In recent years flexible working has become more common and it’s now one of the biggest considerations for people when looking for a new job. According to research from the CIPD:

• 71% of people say flexible working is important to them
• Almost 2 million people have left a job in the previous year due to a lack of flexible working
• 4 million people have changed careers altogether because of a lack of flexible working within their sector.

So it should come as welcome news that employees now have the right to request flexible working from their first day in a new job.

New legislation came into effect in the UK on 6th April 2024, updating the Flexible Working Bill, which previously meant that people weren’t able to put in a formal flexible working request until they had been continuously employed by a company for at least 26 weeks.

This is a great next step towards a more equitable work environment, allowing more people to stay in the workforce and therefore save more towards their future and plan the retirement they want.

Flexible working is for everyone

There are many reasons why someone would choose flexible working - it’s not just for parents and carers. But many people don’t think about flexible working in that way.

We supported a recent piece of research by Timewise which looked at how people view flexible working, and the results were interesting.

• The majority of focus group participants perceived part-time working to be an arrangement primarily for parents and carers, rather than as an option available to all.
• Additionally 46% of survey participants felt that working part-time limited career progression.

If we want to see societal change, we have to shift current perceptions around flexible working. This is something that’s really important to us here at Phoenix Group, which is the foundation of our Phoenix Flex policy.

Flexible working at Phoenix Group

Our approach to flexible working offers everyone the best possible experience and balance between work and personal lives. We’ve spoken to three of our employees about how flexible working has made a difference to them.

Asha: Risk Reporting Manager

For Asha, a Risk Reporting Manager at our Wythall office, it means she can compress her contracted hours into four days a week. This frees up one day a week to be there for her daughters, to care for her mother, or to make time for her own mental wellbeing.

When we spoke to Asha about the impact flexible working has had on her life, she said:

“It meant I could come back to my career after having a 10-year break to focus on being a full-time parent. Now that my girls are older, having the flexibility to continue to balance being a parent with my work makes me feel valued and empowered.”

Jason: Community & Events Manager

Jason, our Community & Events Manager in our Edinburgh Office, also works four days a week. He uses his free day to attend Edinburgh Napier University, where he’s studying for a master’s degree in human resource management. He says the most important thing for him is that he’s learning new skills that he can bring straight into the workplace.

“Having the flexibility to balance work and study means I can futureproof my career. For me, flexible working means I can build the future I want.”

Olga: UX Designer

And for Olga, one of our UX Designers, she took advantage of our relocation policy and was able to work remotely after her sister was diagnosed with cancer so that she could be there to care for her.

“Not having to choose between family and a job I love made me feel like my personal wellbeing came first. Having the option to deal with life as it comes is so helpful.”

What does flexible working have to do with pensions?

There are a number of contributing factors that are putting the UK pension system under strain. Part of the problem is that people don’t have enough personal savings, as well as large numbers of people finding themselves excluded from the workforce unnecessarily.

Flexible working is key to getting more people into the labour market, whether that’s earlier in life when they have plenty of time to save, later on to top up their existing pot, or even after the traditional state pension age to help supplement their retirement income.

It’s also no secret that people are living longer. Did you know as many as one in three children born in the UK today are predicted to reach their 100^th birthday? While this opens up new opportunities, it does put a strain on an already struggling pension system.

Now is the time to rethink the traditional model for retirement.

One of the ways we can do that is by exploring the possibilities that flexible working provides, and how it can enable people to take a more gradual approach to retirement, reducing time spent working and increasing time spent outside of work.

Flexible working later in life is vital for the economy

With people in the UK living longer, it means that the proportion of over 50s in the workforce is also increasing, now making up more than 30% of the working age population. And of that, it's estimated that between 750,000 and 1 million people over 50 who aren’t working actually want to be.

Their absence from the labour market might be due to caring commitments, personal health reasons, or any number of other unforeseen circumstances. Getting them back into the workforce is vital for the economy.

The arrival of this new legislation means that employers must consider a more flexible approach to traditional working models. This will enable more people to create a work-life balance that supports their other life commitments instead of feeling pushed out of the workforce. And ultimately, they, along with their employer, will be able to contribute to their pension savings pot for longer, or even supplement their retirement income.

We want flexible working to be a right from day one

Each of us has different circumstances and responsibilities, but flexible working benefits everyone. It’s a key enabler for the economy, businesses, and individuals. That’s why, at Phoenix Group, we have been offering flexible working from day one to all colleagues at all levels for some time now.

And while we’re delighted to see positive changes such as the latest amendment to the Flexible Working Bill, we want to see the government make flexible working a right from day one in a job, not just a right to request it, and for more businesses to proactively take that stance in the meantime.

Our resources

The research behind our insight:

• 71% of workers view a flexible working pattern as important to them when considering a new role, while 69% say the ability to work remotely is important; Flexible and hybrid working practices in 2023, CIPD
• 6% of employees have left a job in the last year specifically due to a lack of flexible working, and 12% have changed their careers/profession due to a lack of flexible working options within the sector. This represents almost 2 million and 4 million workers respectively, based on CIPD calculations: 32.95 million people are currently in employment in the UK. 6% = 1,977,000, 12% = 3,954,000; Flexible and hybrid working practices in 2023, CIPD
• 1 in 3 children born today have a good chance of living to 100; Past and projected period and cohort life tables: 2020-based, UK, 1981 to 2070, ONS
• More than 750,000 people over 50 are not working but would like to; Annual Population Survey: United Kingdom Jan - Dec 2022, Nomis*
• In the research, the majority perceived part-time working to be an arrangement primarily for parents and carers, not as an option available to all; A Question of Time: Experiences and perceptions of part-time working, Timewise
• In the UK, over-50s make up more than 30% of the working age population; Flexible After Fifty: Why flexible working after fifty should be a priority

* Includes those aged 50-64 who are either Unemployed (239,700) or who are Economically Inactive and want a job (526,600)