Creating the best financial plan means an entrepreneur has to become organized, calculated and efficient. Every minute detail of the new company has to be scrutinized and analyzed in order to determine the ideal direction for the business.
One area that any manager should think about is scheduling, as more employees desire flexible working hours for their job, according to a recent survey by EY. In some cases, a small business might benefit from incorporating this aspect into the company. It could attract and retain high-level staff, and help the entire venture grow into something sustainable and successful.
Flexibility depends on generation
The survey, released by EY – formerly known as Ernst & Young – highlighted the changing management roles, as well as the most desirable workplace perks. When a young entrepreneur is drafting a financial plan, it might be wise to focus on the items that best appeal to certain demographics.
Overall, nearly half of the more than 1,200 professionals polled responded that cash is still the ideal workplace perk. However, outside of this specific benefit, the greatest need was identified as flexible hours. In fact, Generation X stated that this was most important, with 21 percent of all respondents agreeing. Gen Y and baby boomers followed close behind.
Small business owners are often faced with difficult decisions when starting a company, but when considering whether or not to incorporate workplace flexibility, it is important to remember that 34 percent of men and 30 percent of women stated that they would walk away from a job that didn't offer this benefit. Gen X men, currently some of the most experienced in the workforce, were more likely to leave a job that didn't offer flex time, at 40 percent.
Benefits of flexibility
Sometimes, the best financial tips include methods to hire the perfect staff. And, small businesses which offer flexible scheduling might be able to do that better than their competitors. This workplace perk was initially created to attract women to businesses, according to Fortune. Now, the EY survey has brought to light a growing shift, with both men and women wanting the option of flexibility.
"Flextime may have started out as a 'women's issue,' but it's morphed into something that people of both sexes have come to expect," Dan Black, EY's Americas director of recruiting, told the news source. "I think it's partly because of the large number of two-career households now, where people are having to accommodate two demanding professional schedules instead of just one."
Flexible scheduling might include paternity leave, but it also grants the employee the opportunity to better balance their home life with their professional one. Therefore, a small business' financial plan should take into account this aspect, especially if acquiring and retaining high-level staff members is important. Additionally, technology is gaining ground. Mobile banking is a great way to stay connected on the go, and many other services are offered for the evolving workforce.
Karyn Twaronite, EY Americas inclusiveness officer, explained to Fortune that work is adapting, and new technology could connect anywhere. That might mean that employers have to be more accommodating of their employees' schedules, and people are expected to be on call at all hours of the day.
Flexibility for small businesses
While more employees may want these types of work schedules, it is still up to the entrepreneur to decide if it could work when starting a new firm. Some related perks include increased productivity, according to Intuit. Providing this incentive might inspire staff to work above and beyond the call of duty.
Moreover, it might actually cost less for a small business. It could provide employees the chance to work from home or part-time, reducing many expenses a venture is faced with. Above all, perhaps the best qualified people would work for a new company if this benefit is offered.