The topic of work-life balance has been in the limelight in recent years as it’s been given more value by both employees and employers. Another huge factor in this are the younger generations who place more value in work-life balance than older workers.
The millennials, to be more specific, are the ones who put a lot of value in work-life balance. This is not a bad thing as everyone can benefit from having an excellent work-life balance. It’s a straightforward principle that doesn’t mean personal life should be given more importance than work.
Work-life balance, as the name suggests, is putting a balance in both work and personal life. Life isn’t just about making a living but it’s also about living a good one. If there’s too much workload and work stress, it can be almost an impossible feat to have good control over life.
Moreover, a poor work-life balance creates disengaged employees. These are the details and consequences with having a disengaged workforce:
- Disengagement is costing companies $450 to $550 billion each year.
- 67% of U.S. workers are disengaged. – Gallup
- 85% of employees are either looking for a new job or are open to new employment opportunities.
Disengaged employees are less productive and are less loyal to their employers. Promoting and practicing work-life balance can cure these ailments. However, while strategies to promote and practice work-life balance can seem simple, implementing them can still be a challenge.
Here’s everything you need to know about the importance of work-life balance:
What is Work-life Balance?
As mentioned earlier, work-life balance is a principle that people need to find a balance between work and other matters in life. This means getting rid of what opposes the disruption of this balance.
However, there can be a lot of misconceptions to work-life balance. For example, having an equal number of hours for work and other personal activities is not work-life balance. Moreover, work-life balance varies from person to person.
There is no universal work-life balance recipe for everyone. Even your current thinking of work-life balance can be different in the future such as when you begin to start a family and have a child.
The Benefits of Good Work-life Balance
According to Forbes, “work-life balance is an important aspect of a healthy work environment. Maintaining work-life balance helps reduce stress and helps prevent burnout in the workplace.”
Forbes has also mentioned that chronic stress is one of the biggest issues in the workplace. Stress from work has become so prevalent that it made Mondays infamous for having the most number of heart attacks.
Moreover, here are other impacts of stress according to Saba:
- More employees with poor health
- More accidents and errors at work
- Low morale
- Poor motivation
- High absenteeism
- High employee turnover rate
- Poor productivity
- Poor performance
The summary for all this can be a gargantuan loss in sales and potential downfall of the company.
Improved Health and Well-being
Better work-life balance brings improved health and well-being. It’s a strategy you can use in dealing with work stress. With the absence of overworking and chronic workplace stress, the immune system can recuperate and better function.
This benefits not just the employees but the employers as well. With healthier workers, there’s lesser medical costs to pay and absenteeism will also be less of an issue.
Improved Productivity and Performance.
With better health, employees can better focus at work which can mean less mistakes. Moreover, good health also helps improve morale and this boosts productivity and performance of the workforce.
A good work-life balance also improves employee engagement. As a result, employees can be more resourceful and creative in dealing with problems at the workplace. They can better think outside the box and this can help innovate products, services and strategies of the organization.
Better Employee Retention and Recruitment
The younger generation, to be more specific, the millennials, value work-life balance the most. According to Inc., these are the 4 reasons why millennials value work-life balance:
- For them, it defines success.
- They are always on.
- They are moving up.
- They are dual income.
Human resource managers can’t ignore Millennials as they are beginning to dominate the global workforce population. According to Allianz, it is estimated that by 2025, Millennials will make up as much as 75% of the global workforce.
To remain relevant in the eyes of the dominating force of the global working population, you need to supply what they demand, a good work-life balance. To attract the best candidates, improve employee retention and to keep your top talents, promoting work-life balance is key.
If you had doubts about having to promote work-life balance, remember that the importance of good leadership is having the skill to adapt, empower and to value the well-being of others.
There are a lot of ways to implement good strategies for work-life balance such as integrating innovative technologies like an automated payroll system. This eases the burden of those who are responsible for doing the payroll.
Look for different strategies and strive to implement them in your organization. Having a good work-life balance could be the thing missing that can bring your company to the next level.