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A tight labour market is putting increasing pressure on employers to offer staff flexible working arrangements, according to Lloyds TSB’s senior manager for equal opportunities.
Jon Whiteley told delegates at a Roffey Park seminar on work-life balance that the bank had introduced its Work Options scheme in April 1999 in order to attract and retain its workforce in a competitive market.
He explained, “If we lose a senior manager it will cost about £45,000 in terms of recruitment and training to replace them.
“Employees are increasingly saying they have only one life and they want to enjoy it. There has been a shift away from the long hours and presenteeism culture of the 1980s and 1990s.”
Whiteley said that if the rate of women returning to work at Lloyds TSB after the end of the maternity period dropped from its current level of 86 per cent to 76 per cent it would cost the bank £1.5 million a year.
He added, “Work Options is available to everybody. It is a business-focused policy that enables the individual and the bank to work in partnership to match the needs of the individual to the needs of the business.
“We want to make sure flexible working is not just seen as a women’s issue. Managers and men are encouraged to apply.”
Options include reduced hours working, job share, compressed working week, variable working hours and working from home but Whiteley stressed these are not set in stone and staff are encouraged to think creatively.
At present 28 per cent of the bank’s staff benefit from some sort of flexible working arrangement and Whiteley is optimistic this will increase to more than a third over the next two years.
“The tight labour market is a big issue for a lot of employers competing for scarce resources. Being able to offer effective flexible working options does have a direct impact on the bottom line and cost,” he said.
By Ben Willmott
