Obtaining Finance for your Business
31st July 2019
As a new generation enters the workforce, many employers are adapting the way they attract and retain staff.
The introduction of flexible working is changing the way businesses operate. There’s a notable shift away from traditional 9-5 working hours into a more open arrangement.
From increased productivity to providing you with an edge over your competitors when recruiting, there are a number of benefits to introducing flexible working practices.
Benefits of flexible working for employers
Employee retention: This is probably the most important benefit of flexible working arrangements. Offering the option strengthens employee loyalty to a company as encouraging long-term commitment. This enhances company culture and reduces the costs associated with recruiting and training new employees.
Productivity: Stressed and over-worked employees are more likely to take more sick days or quit their job than ones who aren’t. Flexible working intends to tackle stress by promoting a happier, loyal and more balanced workforce.
Recruiting: Offering flexible working contributes to attracting potential recruits as much as attractive pay packages does. Research shows that its among the top considerations for employees looking for their new role. Workers are now more likely to seek out companies that offer flexible working hours, as opposed to ones that don’t.
Cost savings: The cost of having a physical office for your employees can be a huge amount, with rent, utilities and equipment. Staggered home working, combined with hot-desking, can really improve the efficiency of your office and help bring down overhead costs.
Extended opening hours: More benefits of flexible working hours for employers include the opportunity to extend your company’s current business hours. Allowing employees to work outside of your normal hours make for a more satisfied clientele.
Benefits of flexible working for employees
Less stress: Commuting is generally thought of as one of the most stressful daily events of peoples lives. From relentless traffic to jam-packed trains its no wonder employees embrace the opportunity to eliminate this from their life. Apart from being an inconvenience, if left unaddressed stress can fester into other mental health issues. Offering flexible working hours gives staff members the option to manage their time effectively which reduces stress.
Money saving: Working from home wipes out the costs of everyday commutes. It can also influence more cost-effective purchasing decisions, such as planning ahead for lunch breaks rather than making a last-minute dash to a supermarket.
Job satisfaction: Giving your employees the freedom to manage their time and tasks increases their confidence and sense of ownership over projects.
Work/life balance: The Office of National Statistics (ONS) revealed that over 70% of individuals with children are currently in the workforce. With another one in seven employees being responsible for caring for a family member. Offering your employees flexible working options allows them to balance commitments in their personal lives with the demands of their work life.
We are fortunate at Seed Accounting Solutions to have set up as a fully remote practice from the very beginning. This meant that as the team grew, we were able to implement a fully flexible working policy. You will see us working around kids, dogs, holidays, and side hustles. You can find out a bit more about our team here.
