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I don't think those two are at odds. I think equitable is both fair and flexible. We can apply policies across the board in many areas but some things should be more flexible because each employee is an individual human. I worked in a call center many years ago and would often volunteer to come in on holidays or work overtime because that fit my life. It didn't fit the life of others. When mandatory overtime was enacted I was fine, but my coworker who had kids, or a second job, were penalized for not being able to work it. It was not fair to say that all of us had to take on extra hours when those hours impacted each of us differently.
Chief
Appropriate exceptions ARE fairness. I will absolutely give a high performer more leeway than a slacker. Right now someone on my staff is out with COVID but still managed to get payroll done as well as outrageously complicated accounting stuff related to benefits -- of her own volition, not because she was told to. I absolutely will give her flexibility when/if she needs it.
I lean towards fairness. Too much flexibility without consistency creates confusion and resentment across teams.
I will go with fairness here and always.