Flexible working hours are becoming a trend throughout the UK. After all, all employees have the legal right to request flexible hours from their employer, and it’s an opportunity that many people are seizing. In the end, it’s coming with a great many perks that are too good to refuse.
A recent YouGov poll commissioned by accounting firm RSM found that nearly 3 quarters of 350 middle-market businesses were considering introducing flexible working hours. One of the main reasons for them doing this is at it helps them save money, and it can help you cut down your spending too. Here’s how.
Reduced Travel Costs
If you’re a regular commuter with a nine to five career, you may need daily train travels to go to and from the workplace. It’s both bothersome and expensive. Still, while flexible hours might not always change your need to travel daily, it can mean the times and conditions under which you travel are more suitable and cost efficient.
More passengers mean more expense and traveling at peak times requires investment into rail passes to minimise the financial impact of the extortionate fees. However, if you work under flexible hours, you may be able to travel to the off-peak schedule and save some money due to the cheaper tickets. Moreover, you might be able to work from home, cutting out travel costs altogether!
If you run a company, then you know productivity saves money. While many like to pretend the workplace is a constantly productive environment, for many, the truth is quite the opposite. Noise, distractions, mind numbing chatter about weekend plans, endless tedious meetings; they all factor in to minimise the workers productivity and the money they bring into the business. For some, more time spent at work means more time to waste at work.
However, flexible hours can trim the fat and boost productivity, and 89% of British workers believe it will help them be more productive in their jobs. It’s a smaller window to get the job done, spurring everyone on to refine their focus and get busy. Just the thought of spending less time around irksome colleagues can be enough to spur on some good work. It’s more in line with being paid for the work done, not the time spent sat at a desk, encouraging workers to crack on.
Reduced Turnover Rate
Employees are enormously in favour of flexible hours and consider it a huge plus to their careers. While we’ve already covered the productivity side of things, this heightened efficiency also comes from a place of strong company morale. All in all, morale goes a long way, and keeps workers sticking around.
A low turnover rate is the sign of a good business. It means staff enjoy working at the company and want to stay, as well as cutting costs in your hiring and recruitment of new workers. There’ no more time lost to be spent on interviews, and no more severance packages to dish out. Flexible hours inspire with happy and motivated workers, instead of bored employees keen to jump ship at the earliest opportunity at the cost of corporate finances.