Small business owners know when they start out that they are likely to have to sacrifice work/life balance to make their fortunes but ignoring the signs that you or your staff are under too much strain can be devastating.
A new survey by Bibby Financial Services suggests that 98% of small business owners feel stressed at work with more than one in four (26%) admitting they feel under pressure between 75% and 100% of the time.
“Many entrepreneurs go it alone because they want to be their own boss,” said David Robertson, chief executive at Bibby Financial Services. “However, it’s vital they retain a work-life balance for themselves.
“Not only does it make sound personal sense but a positive work/life balance delivers a number of benefits including increased staff loyalty, greater motivation of employees, reduced absenteeism, attraction and retention of a talented workforce and improved customer service,” he warned.
nd there are signs that the pressure small business owners put themselves under can filter through to their staff. According to business advice research by the Office for National Statistics, just over a fifth of people in work – or 5.8m – now work over 45 hours a week while the British Medical Journal suggests that stress-related illness now accounts for more long-term sickness absence than physical injuries.
Bibby Financial Services suggests the following tips to help identify the signs of stress before the issue becomes a problem:
Watch out for ‘sickies’
The most common side effects of excessive stress levels are irritability, insomnia and difficulty concentrating but more serious physical complaints such as migraines, nausea and ulcers can be caused by feelings of stress for prolonged periods of time. A rise in staff taking frequent short spells off work should be a warning bell that morale and confidence is low
Putting in the hours
Not leaving work on time at the end of the day could indicate there is too much to cope with. Staff who work under added pressure feel that they have to overcompensate for low or fluctuating concentration levels throughout the day by staying late
Paperwork pile-up
If the workspace is turning into a ‘paperwork pile-up’, it could indicate staff are feeling so under pressure they are unable to clear things up as they go about their work. This can in turn aggravate feelings of stress and increase negativity
If any of the above sounds familiar practical steps can be taken to combat the problem:
Don’t depend on long hours
Don’t start depending on your team’s long hours. The chances are they are being put in to make up for poor organisation and planning in the workplace. Get back to grass roots and look at the cause of the problem
Reward commitment
If you do need the team to go that extra mile and you don’t pay overtime, think creatively about how you can give them other rewards – such as time off in lieu and one-off bonuses – to reward commitment
Ask around
Find out about staff needs and expectations – what type of work-life balance initiatives would they prefer and how do they see it working in practice? Involving staff in the decision making process will increase the likelihood of success
Shout about it
Remember to include your commitment to work-life balance in recruitment advertising and explain your staff policies to new joiners. Ensure your policies are comprehensively explained in the staff handbook and in team briefings