Final answer:
Flextime refers to a work scheduling system where employees can choose their start and end times within a certain range, provided they complete a standard full-time workload.
Step-by-step explanation:
The arrangement referred to in the question is known as flextime or flexible work hours. Flextime allows employees to choose their starting and ending times within a set range, with the requirement that they work the standard number of hours typically required by their employer. This system can help workers maintain a better work-life balance and has become more common in various industries, particularly as telecommuting and remote working have become more widespread. Unlike the rigid schedules often found in factory settings with strict clocking-in and clocking-out procedures and standardized work hours, flextime offers more autonomy to the individual worker. However, it comes with the expectation that the same amount of work will be completed within the flexibility that the scheduling allows. For example, an employee might choose to start their day at 7:00 AM and finish at 3:00 PM, rather than the standard 9:00 AM to 5:00 PM, as long as their work is completed and they maintain full-time hours.