The benefits of implementing a flexible working policy are increasingly being recognised by larger companies, but the true benefits can be particularly important to SMEs.
More and more HR departments are recognising the importance of facilitating employees through a flexible working policy as a proven method of increasing productivity, contentment and retention. While it may be argued that larger companies can easily implement such a policy without too much impact on the day-to-day business, the real potential benefit can be observed in smaller businesses.
Yes, the same benefits in productivity, contentment and retention apply for smaller businesses as well. But it is having this more dynamic approach that enables smaller businesses with finite budgets to employ talent with more qualifications/ experience/ contacts/ vision for a fraction of their full-time salary.
If a business has a budget of £45,000 per annum for a Financial Controller, the level of seniority and experience of the candidates that will be attracted to such a role is limited. However, when that position is 3 days a week, they are able to attract candidates (looking for a flexible role) who would otherwise expect to earn £75,000 per annum full time. Such a candidate would bring a level of experience and knowledge that would allow the business to implement systems, processes and strategies that a more junior person couldn’t propose. The productivity of such a person would likely exceed their working hours and the general productivity and benefit to the business would certainly be significantly enhanced.
Along with getting more ‘bang for your buck’ the same cost benefits of reduced office space required, less requirement for city centre offices and less sick leave couple well with a happier, more productive workforce.