Abstract: For many years, the provision of WLB/FPW was offered as an incentive from HR departments to their workforce. However, in the last decade, certain demographic trends and changes in the needs and the nature of the workforce upgraded the WLB/FPW concept to a more significant factor of business growth and competitiveness. The aim of this paper is to demonstrate the need for WLB/FPW in the equation of recruitment and retention of “generation Y” employees as a vital factor of the staffing policies and strategies in the forthcoming years.