As a business owner, it is important to keep up with changes in the economy, trends and technology. Although it can be difficult to stay ahead, being prepared to update your business structure is an essential part of being a vigilant business owner.
A new and important change is the implementation of flexible working hours. Eighteen months ago, the term ‘flexible work’ was downplayed as a privileged benefit for certain employees. Now, as a result of a pandemic, ‘flexible working hours’ has become the new norm for workplaces with the capacity to implement it. This is a notable step forward in the way businesses operate, and can give an insight into the adaptability of businesses for their future operational and strategic direction.
It was once believed that working from home would deplete workplace engagement and productivity, when in reality it does the opposite. Workplace flexibility allows the employees of a business to complete daily duties from home on a predetermined schedule. This may be two or three days a week, and is negotiated between the employer and the employee. While flexible working schedules were initially implemented to cater for government-mandated restrictions, these measures allow for a greater work-life balance.
It is a business owner’s responsibility to embrace change in order to promote their business’s longevity and adaptability, as well as to optimise business value. Here are five reasons why implementing flexible working hours works so well.
1. Job Satisfaction
Job satisfaction filters directly into company loyalty, higher employee retention, and customer satisfaction. When employees are given the option to work from home, the office, or both, it increases workplace security and job satisfaction.
An employee’s productivity is built upon having their needs understood and feeling valued by their employer. Workplace flexibility is therefore essential for smooth operation within any capable business. Job satisfaction is at the heart of all that ensures success.
2. Increased Productivity
Low levels of productivity among employees may disrupt a smooth operation. This can filter into other areas of the business, including customer satisfaction, revenue and outgoing expenses. Over time, this may damage business value, and cause delays when it comes to actioning strategic business decisions.
Everyone that works in a standard 9 to 5 setting will at times feel unproductive throughout the day. This is likely due to the feeling of being “chained to the desk”. Flexible working hours however, offer the ability to work in comfortable surroundings within the home, which can make a tremendous difference. Employees can thrive on being at home instead of feeling tied to the office.
Flexible working hours encourage a sense of security and strength within the workspace. The ability to see family and pets, or having the freedom to make a personal call, may positively contribute to an employee’s productivity. This freedom is more likely to boost productivity levels than create distractions.
3. Employee Well-being
With mental health awareness on the rise, it’s important for businesses to offer employees avenues to improve their work-life balance. One way to ensure the physical, emotional, and mental wellbeing of employees is to offer them flexible working hours. This saves time and stress – the stress of commuting, the stress of only spending so much time with family, and the stress of the repetitive 9 to 5 grind. Flexible working hours provide employees with the time and the freedom to focus on themselves to seek a healthier work-life balance.
This might be as simple as having the time to go for a morning walk before work, or popping to the shops on a lunch break. Whatever it may be, employee well-being is an essential part of maintaining a business’s stability.
Having happy, focused employees bodes well for a sustainable and healthy business environment.
4. Employee Attraction and Retention
As a business owner, your innovation, livelihood and customer retention reflects your ability to attract and retain employees. A business with high levels of staff turnover can turn off current and future employees as well as damage the business’ long-term value.
Providing the option of a flexible working schedule is an attractive offer for your team. Knowing that you can drop your kids off at school and then be back at your desk to start the day, for example, is an offer many will find worthwhile considering.
5. Cut Costs
Less people in the office leads to a decrease in utility expenses. As a business owner, it may be valuable to consider implementing flexible working hours as it can significantly reduce your expenses whilst improving productivity.
Although flexible work hours might not work for all businesses, understanding how your business can succeed and adapt is a worthwhile endeavour. It is important to be prepared for any change that might affect your longevity and strategy. Flexible working hours may enable long term success.
The Bottom Line
Understanding the value of your business is paramount for business decision making. Seeking out a professional Business Valuation can assist in succession planning, Family Law, or whole or partial pre-purchase/pre-sale advice with your business. As a business owner, being able to optimise your business value begins with the happiness and productivity of your employees. Flexible working hours can contribute towards a business’s growth, longevity and, in turn, its business value.
“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."