Ignoring calls for flexible working could be costing the economy £12 BILLION

The UK could be risking £12 billion a year in economic output if employers do not fully embrace flexibility within five years, a new study has revealed.

The report, developed by workforce management expert Quinyx in collaboration with Development Economics and Censuswide, calculated that by embracing and implementing more flexible working arrangements in the future, UK businesses could generate an output of £570 billion per year through flexible working by 2023. This is compared to an output of £558 billion per year if existing flexible working trends continue.

While ONS statistics show that an additional 1.3 million workers enjoyed flexible working arrangements in 2017 compared to 2011, 73% say they still face issues when it comes to flexibility in their current work schedules.

A rigid schedule can also harm the work/life balance of employees - 15% of UK workers say that a lack of flexibility sometimes makes them feel isolated from friends and family, while one in ten say it is having or has had a negative impact on their health and wellbeing. Nearly a fifth of UK workers say that they would be more productive if given more flexible working opportunities.