flexibility meaning in business

This flexibility can mean multiple things depending on the nature of your business. Businesses are willing, even eager, to pay for new clients.". But they will outsource to a marketing agency. "Over the last year, we've actually been able to increase prices on our site," says Daniels of Thumbtack. The organization has to identify major changes in the environment, quickly change commitment of resources to new courses of action to counter the change, and to identify markers in order to restore to previous commitments when the external environment is back to the initial state. Despite increasing momentum toward businesses offering more work flexibility, it’s still relegated to the status of a “nice to have” benefit at many companies. Despite its name, Employmum is a unisex service. Workplace flexibility emphasizes the willingness and ability to adapt to change, particularly regarding how and when work gets done. Here are a few examples of how you might demonstrate it: Offer to help out another team member if you notice that he or she is overloaded. 2. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. By: Pam Lassiter. Small businesses today must be flexible, or they risk failure. Regardless of what type of job you are applying for, it will benefit your candidacy if you can show the interviewer examples of how you are flexible and willing to change course. But if your business really wants to differentiate itself, consider elevating flexibility to the level of a company core value. You can overdo this conditioning. Flexible managers treat employees as individuals and make an effort to accommodate personal styles and needs. Small businesses, on the other hand, can benefit from having tighter, rapid feedback loops and more direct involvement from decision makers, as well as looser processes and systems. Workplace flexibility A company is said to have workplace flexibility when they acknowledge employees’ needs to deal with unforeseen circumstances in regards to scheduling. Some areas of business may resist and indicate that it isn’t suitable for them or their business. It keeps us from becoming complacent. Adaptability & Flexibility Adaptability is a critical quality that employers seek in early 21st-century employees. Some entrepreneurs see competition as proof of demand. Work flexibility (also called workplace flexibility) is when the employer gives some or full freedom to its employees to choose the time (when), location (where), and manner (how) in which they work to help align organisation goals with the individual goals. "Small businesses are always looking for more clients, and we can bring that to them very affordably. They assess the needs of employees and provide feedback, guidance, and recognition individually to optimize performance. flexibility definition: 1. the ability to change or be changed easily according to the situation: 2. the ability to bend…. Decisions keep the business moving forward, and forward is always a good thing. Remote working and flexibility helps businesses in savings on travel costs, increasing efficiencies in business processes, increasing productivity etc. You’ll Land More Clients. 56. Others must lower their price points to attract new clients, while some leverage innovative pricing models that increase value for customers without sacrificing revenue. Quick Reference. At the end of the day, customers want to feel as though they're receiving value. It keeps us from becoming complacent. It spurs us on to outpace them. Process flexibility not only improves your processes in terms of their output, but trusting the process user in key moments makes following the process easier for them too. Others have increased profits by outsourcing some tasks to offshore talent. Two forms of flexibility are discussed: Short-term flexibility, which is the "Of course we're facing increased competition," says Matt Michel, CEO of Service Nation. Telecommuting: Not every employee needs (or wants) to work in an office; telecommuting lets them work from elsewhere, such as a home office or coworking space. Volunteer to cover a colleague's work while he is on leave. 54. The Balance Careers uses cookies to provide you with a great user experience. With it, there’s far more potential and peace of mind. It spurs us on to outpace them.". Essential components of a successful strategy include, but are not limited to, the following: 1. When businesses embrace corporate flexibility, it can be possible to weather these challenges. Flexibility For Success Alessandra described five components someone should have to attain a high level of flexibility: respect for people, confidence, … Business agility refers to rapid, continuous, and systematic evolutionary adaptation and entrepreneurial innovation directed at gaining and maintaining competitive advantage. For the purposes of this article, we propose using a simple framework for thinking about competitive strategy. 4 Reasons Speed Is Everything in Business It's difficult to overstate the importance of speed in business. Competition and the Freelance Factor Business flexibility refers to a company's ability to adapt to new circumstances. Learn more about workplace flexibility, its benefits, and the skills workers and employers use to stay flexible. The Advantages of Flexibility in an Organization. An example of such flexibility is allowing employees to give input when creating schedules and allotting shifts. Flexibility is a personality trait that describes the extent to which a person can cope with changes in circumstances and think about problems and tasks in novel, creative ways. A clear customer need in a defined, significant target market It is trite to say that the essence of competitive advantage is a differentiated offer relative to competitors. Capable of being bent or flexed; pliable: a flexible hose. A service-based business utilizing a cost-plus pricing model may pivot to subscription-based pricing, hourly pricing or tiered, volume-based pricing. Take Keap's Lifecycle Marketing quiz to identify growth opportunities in your business. Freelance talent can be a major competitor for established small businesses. when they are asked to take on a new assignment. Flexibility on the part of a worker could be to adjust the hours they work—coming in early, staying late, or working on an off day—to accommodate the needs of the company. As a basic definition, flexibility in the workplace is about when, where and how work is carried out. 57. For example, one employee may require more structure in their job duties and another may function better working independently. For example, when a new player enters the market with a new product, it is a major change in the external environment of an existing organization. Being flexible gives the potential for a business to hold a competitive edge due to their wider variety, different volumes and varying delivery dates. These work arrangements typically include flexible schedules outside of the traditional 9-to-5. (Definition of flexibility … The added competition, which often comes at a lower cost, can pose a challenge for established boutique firms. Lack of flexibility in the workplace kills productivity, says report 9th October 2015 5:38 pm 18th January 2017 5:15 pm New research shows that highly engaged staff are more likely to be late for work, do personal tasks during working hours such as online shopping and checking social media accounts, and work from home. Flexibility and Rigidity in Russian Business Contracting: The Formal and Informal Framework in Contracting by Soili Nystén-Haarala, Elena Bogdanova, Alexander Kondakov, and Olga Makarova, the authors remind us that regulations will always be enforced by percentage of repeat business; Efficiency and flexibility targets. Freelance workers typically are hired for project-specific assignments. With the capability to adapt and mold offerings and experiences to deliver better products, higher-quality services or greater overall value, small businesses can earn market share even in the most saturated niches. Again, corporate flexibility and adapting to market demands can be the key to success. Expanding access to workplace flexibility is a priority that is critical to helping working families and driving employee engagement. Flexibility is a trait most employers look for in an employee. Learn more. A flexible business model can help a business shift its core focus to accommodate market demands. This usually begins with the ordering of raw materials for the production of various products. 3. Share. Flexibility has become an increasingly valuable skill in modern workplaces where unpredictability and change is often constant. These factors can enable small businesses to respond readily and rapidly to shifting demands. Process flexibility is a significantly underappreciated concept within business process management but one which Process Street, at least, is taking seriously. Tweet. Able to change to cope with variable circumstances: "a flexible and quietly competent administrator" (Jerome Karabel). Product flexibility can be defined as the amount of responsiveness (or adaptability) for any future change in a product design, including new products and derivatives of existing products. The importance of flexibility in business. Instead, flexible employees modify their approach to tasks based on the preferences of stakeholders and the unique demands of each situation. This helps employees maintain a work / life balance and can help employers improve the productivity and efficiency of their business. Financial flexibility sounds great, but how do companies achieve it? We have also had to lower our prices to get clients.". Workers with an orientation towards flexibility don't say, "It’s not my job" or "Do I have to?" Freelancing. Pricing is another area with two sides to its story. flexible workforce: A flexible workforce is one that grows in number to meet needs at any given time and falls back to a baseline number when the increased size is no longer necessary. 1 Shares. In other words, it is a group of multi-skilled workers.The term ‘flexible workforce’ may also refer to a workforce that grows and shrinks in size.Specifically, it grows and shrinks in size according to the employer’s needs. It helps workers achieve greater work-life balance, leading to increased employee satisfaction and improved morale. 1. a. With regard to joints specifically, flexibility is the degree of extension that its tissues are capable of. Flexibility A firm’s ability to respond to changes in its environment both rapidly and at low cost In a business context, flexibility can refer to a number of different ideas. Deploying new solutions. For some organizations, it could mean hiring multiple temporary employees for a spike in business. Condensed schedules: Rather than a five-day workweek, a condensed schedule fits the same amount of work over a shorter amount of time, such as three or four days, giving the employee an additional day or two off during the week. It can also help mitigate the war for talent.. As an HR professional, you are in the perfect position at the perfect time to make a difference in both your company and in the country. Some of the common feedback she receives from her store managers involves her inability to authorize returns or match sale prices without the permission from upper management. The best example of strategic flexibility is the firm that is able to transform itself radically and permanently. Strategic flexibility enables firms to achieve superior performance in dynamic and competitive business environment (Zhang, 2006; Nadkarni and Herrmann, 2010). By using The Balance Careers, you accept our. For boutique firms, the trend toward outsourcing is a plus, as corporations gladly enlist smaller firms to help with non-critical business components. 3. Thus, they have more to offer their employer than employees who can only do one or two tasks. Workplace flexibility meets the needs of both the business and its workers. Some small businesses may find success with performance-based pricing, in which customers pay for results rather than time or services. That's why the importance of flexibility in business can't be overstated. Business and Management; GO. Every niche faces its own set of challenges, but small businesses have a lot of commonalities. Flexibility in the workplace allows employers and employees to make arrangements about working conditions that suit them. Financial flexibility gives a business the ability to adapt, pivot, and evolve with relative ease. But flexibility isn't just about reacting to situations as and when they arise. A flexible workforce is a workforce that can perform a variety of different functions. Flexibility is a necessary entrepreneurial trait. Chief Ideation Officer, CODA Concepts, LLC. Flexibility For Success Alessandra described five components someone should have to attain a high level of flexibility: respect for people, confidence, … Individual complications are dependent on the niche market they serve. Flexibility at Work Definition: Flexibility at the workplace allows one to evaluate what is happening and adjust to the role and responsibilities or even the job being offered. On the flip side, however, U.S.-based small businesses could see work decrease if their niche is a service that's easily provided by offshore workers. Small businesses bringing a quality product or service to the table may not be stifled by freelance competition, but encouraged by it. May 2, 2020 By Jackie Harder Leave a Comment. Part of flexibility in business means being able to apply your existing skill … A nurse who works the afternoon shift will have trouble exercising flexibility, for example, if they can't find another employee to cover their shift. Employers that permit telecommuting, or working from home, can reduce overhead with less need for office space; working from home can also have a beneficial environmental impact by eliminating lengthy commutes. Differentiation can occur by way of a variety … "We needed to do this because of the economy," Boyd explains. Labor market flexibility refers to firms' ability under a jurisdiction's laws and regulations to make decisions regarding employees's hiring, firing, hours and working conditions. See more. A version of this article was originally published on March 29, 2012. Employees who approach their job with a flexible mindset are typically more highly valued by employers.​ Similarly, employers who cultivate a flexible work environment are attractive to employees. Here are some examples of the ways workers can demonstrate flexibility. There are a variety of ways that workplace flexibility can be implemented by workers and employers. A flexible business model helps niche businesses in today's business climate. What we are seeing is that people want the ability to work remotely, work split hours, work around the traffic, do school drop offs or pickups or leave early on a Friday for a … A flexible workforce is a workforce that can perform a variety of different functions. That in turn means employee turnover is reduced, as is the cost to recruit and train new hires. In contrast with a risk problem, a flexibility crisis is one of the large number of improbable but possible events that threaten the basic earning power of the business. A flexible design will reduce redesign costs and allow quicker response to customers with increased performance. With pricing often emerging as a sticking point for small businesses experiencing a decline in sales, some companies find success with alternative pricing models, rather than simply lowering costs. their inputs and costs required to achieved organisational objectives and goals. However, flexibility is difficult to achieve and may lead to new issues and concerns. It is very important for the employer and employee to be flexible as it creates a streamlined workforce and technology adopted, due to changes in the market. "Every successful business faces increased competition over time. Flexibility definition, the ability to bend easily or without breaking:The shoe soles are made from elastic materials to provide perfect flexibility. Flexibility skills are also relevant to the approach management takes to handling employees. Workplace flexibility can enhance work-life balance for employees, leading to greater satisfaction and retention. "We have a team of 150 hardworking, talented people who have allowed our business to thrive.". Are you a “yes, but” business owner? © 2020 American Express Company. In other words, the flexibility principle is a concept that suggests any information system used by a business should be able to change and grow with the company. Freedom and happiness are found in the flexibility and ease with which we move through change. Tools like R-HUB web video conferencing servers, WebEx, GoMeetNow, gotomeeting etc. With rapid changes in technology, diversity and society, companies need employees who are open to new ideas, flexible enough to work through challenging issues, and generally able to cope when things don’t go as planned. All rights reserved, Insights and Inspiration to Help Grow Your Business. That said, they … Savvy niche businesses survive in today's business climate, where outsourcing and freelancing are part of the picture. Is the variation in the numbers of hours worked and the timing of the work. When you are flexible, you are able to deal with unexpected challenges quickly, calmly and efficiently. SaaS and other software companies, for instance, can leverage volume-based pricing or a freemium model (in which basic features are offered for free and advanced features are available on paid tiers). Customer loyalty – e.g. Always keep developing your vision and your goals. When your vision changes, change direction with it. For instance, small businesses serving core business components could suffer as corporations seek full-time staffers to meet those needs. This can be accomplished by making the employees multi-skilled so that they can perform various types of tasks whenever required. Such is the case of Spyglass, the firm which commercialized the first Internet browser, Mosaic. In the sense of managing human resources, flexibility can be defined as the organisation adapting to size, composition, responsiveness and the people.
flexibility meaning in business 2021