Spring, TX (PRWEB) December 4, 2008
Zinnov LLC, a leading Management Consulting Firm recently launched its proprietary Web-based "Flexible Work Solutions (FWS)" Modeler.
The Web-based FWS Modeler provides its subscribers the ability to continuously monitor and model the cost/benefit analysis of various types of Flexible Work Arrangements (FWA) across multiple scenarios. The modeler is built on intelligent algorithms that combine both Client Specific Data and FWA Research conducted by Zinnov to ensure customization of savings. The Modeler also provides ability to quantify the impact of Flexible Work Arrangements on qualitative parameters such as Business Continuity and Diversity.
The modeler has been released as a part of Zinnov's comprehensive "Flexible Work Solution" offering. This solution helps companies conduct due diligence on FWA, build a strong business case on it, measure and improve its impact on the organization, employees, environment and society.
The cost versus "Benefit" analysis:
On an average, clients using Zinnov's FWS Modeler (including multiple Fortune 100 companies) have realized the following benefits for every 1,000 employees:
- Organizations have been able to save up to USD 4.2 million from Reduced Recruitment costs, Healthcare costs and Facility costs.
- Additionally, a savings of about USD 11.5 million could also be realized by the organization through increased employee productivity, reduced sick leaves and increased business continuity.
Contrary to the common belief that workforce programs match or at times even outweigh the costs associated with implementing them, Zinnov's FWS Modeler revealed that the initial set up cost is in the range of only 19-25% of the direct savings from Flexible Work Arrangements. This can be recovered in as little as in the first quarter in the year of implementation, if planned effectively. In addition, the on-going costs are only about 28%-30% of the direct savings from FWA.
In the current economy:
While traditionally Organization's freeze most HR budgets and expect the function to focus on reducing operating expenses, Zinnov suggests that practices like FWA will help the HR function continue to achieve its Productivity, Diversity and Sustainability goals while simultaneously impacting the organization's bottom-line positively.
With companies having to manage employee morale which is at an all time low in the current scenario, initiatives likes FWA are one of the best ways to boost their morale and enable them to balance work-life demands of the current economic situation.
Given that a tool like this supports the paradigm of the new U.S workplace, Flexible Work Arrangements will serve the organization as a long term benefit with substantial returns at any point of the economic cycle. Therefore, despite the current downturn, organizations are deploying and encouraging these arrangements to enjoy a strategic competitive advantage over their counter-parts going forward.
Evaluation holds the key:
In order for such an arrangement to be effective, Zinnov suggests that companies evaluating Flexible Work Arrangements must build a strong business case for it, taking into account the organization's mission and vision. This will help them answer some fundamental questions such as how will FWA contribute to their overall targets, what would be the ROI on implementing it, etc.
This exercise becomes even more important as organization's start rolling out this initiative to a wider section of their employee population and hence, for those looking at expanding Flexible Work Arrangements, it is important to have a mechanism that will enable continuous measuring, monitoring and modeling of various scenarios to ensure maximum ROI on the initiative.
Overview of the modeler: http://www.zinnov.com/FWA_Business_Case%20Modeling_Tool.pdf
About Zinnov LLC:
Founded in 2002, Zinnov - meaning Zeal in innovation - is a leading management consulting company providing services in the area of Offshore Advisory, Market Expansion and Human Capital Optimization to Fortune 1000 companies. They work collectively with clients to tackle prevailing Organizational challenges by analyzing the changing dynamics, improving performance, and building institutional capability. The services delivered to their clients through advanced reasoning and analytical techniques, provides solutions that help in integrating Organizational vision, business definition & processes.
For more information, contact:
Email: kinjal at zinnov dot com
Email: michael at bocacommunications dot com