The traditional full-time model is no longer the only path to success. In the UK and Ireland, a growing number of parents, particularly mothers, are leaving the workforce due to a lack of flexible work options. This not only hinders their career progression but also creates a talent drain impacting the economy.
The Parental Penalty: A Cost to Everyone
Research by the Fawcett Society shows that 40% of mothers in the UK with young children are not working full-time due to childcare commitments. The gender pay gap in the UK sits at 14.9% according to recent ONS figures, with childcare a significant contributing factor. This "parental penalty" has a ripple effect:
- Reduced GDP: A McKinsey Global Institute study estimates that closing the gender gap in the workforce could add ￡150 billion to the UK's GDP by 2025.
- Talent Shortage: Businesses across professional fields like Accounting, Sales, Legal, and Finance are facing skill shortages. Experienced professionals who leave due to inflexible work arrangements represent a loss of valuable expertise.
The Upside of Part-Time Professionals (for Parents):
Creating more part-time opportunities in professional careers offers significant cost benefits for parents:
- Reduced Childcare Costs: Part-time work allows parents to manage childcare responsibilities, potentially reducing reliance on expensive full-time daycare. A 2023 Coram Family and Childcare report estimates the average cost of full-time childcare for a child under two in the UK to be ￡215 per week.
- Maintaining Skills and Employability: Part-time work allows parents to stay connected to their field, minimizing the career setback often associated with full-time parenting breaks.
The Upside of Part-Time Professionals (for Employers):
Part-time positions offer a win-win for businesses and employees:
- Enhanced Employee Retention: A 2022 CIPD report highlights that offering part-time roles improves employee retention, reducing recruitment and training costs, which can reach up to ￡30,000 per employee according to a 2020 ADP report.
- Access to Diverse Talent Pool: Part-time positions open doors to a wider range of candidates, including experienced professionals seeking work-life balance.
- Increased Productivity: Studies show that part-time employees can be just as, if not more, productive than their full-time counterparts due to focused work hours.
The Talent Gap and Part-Time Opportunity
The demand for skilled professionals is high:
- Unfilled Positions: A 2023 report by the Institute of Chartered Accountants in England and Wales (ICAEW) reveals over 80,000 unfilled accounting vacancies in the UK.
- Limited Part-Time Options: Despite the high demand, a 2022 report by the Law Society of Ireland found that only 12% of advertised legal roles offered part-time flexibility. Similar trends exist in Sales and Finance sectors.
- According to a recent publication by UK Labour Market Statistics, from January to March 2024 there were 8.15 million part-time workers in the UK compared to 24.85 Million FT workers?
- From January to March 2024, there were 9.38 million people aged 16-64 in the UK who were economically inactive. This is 754,000 above pre-pandemic levels in January to March 2020. As a result of high inactivity, the UK was the only G7 country where the employment rate has not reached its pre-pandemic level in Q3 2023
- From January to March 2024The percentage of women aged 16-64 who were not in work and not looking for work was 25.3%, compared to 18.8% for men.?
Culture Shift: Valuing Part-Time Employees
For part-time professionals to thrive, a cultural shift within organisations is essential. This includes:
- Clear Career Progression Paths: Part-time employees should have access to training and development opportunities to advance their careers.
- Performance-Based Recognition: Evaluation should focus on contributions, not just the number of hours worked.
- Technology-Enabled Collaboration: Utilize collaboration tools to ensure seamless integration of part-time employees into project teams.
The Future of Work is Flexible
By actively promoting and supporting part-time roles in professional fields, we can create a workforce that is both skilled and diverse. This benefits the economy, empowers parents to pursue their careers, and fosters a more inclusive workplace culture. Let's embrace the power of part-time and unlock the full potential of our talent pool.
#parttimework #flexibleworking #workingparents #worklifebalance #diversityandinclusion
Inclusion IQ
Sinéad Mck
Laura Kearney BA Hons, MMBA
