Read: The future is flexible

Despite all the terrible negatives of the pandemic, there’s no doubt it also presented us with a positive opportunity to review the way we work. Organisations were forced to change how they worked overnight, not only to maintain their operations but also to support their colleagues and communities. The best of them are now leading the way in assessing how those new ways of working can be further developed so they continue to benefit clients and colleagues while also improving their business performance.  

I am returning to the subject of flexible working because it is so fundamental to unlocking the talents of our workforce. Businesses themselves recognise that. A recent CBI survey found that 99% believe that a flexible workforce is vital or important to competitiveness and the prospects for business and job creation. From an employee’s point of view, the option to work flexibly has made many people’s working and personal lives better and there is growing pressure for it to be available to everyone as soon as they start a job. Research by the campaign group, Mother Pukka, and the TUC found that almost half of 13,000 mothers surveyed still don’t get the flexibility they would like at work and many who had a flexible work pattern faced discrimination and disadvantage at work as a result. 

The Institute for Fiscal Studies also published gender pay gap figures recently which showed significant gaps between men and women’s employment, working hours and hourly wages, with a woman earning 19 per cent less an hour on average than her male counterpart. Although women are now more likely than men to have a university degree, male graduates still earn 23 per cent more an hour than female graduates and at the top of the earnings distribution nine out of ten are men.  That is because for too many women, no matter how talented they are, a workplace culture means they are forced to step away from potential progression and promotion to look after their children, or to devote time to other caring responsibilities. 

While the Government is currently consulting on proposals to give every employee the right to request flexible working, some businesses have already recognised that it is key to their business success and have introduced innovative policies to drive the changes forward. 

Virgin Money has partnered with the Purpose Coalition to drive the levelling up agenda forward, particularly in terms of financial inclusion. It has adopted a comprehensive approach to the issue of flexible working. It invited its entire workforce and over 3000 members of the public to take part in a survey to find out what they most wanted to change at work in the wake of the pandemic - their overwhelming response was more flexibility in when, where and how they worked. They believe that promotes physical and mental wellbeing and happiness, supports carers, reconnects people with their local community, offers greater flexibility on geographical location and has a positive impact on inclusion. 

Importantly, Virgin Money has acknowledged that there are also challenges in introducing greater flexibility at work. Some people find it difficult to switch off when working this way and can also experience feelings of loneliness. Young people in particular are concerned that it may affect career opportunities. There is an impact on the carbon footprint of households, particularly on utility bills, and a need for investment in technology to enable the organisation to maintain the pace of change. The most fundamental acknowledgement, however, is that a one-size-fits-all approach will just not work. 

The company has responded with a blueprint which sets out the future of work for the business. Its new approach, A Life More Virgin, establishes key commitments aimed at enabling colleagues to live their best lives and serve customers and communities more effectively, while also acknowledging and addressing those challenges. They include allowing colleagues more time to focus on their wellbeing; the introduction of new colleague wellbeing tools; the availability of gender-neutral family leave from the first day of employment; the removal of boundaries on location; a focus on developing talent to drive the future of the business; the reduction of its carbon footprint; and investment in technology for colleagues that reflects its digital ambitions. What’s more, Virgin Money is clear that it’s willing to continue to adapt and evolve the bank’s approach to work in future so that it continues to meet the needs of its workforce.

Virgin Money’s ambitious plan to shape the future is one that all businesses should consider. Truly purpose-led organisations are guided by the good they can do for their staff and, by extension, for their communities. There’s no question that a happier and healthier workforce is more productive, more inclusive and more loyal. By listening to its colleagues and customers and demonstrating that it is willing to continue to adapt, Virgin Money has created a framework for its own workforce which will also help to change attitudes for the future. 

Rt Hon Lord Walney, Crossbench member of the House of Lords & former Labour MP for Barrow & Furness

You can ready more about Virgin Money’s - A life More Virgin report here.