What flexible working means for your business

Flexible working is a hot topic that's rapidly making its way into the SME (small-medium-sized enterprise) market, especially after covid and all its repercussions on businesses

Due to covid-19, many small to medium businesses have had to disband their in-house team, and those that were left working found themselves at home. This was especially prevalent in industries like social media advertising agencies, customer services relations, online-focused eCommerce brands and B2B businesses.

Many employees had to navigate new and unfamiliar territory when working remotely - and numerous businesses developed flexible working schemes. But what is flexible working, and what can it mean for your business?

What is flexible working?

Flexible working, often known as Flexi working, refers to various work arrangements that do not conform to the traditional '9-to-5' work schedule.

Any work pattern that deviates from the conventional working day is "flexible working." Its goal is to allow employees to customise their work schedules to fit their personal lives, allowing them to perform better.

It may be more challenging for some employees to stay at work during set hours. Parents, in particular, may have childcare challenges and require time at home. Others may have transportation problems or simply choose to begin and finish their workday later or earlier.

There are different types of flexible working arrangements that employers can provide to their employees.

Working part-time

When employees are hired for fewer than full-time hours, this is part-time labour.

Term-time employment

A person is employed permanently but can take paid or unpaid vacation during the school holidays.

Job-sharing

A type of part-time labour in which two (or sometimes more) persons share responsibility for a job.

Flexitime

Typically refers to allowing employees to select when they start and stop work within specific parameters.

Compressed hours

The redistribution of work into less and lengthier blocks during the week without necessarily implying a reduction in total hours worked.

Annual hours

When the overall number of working hours during the year is fixed, but the length of the working day and weeks varies.

Zero-hours contracts

An arrangement in which the individual is only paid for the hours they work, with no assurance of a minimum amount of working hours.

What are the benefits of flexible working?

Improved productivity & performance

Though objectively it may appear that having flexible hours allows employees to 'slack off' and become sidetracked while working outside the office, research has shown that this is not the case. The advantage has the potential to boost productivity significantly.

This is because employees are empowered to work at times that best suit their individual productivity levels and feel trusted to get the job done.

Employee flexibility boosts performance and organisational profitability - as well as employee morale, work happiness, and efficiency, according to a July 2017 study titled The Impact of Flexible Working Hours on the Employee's Performance.

Improved mental health

According to the study, employees who worked flexitime were also less anxious than those who worked traditional 9-5 hours. And, in today's uncertain and unstable world, this can be highly beneficial and valuable to your small business.

Increased efficiency in-house

Digital marketing agencies have been in high demand since the pandemic, and lockdown mixture hit small/medium businesses the hardest.

Many companies had to downsize and outsource their digital marketing and other needs, which their in-house teams had typically done to save money, stay relevant and help with the workload.

What flexible working can mean for your business

This is an important part of flexible working. It allows the employees that remain in-house to work more effectively during the most productive hours by reducing an overwhelming workload.

It also reduces some of the pressure that many businesses face with smaller teams, which improves morale and job satisfaction.

Flexible working is more than a buzzword; it represents a paradigm shift in how people and organisations communicate, work, and grow. If you were to look around, you'd notice a generation of tech-savvy professionals who are benefiting from an increase in flexible working opportunities. Offering flexible working can also reduce costs and increase productivity and employee attitude.

There are numerous benefits to offering flexible working schemes, but it’s a case of finding out what your employees would prefer, and what suits the needs of the business best. So as to find a productive balance between catering to your individual employees to ensure maximum job satisfaction, but also maintaining the success of the business.