Have you ever considered the true cost of replacing an employee with several years of experience in your organisation? Depending on the position, the real cost of replacing an experienced employee could be upwards of $100,000. Imagine the effect on your bottom line result if it could be measured in specific dollar terms.

Work-life balance is a popular and progressive way to attract and retain the best employees. Organisations offering work-life balance policies believe they gain a significant competitive advantage as they offer a progressive and attractive intangible benefit to job seekers.

Work-life balance policies can be used to reduce staff turnover and the costs associated with losing employees and then having to find a replacement. Consider the costs involved to advertise a new position, the time and cost spent on recruitment, selection, training plus the potential damage to relationships with clients and customers.

Work-life policies provide flexible workplace arrangements for employees. They do not need to be costly. Each organisation is different, so consider discussing the value of work-life balance possibilities with your employees and then commit to establishing company policies based on the general consensus.

Some examples of work-life policies and ideas are:

• Be ‘family friendly’ and allow flexible scheduling to allow for family commitments or appointments. A 'Give and Take' approach is required to make this work.
• Support educational pursuits – even if you are not able to offer financial assistance you can allow employees to leave early to attend classes. Perhaps you can consider some time off for study or exams.
• Allow occasional days to work from home to accommodate commitments.
• Conduct meetings during business hours rather than before or after work.
• Provide dinner and/or cab fares to employees who stay late to finish projects or meet important deadlines.
• Discourage employees from sacrificing their personal time to stay late or work through lunch breaks. Peak times may often require an extra effort but discourage long hours becoming the norm.
• Encourage Leave time to be used in the year in which it is accrued. Staff can easily burn out when they do not take personal time.
• Host events such as dinners and ‘happy hours’ for employees and their partners. This allows people to get to know each other in a relaxed social environment.
• Promote positive lifestyle choices – encourage healthy eating and exercise. Many organisations now subsidise fruit platters, fitness training and encourage team sport participation.

This list is by no means conclusive. Your own organisation will have its own dynamics and characteristics whereby other work-life balance possibilities may apply. The best way to find out is ask the people in the organisation what they value.