Balancing work and life means if you get the Yoga session at 11am, then you're also OK with getting paged at 11pm to fix server downtime.

When I've managed teams, I always held that it's quid-pro-quo. If I want the team to stay late to meet the deadline, then I'm OK with them leaving early to pick the kids up from school (though not on the same day, obviously). If they need to take the morning off to go to the dentist, that's cool as long as they're OK with getting a call on the weekend if there's a problem. It's a give-and-take. If the give-and-take gets too much, one way or another, then that's something we can talk about at a regular one-to-one and work out.