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Business owners are feeling the strain of the current work climate and are being forced to work excessive overtime to stay on top of their business.
According to a recent study by business coaching company The Entourage, 55 per cent of business owners are working over 50 hours of overtime per week.
Another 32 per cent of respondents are working over 60 hours per week, and 15 per cent are reaching over 80 hours of overtime per week.
“It’s highly concerning and not at all surprising to see so many business owners sacrificing their health and wellbeing, while missing out on important family milestones due to the demands of their business,” said Jack Delosa, chief executive at The Entourage
These excessive hours of overtime have negative consequences for business owners. According to the report, 35 per cent said they are missing out on important life events and spending inadequate time with their family due to the hours needed at work.
This has created dependence within workplaces, as 90 per cent of business owners believe their company would fall apart if they were to step away for six months. Of this 90 per cent, 30 per cent are not taking action to address this issue.
Mr Delosa said there are ways that businesses can break down these barriers and create a workplace that isn’t dependent on the owner being around constantly. This can be achieved through coaching and training, which can promote growth and empower business owners and their staff.
“We know that business owners can build a successful and profitable business that is in balance with the rest of their life, when they have the right strategies to do so,” explained Mr Delosa.
“Every day, we receive thousands of messages from business owners who, one way or another, feel trapped by what they’ve created. People who went into business in pursuit of freedom — be that creative freedom, lifestyle freedom, financial freedom and, in many cases, time freedom — and they are now experiencing anything but freedom. Instead, they’ve found that managing a growing business and team has just become another full-time job.”
Mr Delosa provided five tips for helping owners to step away from excessive day-to-day stress:
- Focus on revenue and cash generation.
- Stop paying start-up wages.
- Make the mental switch from “me” to “we”.
- Unlock sustainable growth through structure.
- Invest in your ongoing development.
One of the factors that may be forcing business owners to work around the clock is talent shortages. While many industries are feeling the pressure of a lack of employees lately, there are some ways you can keep ahead and stand out from the crowd.
Ben Townshend, technology recruitment sales lead at Bluefin Resources, shared five recruitment techniques for scoring talent amid shortages:
- Ensure a positive candidate experience.
- Maintain employer branding and referrals.
- Partner with specialist recruiters.
- Invest in technology.
- Hire overseas talent.
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Employees experience burnout when their physical or emotional reserves are depleted. Usually, persistent tension or dissatisfaction causes this to happen. The workplace atmosphere might occasionally be the reason. Workplace stress, a lack of resources and support, and aggressive deadlines can all cause burnout.
Jack Campbell
Jack is the editor at HR Leader.
