Super relevant to the UK games industry which plays host to hundreds of indie and micro studios, a new survey has revealed how many small business owners in the UK can’t afford to take time off after having a baby.
Highlights of the report show:
- Statutory holiday allowance is the most commonly used entrepreneur perk, reported by 61% of small business owners;
- Just 23% of small business owners are able to take standard maternity or paternity leave, with most blaming this on a lack of funds;
- 35% of male business owners report being able to pay themselves statutory sick pay or better, compared to only 21% of women.
A separate recent study revealed that annual leave taken across the UK dropped by 8% from 2022 to 2023, which led small business credit card company Capital on Tap to look into how the figures compare for entrepreneurs.
They surveyed small business owners in the UK about perks such as holiday allowance, flexible working, sick pay and more to reveal which benefits are the most and least commonly used among entrepreneurs.
Statutory holiday allowance is the most commonly used entrepreneur perk, reported by 61% of small business owners
The ability to take time off ranks as the most commonly used perk for small business owners, with 61% reporting they can take the statutory holiday allowance (28 days including bank holidays) or even more time off.
However, this does mean that 39% of small business owners take less than the statutory allowance – with 21% listing money worries as the main reason for this.
Perks Enjoyed by Small Business Owners:
Statutory holiday or better – 61%
Flexibility in working hours – 58%
Full flexibility to remote work – 51%
Ability to reinvest profits into the business – 50%
Ability to work from any location – 48%
Flexible working hours are the second most commonly used benefit, with 58% of small business owners reporting they can adjust their working hours as needed.
Interestingly, small business owners aged 18 to 24 are less likely to enjoy this perk, with only 27% saying they have the flexibility to adjust their working hours as needed (versus 69% of those aged 35 to 44).
Standard wage structure is the least commonly held benefit among small business owners, with just 20% using this
The least commonly used perk is a standard wage structure, with only 20% of small business owners reporting this benefit. This suggests that the flexibility to adjust income based on business performance, rather than a set wage, is more common among entrepreneurs.
Perks Enjoyed by Small Business Owners:
Standard wage structure (an hourly rate of a fixed wage) – 20%
Standard maternity leave or better – 23%
Statutory sick pay – 30%
Standard paternity leave or better – 32%
Higher than expected wages – 32%
Hybrid working model – 35%
Just 23% of small business owners are able to take standard maternity leave or better, with most blaming a lack of funds
Despite being a standard benefit for regular employees, standard (or better than standard) maternity leave is the second least commonly used perk among small business owners, with just 23% being able to take this.
The most common reason for not being able to take standard maternity leave is a lack of finances, with 21% of women saying there isn’t enough money within their business to use this perk. A further one in six (17%) said it’s because they prioritise business growth over their personal life.
Paternity leave also ranks among the least common perks for business owners, with only 32% taking standard paternity leave, or exceeding paternity leave allowances.
35% of male business owners report being able to pay themselves statutory sick pay or better, compared to only 21% of women
When it comes to sick pay, there’s a significant gender gap, with male business owners (35%) more likely to report paying themselves statutory sick pay or better than women (21%).
This may be due to affordability, as 33% of women cited cost as a barrier, compared to only 14% of men. Male business owners were more likely to say they’re worried about being away from the business for too long in case they’re needed (17%).
You can read the full research here: https://www.capitalontap.com/en/blog/posts/entrepreneur-perks/
Read Empower Up’s guide to Parenting, Childcare & Caring here.
Photo by Kelli McClintock on Unsplash
