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For as long as the flexible hours will still cover the required 8-hour stay in the office, then I think, it's fine. Like for example, you need to work in the morning shift and you come in at 10AM, you should be ending your shift at 7PM. The same goes if you come in at 8AM, you should be out by 5.But, of course, the nature of the job and the organization must be taken into consideration too.Having flexible hours doesn't necessarily make an employee productive. It's a wonderful idea, coming in anytime you want without being tagged as late, but I think it'll always boil down to how much the employee likes his/her company, the people he/she's working with, and the job that he/she's assigned to do, that will make the employee productive.