What Is the Price of Flexibility and a Better Work-Life Balance?

How much money do we need to make us happy? It is a much-debated question, but an answer I heard at a recent event in west London surprised me. To be truly content, it was said, people don’t need to be rich, they need “just enough”.

I was at a night of five, 15-minute literary talks and Paul Dolan, professor of behavioural science at London School of Economics, was speaking about his new book Happy Ever After: Escaping the Myth of the Perfect Life. His argument was that to be happier we need to move away from a culture of “more please” to one of “just enough”.

It made sense. Most people assume that ever more happiness is achieved with ever more money; in reality, Prof Dolan says, the higher up the income ladder you go, the less happy you get. He cites various studies that found income of about £50,000 a year is the point at which further increases in income lead to a decline in happiness.

Many successful high earners tend to be more miserable as they move up the corporate ladder, with their working life starting to eat into their home life. For example, longer working days often equate to people not seeing their children and a reduction in time for hobbies or personal vocations.

But while Prof Dolan’s talk lasted just 15 minutes, it had a longer lasting effect on me. What would make me happier, I wondered. A bit more money? Yes, certainly, but it is more complicated than that. Having “just enough” would stop me worrying about money, but now I have children I also place a high value on how and when I work.

And I’m not alone. There have been countless reports into the increasing demand for flexible or agile working over the past year reflecting a growing backlash from employees against the trend for working 9-5 (or more realistically 9-7) hours a day.

A survey by (UK website for parents) Mumsnet last year reported that three-quarters of parents found flexible working — including part-time hours, job shares and reduced hours during school holidays — more important to them than perks such as health insurance and gym membership, and more than half of them valued it over getting a pay rise.

Any businesses that are not exploring flexible working opportunities are missing a trick. By offering agile working and a more understanding ethos through the company, businesses can create a happier and more engaged workforce. Don’t assume that part-time workers are less productive. Many report that working fewer hours helps them to focus on the time they have.

In this difficult economic climate, employers claiming not to have enough extra money to hand out pay rises should focus on promoting more flexible ways of working, such as parent employee networks and shared parental leave.

What is clear to everyone is that the old fashioned nine-to-five model of working, established at a time when typically a man went to work each day while his wife stayed at home to do everything else, is no longer viable.

Vocabulary:

much-debated – argued or discussed a lot by many people with different opinions, “Whether video games are good for children is a much-debated topic among parents.”

content – happy, satisfied, and comfortable with what you have, “He was completely content sitting by the fire with a good book.”

literary – relating to books, literature, or serious writing, “The city hosts an annual literary festival where famous authors speak about their books.”

behavioural science – the study of human habits, actions, and decision-making processes, “Experts in behavioural science study why people choose healthy foods over fast food.”

myth – a commonly believed but false idea, story, or misconception, “It is a myth that eating carrots can give you perfect night vision.”

argument – a set of reasons given with the aim of persuading others that an action or idea is right or wrong, “The lawyer presented a strong argument to prove that his client was innocent.”

assume – to accept something as true without checking the facts or having real proof, “Do not assume that someone is angry just because they are quiet.”

income ladder – a series of stages or levels of personal earnings, from low-wage jobs to high-paying careers, “As you move up the income ladder, you are able to save more money for retirement.”

cites – mentions, refers to, or provides something as a reason, proof, or example, “The scientist cites several historical studies to prove her theory.”

decline – a continuous decrease or drop in amount, quality, strength, or success, “The town noticed a sharp decline in tourism during the rainy season.”

high earners – people who make a very large amount of money from their jobs or investments, “The luxury apartment building was designed for high earners who work in the financial district.”

miserable – very unhappy, uncomfortable, or sad, “The rainy weather made everyone feel cold and miserable during the camping trip.”

corporate ladder – the series of increasingly important and higher-paying jobs within a company, “She worked hard for ten years to climb the corporate ladder and become a director.”

eat into – (phrasal verb) to use up or destroy a part of something valuable, like time, freedom, or money, “Unexpected car repairs can easily eat into your monthly savings.”

equate to – to be equal to, signify, or result in a specific situation, “Longer factory shifts do not always equate to higher quality products.”

vocations – strong desires, callings, or careers that people feel uniquely suited for or dedicated to, “Teaching and nursing are often considered vocations rather than just ordinary jobs.”

countless – too many to be counted; a very large number, “There are countless stars in the night sky that we cannot see without a telescope.”

agile working – a modern business practice that focuses on giving workers flexibility over where, when, and how they complete tasks, “Our company uses agile working so employees can choose to work from home or the office.”

reflecting – showing, expressing, or being a clear sign of a specific situation, trend, or feeling, “The student’s excellent project is reflecting the hard work she put into her research.”

backlash – a strong, negative, and sudden reaction by a large group of people against a choice, event, or trend, “The company faced a major backlash from customers when it raised its subscription prices.”

trend – a general direction in which something is changing, developing, or becoming popular, “There is a growing trend of people using reusable bags instead of plastic ones.”

job shares – employment arrangements where two people share the responsibilities, pay, and hours of one full-time position, “The school offers job shares so that two teachers can split the work week evenly.”

perks – extra advantages, benefits, or rewards given to employees in addition to their regular salary, “Free snacks and gym memberships are common perks at tech firms.”

valued it over – considered something to be more important, useful, or worth more than an alternative option, “She valued it over any other gift because it was handmade by her daughter.”

missing a trick – (idiom) failing to notice, take advantage of, or use a great opportunity that could bring success, “If you do not advertise your shop on social media, you are missing a trick.”

ethos – the set of moral beliefs, core values, or attitudes that define a community, culture, or company, “The school’s ethos focuses heavily on kindness, teamwork, and honesty.”

workforce – the total number of people who work for a specific company, industry, or country, “The factory expanded its workforce by hiring fifty new workers this month.”

productive – achieving or producing a significant amount of good results or work efficiently, “Organizing your desk can help you be more productive throughout the day.”

economic climate – the general state or health of regional or global finances and business activity at a certain time, “During a difficult economic climate, many families try to spend less money on luxury items.”

hand out – (phrasal verb) to give or distribute things to a group of people, “The volunteer started to hand out blankets to people sleeping on the streets.”

parental leave – time off from work given to parents to care for a new baby or young child, “He took three months of shared parental leave to stay home with his newborn son.”

established – started, created, or set up on a firm and permanent basis, “The family bakery was established in 1950 and is still successful today.”

typically – usually, normally, or in a way that is characteristic of a particular person, thing, or group, “On weekends, he typically wakes up late and makes a large breakfast.”

viable – capable of working successfully, surviving, or being practically achieved; workable, “Without a proper budget, opening a second restaurant is simply not viable.”