The Bottom Line

Too many businesses believe that introducing Work-Life Balance initiatives will have a negative effect on their bottom line when actually the opposite is the case. Research has shown how small businesses can benefit from working arrangements that enable employees to balance their work and home lives.

A report by The Institute for Employment Studies shows some small businesses save up to £250,000 on their budget simply by using what were then termed family-friendly work policies.

Work-Life Balance 2000 Baseline Survey, Department for Education and Employment reported:

One company that had introduced Work-Life Balance solutions claimed profitability was up by 37% - and another estimated savings of nearly £240,000 by reducing staff turnover.

These facts cannot be ignored by businesses in Wales. The result is, literally, money in the bank for business: better staff retention, reduced casual absence, easier recruitment and improvements in morale, commitment and productivity.

Work-Life Balance 2000 Baseline Survey, Department for Education and Employment reported:

'Employers who provide childcare referral services for their employees save an estimated £2 for every £1 they spend on the service and reduce costs - possibly by £50 million in the course of a year - as a result of reduced sickness absences.'

(IES study 'Who Cares? The business benefits of carer-friendly practices', 1997, as described in Shirley Dex and Fiona Scheibl, 'Business performance and family-friendly policies', Journal of General Management vol. 24 No 4 Summer 1999.)

Last Updated: 08/08/2007 16:03:05 By Richard Perry