Better Balance, Better Business - Why Go Family Friendly?
Family friendly workplaces have policies in place that help employees work more flexible hours and take leave when they need it to allow them to care for others.
The owners of Axia Solutions knew time with their children had to be a priority. Photo: Gabriella Favretto.
They are also workplaces where employees can ask about and access these options without feeling like they are letting the team down or jeopardising their employment.
Not only are family friendly practices good for your employees, they’re good for your business. They also help you to achieve your own goals for balancing the demands of running your business with your personal life.
Good for business
As a small business owner you live and die by your bottom line, and so you may be concerned about the costs of implementing family friendly practices. The good news is that research shows that family friendly policies can actually improve efficiency and save you money.
Some of the proven benefits of family friendly practices include:
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• Happier employees – at work and at home – with less stress and better health |
•Increased employee productivity, motivation, creativity and ownership of results |
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• Increased levels of customer satisfaction |
• Greater ability to meet business demands |
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• Lower absenteeism |
• Improved employee loyalty |
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• Reduced risk of physical and mental burn out |
• More employees returning to work after maternity leave |
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• Employer of choice - better quality applicants are attracted to available jobs. |
Costs of replacing employees
Studies show the benefits of family friendly policies and practices far outweigh the costs for businesses.
Implementing family friendly practices helps retain staff and often costs far less than replacing employees.
• When an employee leaves, you lose their knowledge and networks, you generate recruiting and training costs and you lose valuable time you could be spending on the business.
• These costs have been estimated to be 38% of the employee’s annual salary.
Check out this handy 'Costing Turnover Calculator' to determine how much money your business could save through retaining employees.
Replacing an employee on a salary of $45,000 could cost you $15,960.
For further information about replacement costs, check out Industrial Relations Victoria's ‘Work and Family Balance Manual: Better practices for better business’ .
Costs of absenteeism
Providing employees with flexible alternatives reduces absenteeism and that saves you money.
• Absenteeism costs include paying the employee while they are not able to be productive, juggling other employees to cover absent employees, overtime, losses, etc.
• These costs are estimated to be 30% on top of an employee’s daily salary.
An employee on a salary of $42,000 costs you $227.50 each day they are absent.
Want to know more about the business case for family friendly work practices? Check out this fact sheet from Industrial Relations Victoria .
Good for women, good for society
Anne Tzouvelis and Jodi Read formed Axia Solutions out of their shared desire to have professional, part time work that would be flexible for their families. Photo: Gabriella Favretto.
Women are still overwhelmingly the primary carers in our society. Difficulties balancing work and family are a major cause of stress for women today and can prevent them from re-entering the workplace or progressing their careers.
Women own more than 30% of Australia’s small businesses. By creating a supportive environment for you and your employees to care for your families, you are helping to change the culture of work for women for the better.
Do well by doing good
Did you know that your good works could lead to other benefits, like great opportunities to promote and enhance the reputation of your business?
As a leader in family friendly best practice your business could be recognised through accreditations such as:
• Equal Opportunity Employer of Choice for Women
and awards such as the: