Definition: Arrangements that allow employees to have a more variable schedule as opposed to complying with the standard 8-hour workday .
The days when all jobs consisted of 40 work hours spent in eight-hour chunks Monday through Friday are over. Today, an increasing number of employees work flexible schedules from a variety of locations and even share jobs. Employees like these arrangements, and they can be advantageous for the right entrepreneur as well. Here are some of the most notable flexible work arrangements and the key characteristics of each:
Flextime is the most popular flexible work option with both employers and employees. It lets employees set their own starting and quitting times within limits determined by management.
Job-sharing lets two people share the responsibilities of one full-time position. It's basically a form of part-time work that provides you with the equivalent of one full-time employee while giving the job-sharing employees the ability to keep their careers on track while allowing more time for family responsibilities or other activities.
Compressed workweek arrangements let employees work 40 hours in fewer than five days. Most commonly, this means four 10-hour days each week. Advantages to employees include an extra day off and lower commuting costs per week. Many employers report higher productivity from employees working compressed workweeks.
Telecommuting employees work from home during some of their scheduled hours. Telecommuters often come into the office one or two days each week. This lets them go to meetings and stay in touch with co-workers.