The only caveat is that a certain amount of hours should be put in by each employee per week - let's say 40 hours, a regular North American work week.
Your employees are all trustworthy, reliable, honest people that have keys to the office, and you know they can be trusted. In case you doubt their integrity for any reason, you also have swipe cards/logins/whatever that register when your employees show up, how much work they do, how long their breaks are, and when they leave, so you will know if they are goofing off or cheating the system (which they wouldn't be, since they are trustworthy and honest).
If you were the person in charge here, would you set specific hours for your employees to come in, or would you let your employees work whenever they wanted, so long as they put in 40 hours a week? They would be the paid the same salary, regardless of what days/times they worked, so that isn't a factor.
I've wondered about this, because it would be something I'd like to see in a workplace, but I haven't seen any workplaces so flexible.
2. Have you ever worked in a workplace that has flexible hours like this? Did you like it?
3. What hours would you work, if you had the options to choose? Your only restriction is that you work 40 hours a week (these 40 hours would include five hours' worth of breaks, working out roughly to seven and a half minutes each hour, so figure that in however you will).