there was a strong relationship between a business's adoption of pro-employee work-life balances practices, firm sales, and their adoption of modern management practices.
The report suggested that the continued exposure of companies to product market competition; ongoing employee education and training; and exposure to the business practices of multinational companies could be effective in increasing the number of organisations with work-life balance practices.
The report also calls for better information – including both high-quality businesses and academic research – to help companies accelerating widespread adoption of work-life balance policies.
The full report can be read here.