As more businesses emerge, the demand for workers increases and thereby creating more and more employment opportunities in the economy. However, there is also the need to ensure that these workers can manage their families while earning a living, particularly what is described as a healthy “work-life balance”.
The United States has a work-life policy framework. Although it was stated that employees across all income brackets struggle with this policy framework because it is outdated. Also, the balancing process is particularly challenging and risky for low- and average-income earners.
In this post, Fasthire – a career and educational brand explains the benefits of work-life balance on the US economy.
Many Workers Consider the Importance of Work-Life Balance
In a survey carried out by Statista, 72 percent of respondents considered work-life balance a very important factor when choosing a job.
Another study from Workplace Trends found that 45% of employees felt like they hadn’t achieved a proper balance between work and life.
Research of over 50,000 global workers by the Corporate Executive Board found that employees who feel like they have a good work-life balance work 21% harder than employees who don’t, according to Bloomberg.
An unhealthy work-life balance can cause stress. And according to Healthline, Stress can affect your physical health in serious ways, contributing to problems such as heart disease, diabetes, ulcers, and depression.
An InsightLink study of employees in the U.S. found that one in three employees agreed strongly that their work was stressful and only one in four employees were able to find a satisfactory balance between their personal/family life and work responsibilities.
These studies by several platforms show how important work-life balance is to many workers. Also, why it should be encouraged by employers.
Helping employees achieve a proper work-life balance can be an investment that benefits businesses, the economy, and the employees also.
Relationship Between Work-Life Balance and Economic Growth
Heather Boushey, an America economics says if you consider both supply and demand, as well as overall productivity, addressing work-life conflict affects all these aspects of our economy. For example, if families and workers experience high levels of conflict in caring for their families, holding down a job and doing that job to the best of their ability – this affects labor supply.
How To Improve Work-Life Balance for Business and Economic Growth
Create policies that make it possible for workers to focus on their jobs without having to worry about their children. By giving them a schedule that works for them and their family, there will be improved productivity.
Improving childcare as a real tool. This will give workers access to affordable childcare, raise the labor supply, stabilizes family incomes, and boosts productivity in the economy overall.
Like the UK, there is a thing called “right to work” policies. These allow employees to request schedules that work for them and their families, and they open the dialogue between employers and employees to find something that works for both parties.
60% of study respondents said flexible work schedules were the most important work-life balance perk an employer could offer.
Benefits Of Work-Life Balance On the US Economy
It improves the issue of economic justice and workplace fairness.
It pushes for flexibility that allows workers to achieve all the things that they want in their lives.
Work-life balance also helps create an economy that works for all.
Reduces the risk of death, sickness, and underpopulation caused by stress from the heavy workload and emotional dilemma
It increases productivity, thereby increasing business potential which in return benefits the economy
A happy employee can help reduce the turnover and cost of a company and increase profit.
A study by the British Medical Journal found that happiness is contagious, which means that happy employees can have a network effect within your office, helping to foster a happy, positive work environment for everyone.
This statistic shows the importance of work-life balance among employees in the United States in 2018.
Work-life balance is an increasing priority for employees, and its benefits are wide-ranging. As an employer, helping your employees to be happier makes your business to do better.