Flexibility definition, the ability to bend easily or without breaking:The shoe soles are made from elastic materials to provide perfect flexibility. 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. Show Summary Details. Other product-based small businesses find success with bundling product offers to add value or coupling products with services, such as a free one-year support plan with a product purchase, or on the flip side, a free product with the purchase of a service package. Businesses are willing, even eager, to pay for new clients.". Share 1. That said, they … With it, there’s far more potential and peace of mind. Flexibility aspects of the capital structure decision are very similar to risk problems and are analyzed in the same way. We have also had to lower our prices to get clients.". The best example of strategic flexibility is the firm that is able to transform itself radically and permanently. The importance of flexibility in business simply can't be overstated. Part of flexibility in business means being able to apply your existing skill … Freelance talent can be a major competitor for established small businesses. 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. When your vision changes, change direction with it. 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. Capable of being bent or flexed; pliable: a flexible hose. Focus on a scalable business model flexible meaning: 1. able to change or be changed easily according to the situation: 2. able to bend or to be bent…. They assess the needs of employees and provide feedback, guidance, and recognition individually to optimize performance. Others have increased profits by outsourcing some tasks to offshore talent. Functional Flexibility is a concept in companies where employees can work in different functions or can be deployed purposely to various functions with different roles and responsibilities. their inputs and costs required to achieved organisational objectives and goals. 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 definition, the ability to bend easily or without breaking:The shoe soles are made from elastic materials to provide perfect flexibility. In a flexible workplace, the needs of both employee and employer are met. This trait is used when stressors or unexpected events occur, requiring a person to change their stance, outlook, or commitment. Instead, flexible employees modify their approach to tasks based on the preferences of stakeholders and the unique demands of each situation. Flexible managers treat employees as individuals and make an effort to accommodate personal styles and needs. I was talking to a local shop owner the other day who was bemoaning the typical seasonal business slowdown. They may telecommute during special conditions, such as inclement weather, or on a daily basis. By using The Balance Careers, you accept our. This usually begins with the ordering of raw materials for the production of various products. Delivery flexibility is being able to change the timings of delivery in a product/service. "Small businesses are always looking for more clients, and we can bring that to them very affordably. Some areas of business may resist and indicate that it isn’t suitable for them or their business. A flexible work environment has many benefits. 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 … Review your business to see what aspects are repetitive or monotonous and make it your ultimate goal to automate them as much possible so that your attention remains focused on growth-related activities. The paper aims at discussing the meaning of flexibility in business processes. 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. But if your business really wants to differentiate itself, consider elevating flexibility to the level of a company core value. 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. By: Pam Lassiter. Customer loyalty – e.g. Freedom and happiness are found in the flexibility and ease with which we move through change. 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. Freelance workers typically are hired for project-specific assignments. Price points are in constant flux, as some niche markets are in high demand and can realistically raise prices. This helps employees maintain a work / life balance and can help employers improve the productivity and efficiency of their business. Having employees who are willing to step outside their job description means employers don't need to find others to take on more work. 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. A flexible workforce is a workforce that can perform a variety of different functions. This leads to customer frustration and spoils the customer experience which leading to loss of customers and profit. "We've seen a significant increase in our business because of our global hiring in the Philippines," says Sander Daniels, co-founder of Thumbtack. Workplace flexibility is a strategy of responding to changing circumstances and expectations. (Definition of flexibility … 4. Paul Kagame. 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. The strategic flexibility of a firm is its capability to adapt to changes in the external environment. 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. 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. Two forms of flexibility are discussed: Short-term flexibility, which is the Workplace flexibility includes the ability to adapt to changing situations, resilience, innovativeness, and the willingness to learn and apply new skills. There are a variety of ways that workplace flexibility can be implemented by workers and employers. 57. Gautama Buddha. Workplace flexibility meets the needs of both the business and its workers. 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. Outsourcing can also mean more affordable labor for some businesses. "Companies are not hiring PR agencies anymore. Employee Life and Family Challenges With Flexible Work Schedules? Differentiation can occur by way of a variety … New data . 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. At the end of the day, customers want to feel as though they're receiving value. Volume flexibility involves the output of a process and being able to produce different quantities/volumes. Essential components of a successful strategy include, but are not limited to, the following: 1. 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. Here are some examples of the ways workers can demonstrate flexibility. 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. Don’t accept everything as it first seems. Definition: The flexibility principle states that an accounting information system should be able to adapt to changes in the company based on its needs, operations, and management. Expanding access to workplace flexibility is a priority that is critical to helping working families and driving employee engagement. That in turn means employee turnover is reduced, as is the cost to recruit and train new hires. Equipping staff with the smartphones, tablets and laptops they need to … However, flexibility is difficult to achieve and may lead to new issues and concerns. When evaluating business flexibility, the idea is to look closely at all the activities involved in the business operation. 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. Managers who are flexible provide workers with greater latitude about the way they accomplish goals. Workplace flexibility emphasizes the willingness and ability to adapt to change, particularly regarding how and when work gets done. Competition keeps us awake at night. "Over the last year, we've actually been able to increase prices on our site," says Daniels of Thumbtack. b. Others must lower their price points to attract new clients, while some leverage innovative pricing models that increase value for customers without sacrificing revenue. It keeps us from becoming complacent. 2. 5. Deploying new solutions. Small businesses that help other business owners to thrive may see an uptick in revenues as those other owners seek any opportunity to increase revenues. These work arrangements typically include flexible schedules outside of the traditional 9-to-5. 2. 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. That's why the importance of flexibility in business can't be overstated. A flexible workforce is a workforce that can perform a variety of different functions. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. Readily bending or twisting the body without injury: You can play soccer much better if you're flexible. Flexibility in the workplace allows employers and employees to make arrangements about working conditions that suit them. Individual complications are dependent on the niche market they serve. Such is the case of Spyglass, the firm which commercialized the first Internet browser, Mosaic. flexibility definition: 1. the ability to change or be changed easily according to the situation: 2. the ability to bend…. Flexibility requires strong communication, transparency and trust. In physiological terms, flexibility is defined as the ability of a joint or a group of joints and muscles to effectively move through an unrestricted and pain-free range of motion. Financial flexibility gives a business the ability to adapt, pivot, and evolve with relative ease. The discussion applies concepts taken from two theoretical frameworks: the Generic Process Model (GPM) and the theory of coordination. It spurs us on to outpace them.". These factors can enable small businesses to respond readily and rapidly to shifting demands. Being flexible is not something that business owners should fear; rather it is something that can actually help you take your business to the next level. © 2020 American Express Company. Let no one think that flexibility and a predisposition to compromise is a sign of weakness or a sell-out. When professionals find themselves out of work, many look to freelancing. Alison Doyle is the job search expert for The Balance Careers, and one of the industry's most highly-regarded job search and career experts. Some entrepreneurs see competition as proof of demand. Is the variation in the numbers of hours worked and the timing of the work. Just to make arrangements about working conditions that suit them. `` activities involved in the same way,,... Willing to adapt to new circumstances allow me to explain how flexibility has become an increasingly valuable skill modern. Inspiration to help with non-critical business components is about when, where and how work gets done niche. 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