More than three-quarters (78%) of small business owners (SBOs) use the holiday season to re-establish a balance between personal and work life, according to an American Express quarterly survey.
Of the 633 Canadian SBOs surveyed, 73% reported allowing greater flexibility for employees to take time off and participate in holiday activities.
“It’s clear that small business owners are not only recognizing the need for work-life balance for themselves, but also for their employees, and are using the holiday season as an opportunity for everyone involved in their businesses to ‘reset’,” said Athena Varmazis, American Express Canada vice-president and general manager.
Still, many SBOs have personal difficulty disconnecting from their business. More than 58% feel guilty for taking time off, and 63% report checking their phone at least once a day when on vacation for more than a couple of days.
“One of the great characteristics of a business owner is they often view their business as a passion rather than work,” said Varmazis. “As a result, we’re seeing business owners challenged with fully disconnecting and achieving work-life balance.”
Two-thirds of SBOs report burn-out and lower productivity as a result of employees not taking all their allotted vacation days.
To help encourage balance, some SBOs now limit the number of vacation days employees can carry over. Many also report sending reminders throughout the year to remind employees of their remaining vacation days.
In general, promoting work-life balance is a strategy more than half (53%) of SBOs report using to attract new talent and retain current employees.
“The Ebenezer Scrooge approach to work seems to be long gone,” Varmazis said. “Instead, today’s SBOs foster a balanced approach to continue to motivate employees and offer a positive work environment.”
