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The option to work from home has been shown to benefit employees and employers. This type of flexibility in working arrangements, when appropriate based on the employee’s responsibilities, increased productivity and retention for the employer and job satisfaction for the employee. The same benefits apply to working arrangements that include flexible hours.

As Margaret Heffernan explains in INC Magazine, “Treating employees like grown-ups made it more likely that they would behave the same way.” This treatment includes trust; if you hire the right people, you can trust them to accomplish their tasks and goals on time and under budget without worrying about the time they walk into their cubicle and the time they leave.

ClockIt’s difficult to treat employees like adults, however. At one of my corporate jobs, I joined a team some time after the management hired an efficiency consultant. The consultant sat with each employee and monitored and logged every minute of each employee’s work day in order to determine opportunities for improvement in productivity. After the study, productivity might have increased, but it most likely didn’t last long. Employees resented the requirement of tracking every minute of their days.

Around the same time, one of the supervisors made a habit of walking the floor at nine o’clock in the morning to see who was at their desk on time every day. This type of micro-management benefited the supervisor, and perhaps it gave her a feeling of control, but the employees resented the approach, even if they were at their desks on time each morning. Even when arriving on time, the employees would need to be at their desks at the moment the supervisor walked by rather than in the rest room or the kitchen area.

Thankfully, this supervisor was no longer with the team by the time I accepted my position.

A policy that includes flexible hours gives employees ownership of their roles and allows them to make decisions about the best time to do their jobs. The right people can handle these decisions without taking advantage of the employer or the flexible policies.

A flexible working hours arrangement can take a variety of forms:

  • forty hours every week spread over four days instead of five
  • eighty hours every two weeks spread over nine days instead of ten
  • eight hours every day starting earlier or later than nine o’clock

This type of flexible working arrangement may increase productivity. Happy employees tend to be better employees, and they stick with the company longer. Long-term loyalty to a company has decreased over the years due to many changes in the relationship between employers and employees, but a policy involving flexible hours and other benefits can help reverse that trend.

Work/life balance isn’t always appropriate. I am always torn with this concept, because different goals require different treatment. When I worked for a small non-profit organization whose lofty goals were difficult to achieve on a tiny budget and a lack of resources, the expectation was to put our lives into our work. The only way to achieve greatness is to be completely dedicated to the mission, and that required making many personal sacrifices. Most jobs and careers do not work in this fashion, but in any career, this type of dedication can lead to success.

Work/life balance is a great approach for the cast majority of the American workforce that recognizes that life outside of work is important, but those whose personal mission is to become the best in the world at their job, life is just a distraction.

As a business owner without any employees, I took advantage of flexible hours. When I left my corporate job over a year ago, I experimented with creating a regular schedule for myself, but I determined — and this was something I had known since I was a teenager — that I just work better and more efficiently when I have the flexibility to work when I like.

Do you have flexible working hours at your job? Is it beneficial or detrimental to your group? If you work flexible hours, have you seen any personal benefits?

INC Magazine, American Psychological Association, Forbes

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Kodak Files for Bankruptcy

This article was written by in Investing. 6 comments.

There were rumors and predictions for a while, but today it’s official. Kodak, the company that revolutionized film photography and adopted digital photography early, has declared bankruptcy. The company has been struggling since the 1980s; I’m surprised it survived this long without filing Chapter 11.

Kodak PortraThat’s what the company chose to do today, with debt adding up to $6.75 billion.

I’ve been a fan of photography for many years, and I’ve begun taking this interest more seriously in the past few. I’ve taken a number of eight-week photography classes offered by a local arts organization, and the classes have been helping me improve my art. They have also inspired an interest in old-fashioned film photography. While I still use digital cameras (mostly a Canon 1D3, purchased used), I also use a Mamiya RZ67 Pro II medium format film camera, also purchased used. Just in the last month, I decided it would be more frugal and more fun to develop black-and-white film myself instead of spending the money to a professional lab nearby.

Despite owning all the equipment I have — in addition to various cameras I have studio equipment like lights and backdrops — my struggle is to find the time to focus on photography.

While Kodak will continue to operate during the company’s Chapter 11 reorganization, the future of some of the best Kodak products is uncertain. There is no great alternative for photographers who like using Ektar and Portra color film and Tri-X black-and-white film; competitors’ products, like those produced by Fuji or Ilford are different. Now could be a great time to stock up on Kodak film; if it becomes difficult to purchase, the value could increase. Film has a short shelf-life, but many photographers are fine with purchasing expired film.

CNN

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A recent article in Fortune Magazine predicts that one of the hottest jobs ten years from now will be data scientist. If this prediction is true, parents of teenagers in their first year of high school and their parents might consider encouraging their kids to develop the skills necessary to be in high demand by the time they earn their bachelor’s and master’s degrees.

To excel at data science, which is currently a growing field, though I’ve more often seen it labeled information science, students should develop strong skills in mathematics and technology.

In the Bakken area of North Dakota, the hunt for oil has created lucrative jobs today. There is a need for just about every type of career at this location, from burger-flippers to geologists. Unemployed people have been relocating their families to North Dakota in search of well-paying new jobs.

Oil field pipesFrom a financial perspective, it could be beneficial to be aware of what the market needs and fashion your career path in that direction. The flexibility to react to the economy is a human capital strength, and will help ensure you can generate income regardless of the strength of the broader job market. Today’s popular careers may be short-lived, however. While there’s an oil rush today in North Dakota, a longer career path may involve environmental science or alternative energy.

Attempting to predict hot careers in the future is riskier than chasing today’s in-demand careers because you could spend years of your life preparing for a specific job function. If that career doesn’t prove to be as necessary as previously thought, and you’re unable to find a job in that field, you might consider many years of your life wasted.

I lean more towards looking within when determining the career or jobs best suited for an individual. Skills and interest pay a large role. If you are able to make a career out of something about which you’re passionate, you’re more likely to succeed. Working will be enjoyable, and you’ll likely be more dedicated to your job. There’s a good chance, however, unless your passions coincide with a high-paying field, that following your passion is a luxury; it may not be a path that proves to be lucrative.

People in tougher financial situations need to be practical. Many parents have encouraged their children to develop skills in practical fields that have a chance of surviving any recession, perhaps due to experience living and struggling through recessions of the past.

Would you change your career to something popular now to try to improve your financial situation? Would you consider planning a career path based on what might be needed in a future decade?

Photo: lindsey gee
Fortune, CNN Money

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The Discover More Card has been around for quite some time. If you’ve seen a competitor’s commercials on television mentioning the “biggest cash back credit card,” you might be surprised to learn that the commercial is referring to this card. To grow the number of customers, Discover has launched different versions of Discover More over the last few years. To maintain competitiveness with other issuers, Discover was the first issuer in several years to launch a card with no balance transfer fee. Today, Discover has continued their recent run of aggressive promotions by offering a $150 cash bonus to all new Discover More Card members.

The $150 cash bonus that all new Discover More Card holders can receive comes after spending $1,000 during the first 90 days of card ownership. The cash bonus will be added immediately to the statement after the 90 day period has expired. As an added perk, this version of the Discover More Card is offering 2% cash back on all Amazon.com purchases during the first billing period (first 30 days of card ownership), but only up to $250 spent. After that, Discover reduces the Amazon.com cash back bonus to 1%. (That’s a total of $5 cash back under the 2% tier, but unlimited cash back under the 1% tier.)

Year in and year out, consumers consider the Discover More Card to be among the top three cash back credit cards. The rewards program offers 0.25% cash back on the first $3,000 spent annually, then 1% on all purchases thereafter. Discover also offers 5% cash back on select purchases every month. Here is the full 2011 and 2012 calendar including the categories of spending that earn the 5% cash back. Read the full article →

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20+ Christmas Gift Ideas Under $100

by Flexo

While I’ve already offered my suggestions for this year’s best holiday toys, not everyone on your Christmas or gift-giving list is a child. You may have a special adult someone on your list who would appreciate something more useful. Although it’s early in the holiday shopping season, at least for me, some of the best ... Continue reading this article…

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The Buffett Rule: Tax for Millionaires

by Flexo
Warren Buffett

As a continuation of President Obama’s jobs proposal (economic stimulus) for curbing spending and increasing federal government revenue, the administration is taking a cue from famous investor, Warren Buffett. On many occasions, Buffett has claimed that wealthy Americans do not pay a fair share of the tax burden relative to their means to do so. ... Continue reading this article…

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Financial Tips for Students Entering College

by Flexo

Seventeen years ago I was nervous about what was about to transpire. At this time, although I had been away from home for extended periods of time, I was about to leave for college. Honestly, I thought I might not have been able to handle the responsibilities and the new social environment. Rather than living ... Continue reading this article…

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Spirituality and Money: Hope in Hard Times

by Ellen Cooper-Davis

This article is written by Consumerism Commentary’s new columnist, Ellen Cooper-Davis. Ellen’s column will look at the role of spirituality within the context of personal finance. For an introduction to this column, see Ellen’s first article, The Pastor and the Purse. Your feedback is welcome. “There’s a phrase we live by in America: ‘In God ... Continue reading this article…

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