Opportunity Cost and Time Prioritization

Sep 29, 2016 by Matt Dixon

work-life-balance

In our contemporary society, it is usual for employees to have many competing responsibilities in their life such as; care commitment, education, and religious observances. A poor work-life balance involving an employee’s work commitments and their personal life can lead to stress, high absenteeism, and ultimately low productivity. It also leads to reduced loyalty and commitment, leaving employees unable to focus on their work and grow their careers.

At Front Range Systems,  we believe that work does not have to be drudgery. Multiple studies have shown that in order to create a professional environment that encourage the proper work/life balance you must adhere to modern policies which include:

Flexible Working

Whether it means flextime, job sharing or work-from-home days, providing your employees with flexible working hours allows your employees the ability to adjust their schedules according to their personal needs.  This is most helpful for employees who are the primary caregiver of their family. But it also builds trust between the company and the employee creating benefits such as: 

  • Low turnover of valuable employees
  • Better customer service
  • More efficient and productive business

Investing in Technology

In today's increasingly digital world, it is vital for companies to invest in the proper technology that allows their employees to work more efficiently. This is something that we believe in whole-heartedly.  In fact, Front Range Systems has made it our mission to help business achieve success through the implementation of custom software solutions. 

Training Employees on Opportunity Cost and Time Prioritization

By training employees on opportunity cost and time prioritization, an employee will be able to make educated decisions that will assist them in managing their tasks increasing their productivity at work and home. 

No matter your business size, work-life balance is an essential consideration. Companies that manage work-life strategies effectively increase retention by approximately 33%. Work/life policies not only drive employee contentment and engagement, but directly impact on business performance and costs. In addition, the high retention rate results to less money being spent on hiring and training of new employees.

As a business owner, you need a contented team to grow and sustain the business.