So it was especially disturbing to learn from a new study by the Society for Human Resource Management that the number of employers offering flextime declined in 2010 to 49 percent (from 57 percent in 2006), most likely as a result of the recession.

In my new book, The Custom-Fit Workplace: Choose When, Where, and How to Work and Boost Your Bottom Line, my co-author Joan Blades and I ask whether the benefits of offering workplace flexibility outweigh the costs. We learned that businesses that eliminate flexible work options for employees (or fail to offer them), would be wise to first stop and consider that:

• One of every three workers say being able to flexibly balance work and life is the most important factor in choosing a job.

• Workers of all ages and ranks-even executives in Fortune 500 Companies-say they want more flexibility and will forgo pay for it.

• Low wage workers are 30% less likely to quit their jobs within two years if they have some flexibility.

Hundreds of psychologists and social psychologists have extensively documented the payoffs of employee-friendly benefits and policies. What they've seen is that when employers help employees balance their life and work commitments, when people are trusted and empowered to do their jobs, they are more satisfied, engaged, motivated, and loyal. These human feelings lead people to work harder and exceed expectations. This lowers turnover, absenteeism, recruiting, and training costs. Costs down, productivity up. The net effect? A boost to the bottom line.

The key is to recognize that all employees are an asset, not a liability, and that the net effect of flex increases the return on that asset. Even in a recession.