Fifty-three percent of companies in Singapore who have introduced flexible working have seen increased profits since its implementation, according to a global study released by Vodafone.
“The Flexible: Friend or Foe?” study drew on responses from small and medium-sized businesses, public sector organizations and multinational corporations (MNCs) in 10 countries.
A majority (76%) of responding organizations in Singapore stated they have implemented flexible working policies, on par with the global average of 75 percent. Benefits realized include an increase in profits after implementing flexible working, according to 53% of local companies.
The study also showed that 77 percent of Singapore companies who have implemented flexible working have seen an increase in employee productivity. Teamwork has improved in 54 percent of Singapore organizations utilizing flexible working.
A little more than half (54%) of Singapore workers leverage flexible working to improve work/life balance. Staff morale has increased in 75 percent of these organizations.
Vodafone’s survey also explored why 20 percent of respondents globally said their organization had not yet implemented a flexible working policy. Specifically in Singapore, 27 percent of Singapore companies who have not implemented flexible working have not done so due to fears that employee teamwork will decline.
Fifty-seven percent of Singapore employees feel they do not have a usable flexible policy in place at their job, while 38 percent of Singapore employees do not currently use enterprise social networking – a tool that would play a major role in flexible working.
“Vodafone’s research reveals a profound and rapid shift in the modern workplace,” says Vodafone Global Enterprise Asia Pacific President Ben Elms. “Singapore employers are telling us that flexible working boosts profits while their employees tell us they’re more productive. Central to all of this are the new technologies that are reshaping every sector, from high-speed mobile data networks and fixed-line broadband to the latest collaborative cloud services. We truly are in an era when work is what you do, not where you go.”
Worldwide, respondents stated – to a striking extent – that they believed performance had been enhanced as a result of flexible working. For instance, 61 percent of respondents globally said their company’s profits increased; 83 percent reported an improvement in productivity; and 58 percent believed that flexible working policies had a positive impact on their organization’s reputation.
The rapid adoption of high-speed mobile data services, fixed-line broadband and cloud services is playing an integral role in this workplace revolution: 61 percent of respondents now use their home broadband service to access work applications and 24 percent use a mobile data connection via their smartphone, tablet or laptop with broadband dongle.