Let me introduce Helena Morrissey, non-executive chair of Newton Investment Managers and campaigner for greater gender diversity in the boardroom. Oh, and mother of nine children…
Someone sent me the link. ‘What does this say about work/life balance, Ed?’ she wittily added.
I won’t tell you what I thought. Nine children and a city career? Despite the fact that husband Richard is a full-time, stay-at-home Dad, Helena Morrissey still describes herself as “chief laundry lady, story-reader, times-table-tester, cake-maker, present-buyer, holiday and party organiser.”
That’s an impressive list by anyone’s standards – although I’m obviously disappointed to see she’s not coaching rugby as well…
Work/life balance – the underlying and perennial theme of this blog – was much in the news over the festive period and, with due deference to Ms Morrissey, the stories largely focused on men. In particular the BBC featured this article – with nearly half of working fathers saying they’d like a less stressful job if it meant more time caring for their children. Even more significantly, a third of working fathers would be prepared to take a pay cut in return for more time with their children.
We’re entrepreneurs: we choose to do what we do. But that doesn’t mean it isn’t stressful and – as I wrote last week – the problems and uncertainties the entrepreneur faces every day would overwhelm the vast majority of managers.
Why do we do what we do? I’d say that for most of us there are two principal reasons:
- Providing the very best we can for our families
- And providing for our own drive and ego: we have to do what we know we’re capable of doing: we don’t ever want to look back and think ‘if only’
But balancing those two aims is one of the hardest jobs you’ll ever do. ‘Providing the very best’ doesn’t just mean material things, it also means time. Quality time doesn’t have to mean the zoo, the swimming pool or a football match: one of the most important lessons I ever learned was that to a small child quality time with Dad is just time with Dad.
“I missed my children growing up” is one of the saddest sentences in the English language and it’s one that too many men are still saying. It’s emphatically not something I ever want to hear around a TAB table.
But as employers, ‘work/life balance’ runs deeper for us. Because we have a duty not only to ourselves, but to members of our team as well. Running your own business brings tremendous pressures – but it also brings control over your own diary. When you’re employed and your boss says, “You need to be in Aberdeen next Thursday,” then you’ll be in Aberdeen, whether it’s sports day or the nativity play. If you run the company, you do at least have the option of thinking, ‘When do I want to be in Aberdeen?’
Not everyone wants to start their own business: but everyone wants to spend time with the children. Entrepreneurs need to be aware of that – and realise that their businesses will benefit as result.
There are now any number of studies showing the benefits of flexible working, for both the employer and the employee: put simply, people who work flexibly are happier and more productive. As technology advances – ‘Alexa, run through the cash flow figures will you?’ – flexible and remote working is going to be on a par with working in the office. Embrace it. Recent results from a Vodafone survey – with 8,000 global employers – saw 83% of respondents say that flexible working had boosted productivity, with SMEs the main beneficiaries.
As businesses fight to recruit and retain key staff, flexible working is going to become as important as someone’s pay packet – and it offers everyone running a business a tremendous opportunity. You can help your team with their work/life balance, improve the quality of their life – and boost your bottom line at the same time.