The flexible work arrangements (FWA) have been crucial during the last year due to the COVID-19 pandemic. The accelerated implementation of these measures has advantages and risks, and they are worth studying since they can increase vulnerability. The aim of this study was to analyze the effects that the FWA have on levels of job stress, job insecurity, and job satisfaction, considering that some of them are oriented to employers, and others, to employees. Additionally, it was sought to identify if these measures affect people differently according to age, gender, education degree, and type of organization. To achieve this, a telephone survey was applied to a national probabilistic sample (N=748). Results showed that FWAs oriented to employees, such as flexible scheduling, were positively related to job satisfaction and negatively to job stress and job insecurity. On the contrary, FWA oriented to employers, such as the suspension of the contract and reduction of salary, were associated with greater job insecurity and job stress, and lower job satisfaction. Moderations were observed for sociodemographic variables. Theoretical and practical implications of these results are discussed.