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(More on Flexing)
Using Flex Lists allow for adjustments to the return rates in real time - as gatordeltapgh mentioned to take into account the cyclical nature of recruiting strength seen on campuses. Especially now - as RFM is allowing more chapters the chance to pledge Quota, these chapters are becoming stronger recruiters. So they might not need all of the PNMs that have accepted their invitations.
And having PNMs flexed on or off does NOT necessarily indicate a change in your chapter's performance. It is always done by looking at retention and other considerations as a whole. Flexing on and off affects everyone, and it's always done in a way to give PNMs and chapters the best options possible.
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Hybrid Mode
