Given that the working class spends at least a couple of hours a day commuting either on busy roads or in overloaded trains and metros, flexiplace working is increasingly being considered a progressive HR practice. A clutch of foreign banks operating in India has realized that allowing people to work from home is not just employee-friendly but employer-friendly too. This allows the global giants to add to the bottom line by cutting costs. Banks such as Standard Chartered, Citigroup, HSBC and DBS are among the global giants resorting to such home-based working, also known as teleworking. At many of these banks, staff members are encouraged to work from the comfort of their homes, reducing the need for office space as well as resulting in savings on miscellaneous expenses such as canteen, tea, coffee and colas. Apart from the work-from-home option, foreign banks are also giving employees the option of flexible working hours to retain staff. In such cases, the work schedule is variable - in contrast to the 9 to 5 grind - subject to a certain number of hours being put in and the work getting done. It is expected that most non-manufacturing units will move towards mobile offices closer to employees' homes. This not only reduces the time spent commuting, but also allows for flexibility in terms of working hours.
Source: The Economic Times