I missed my kids growing up

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…

tips-work-life-balance

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.

 

 

Five Days Good, Four Days Better

I’ve written about the length of your working week two or three times this year. Specifically, I’ve discussed the difference keeping Monday mornings free has made to my effectiveness and my weekends – and the simple fact that ‘throwing hours at it’ is never the answer. Once you go over 50 hours a week the evidence is very clear: you become less, not more, effective.

I’m not alone with my ‘Monday mornings’ – or Fridays as they are for several Board members.

So I was intrigued when I came across this article in Cap X: ‘Why a four day week isn’t good for your health.’

The article is by Allard Dembe, Professor of Public Health at Ohio State University. The four day week is the Holy Grail he says: it gives more leisure time and family time – and significant cost savings for business.

201504_1038_gbfde_sm

He points out that many big companies have tried the four day – or ‘compressed’ – week. It’s not just Amazon and Google, Professor. Plenty of businesses I work with in North Yorkshire encourage flexible working, recognising that they’re in the results business, not the hours business.

In his article Dembe concedes some of the advantages of the four day week: but ultimately maintains that the evidence suggests it isn’t good, either for employees or for companies.

He states – rightly – that the same amount of work needs to be done. In simple terms, five days of eight hours translate to four days of 10 hours. And it’s the extra two hours – tacked on at the beginning or end of the day – that draw his fire. “All hours,” he says, “are not created equal,” citing studies showing that longer working days can contribute to ill-health later in life. And he questions whether a ten hour day is worth it if it means losing time with your children for four days of the week.

And as you’d expect from a professor of public health, he also points out that workplace accidents happen when we’re tired.

I’m not going to put Professor Dembe’s article in the same category as Liam Fox’s assertion that we’re all ‘fat, lazy and off to play golf’ – a claim I note he didn’t make at the Conservative conference – but I do fundamentally disagree with it, especially for the entrepreneur.

He makes some valid points, but there’s a simple fact: flexible working is here to stay. The challenge for anyone running a business is to find working arrangements that work for all the members of your team. You have to do that: the top talent that you want – and need – is increasingly demanding flexible working.

But even more importantly, I think flexible working is essential for you: for the entrepreneur.

Yes, we carry our phone and our iPads and we access Dropbox. And yes, that means work is never more than a couple of taps or clicks away. But it also means we have far greater flexibility – that we can both work when it suits us and work around family commitments and our work/life balance.

Earlier this year I mentioned the tendency to think in the same way if you’re in the same place. It’s almost impossible to think strategically about your business if you’re at your desk, ensnared in what Stephen Covey described as “the thick of thin things.” That’s why I’m an absolute advocate of spending working time away from your desk, be that Friday, Monday morning or whenever best suits you.

Working at home – or in the coffee shop – gives you space to think and to emphatically work ‘on’ the business not ‘in’ the business.

As the Scottish poet said, “’Tis distance lends enchantment to the view.” As the English business coach says, “’Tis distance lends perspective to the business.”

And that perspective is one of the most crucial factors in making your business a success. So don’t be afraid to work from home one day a week or to shorten your working week: in the long run it can only benefit you and your business.