How Can Flexible Working Help Your Business to Grow?
Changes in the law means that all employees in the UK have the right to request flexible working if they have more than six months’ service. In the past, only parents of children under 17 and those with caring responsibilities had this right, but now it has been extended to all. Firms don’t have to grant all requests, but they do have to consider them “in a reasonable manner”.
There has been some concern over the extension of flexi-working putting a strain on small businesses and the Federation of Small Businesses has warned of an increase in red tape. However, they have also highlighted the fact that more than three quarters of members already offer flexible working. Some estimates have put this even higher, saying that 90% of British small businesses offer some degree of flexibility. Either way, it seems clear that small businesses are showing the way forward to the rest of the business world in terms of flexible working – and making imaginative use of changing working patterns in order to grow. Official figures from the Institute of Public Policy and Research show that SMEs have created a massive 84% of new jobs in the UK in the last three years, with many of these being flexible or part-time roles. So how is this trend benefiting business? Expanding the Pool of Talent Skills shortages are a real worry for UK business in general, with the Department for Work and Pensions saying that 20% of vacancies are remaining unfilled when employers can’t recruit anyone with the right skill set. Small businesses in particular are suffering as a result, and in one recent survey nearly a third of respondents said their growth prospects were being hindered by a lack of suitable staff. However, offering part-time work, or other options such as working from home all or part of the time, can help to attract the talent you need. Fully exploring the option of flexible working enlarges the pool available, because it means you can consider people who have the skills you need, but are not looking for a full-time job. This does not just apply to just parents and carers, but also to older people with valuable experience and younger people who want to combine part-time study or training with paid work. As well as helping to recruit new staff, offering flexible working options is also a good way to retain the valued team members you have on the books already. It means that, if someone can no longer work full time because of personal circumstances, you don’t have to lose their skills, experience and commitment – and they may be able to return full-time in the future. Financial Advantages Embracing a flexible working culture means you can offer more hours if you need more staff for a particular project, but you will not be committed to a large full-time workforce when the work isn’t available. In effect you can have two or three talented individuals on your books rather than just one, but without the need to pay full-time salaries. In the case of people who work from home all or some of the time, your business will save money on having to provide them with office space. However, it will still be possible to communicate with them via technology and work together on shared documents, and you could also arrange regular meetings for brainstorming face to face. Another type of flexible working arrangement can see two or more small companies who are working together deciding to share the cost of an employee, who might work with each of them for a certain number of days in the month. This can be a good idea for an expert providing skills such as bookkeeping, which a small company may not need all through the month. However, it isn’t just the business owners who benefit from the roll-out of flexible working. There is increasing evidence that offering this type of option can lead to greater commitment and loyalty from staff, who will often be keen to stay in a job which fits in well with their lifestyle. In turn, this benefits business owners again, since committed staff do a better job – and you will also benefit from their life experience and the contacts formed when they are not at work.
SOURCE: TouchingBase April 2015