Eight in ten business leaders in Singapore believe economic uncertainty threatens flexi-work arrangements for workers.
A survey released by LinkedIn on Thursday (Nov 17) found that 51 per cent of executives in the country prefer employees to frequently work in the office. The survey findings pose tough choices for Singapore business leaders, noted LinkedIn.
“Over a third are looking to reduce employee learning and development budgets and opportunities, as well as flexible and hybrid working roles. This is at odds with what professionals across Singapore want – advancement, flexibility and upskilling,” the study noted.
Although 77 per cent of the respondents feel that hybrid working is here to stay for the longer term, they are well aware that putting brakes on the new ways of work risks pushing talent away, which could negatively impact long-term business performance.
An analysis of LinkedIn’s remote job listings shows that there are more applicants for such roles compared to the vacancies available.
A top priority for Singapore business leaders in the next six months includes improving employee retention rates to avoid new hire costs.
However, seven in 10 find it challenging to attract top talent in the current economic environment.
“Motivated employees are key to gaining a competitive advantage, and damaging that is a risk businesses can’t afford to take, particularly at a time when people are already being weighed down by other worries such as the higher cost of living,” said LinkedIn Asia-Pacific managing director Feon Ang.
The study findings highlighted a growing disconnect between what professionals want and what employers are now offering.
LinkedIn urges business leaders and employers to be transparent about the current reality and adapt to future scenarios, at the same time giving their staff clarity on short-term business priorities.
The study polled 2,900 executives from large organisations worldwide, including in Singapore. /TISG
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