Slashing costly staff turnover
New research shows how flexi-work can help businesses overcome Australia’s $33 billion staff turnover problem
Australia, 22 January 2014 – With costly issues of staff turnover affecting Australia’s economy and businesses, workers reveal that flexible working is often the make-or-break of job offers. A staggering 77% reveal that they would choose one job over another similar one, if it offered flexible working, finds the latest survey by Regus, the global workplace provider.
Recruitment is an expensive process that many global businesses are keen to reduce. A recent study shows that the annual cost of staff turnover in Australia is around $33 billion,[i] and for an Australian business with around 500 employees, staff turnover can cost them over $3,500,000 per year.[ii]
With employee retention reported as a priority for over a third of business[iii], flexible working can provide a solution to three significant issues: hiring costs, attracting new staff and retaining top workers.
The Regus survey, canvassing the opinions of more than 20,000 senior executives and business owners across 95 countries, confirms that in Australia flexible working can be used to avoid costly employee turnover as 74% of respondents point to flexible working as a perk that attracts top talent, and 77% say that it improves staff retention.
The research also found that:
- 76% of respondents say offering flexible working makes employees more loyal
- 60% of workers would actually turn down a job that ruled out flexible working
- 59% say they would have stayed longer in their last position had flexible working been an option.
Commenting on the study, Regus CEO Australia and New Zealand Paul Migliorini, says: “This is a wakeup call for Australian businesses in what is a pivotal year for our economy. One of the most significant points from this research is how mainstream the perk of flexible working has become – many respondents are actually choosing their jobs based on how flexible the employer is regarding where and when they work.
“The sad fact is many Australian businesses are facing high staff turnover costs, and missing out on the best talent due to out-dated and outmoded working practices. Flexi-work, which actually costs less to implement than fixed office working, offers a better work-life balance to existing and prospective employees. It can require a shift in mind-set, particularly when it comes to how you manage your teams, but this research shows that businesses who ignore this low cost method to attract the best employees and foster loyalty amongst their workforce do so at their own peril.”
[iii] East or West, Mature or Emerging, it’s all about a sustainable future, Regus, October 2013
Regus is the global workplace provider.
Its network of more than 1,700 business centres in 100 countries provides convenient, high-quality, fully serviced spaces for people to work, whether for a few minutes or a few years. Companies like Google, Toshiba and GlaxoSmithKline choose Regus so that they can work flexibly and make their businesses more successful.
The key to flexible working is convenience and so Regus is opening wherever its 1.5million members want support - city centres, suburban districts, shopping centres and retail outlets, railway stations,
motorway service stations and even community centres.
Founded in Brussels, Belgium, in 1989, Regus is based in Luxembourg and listed on the London Stock Exchange. For more information, please visit: