S’pore workers risk losing flexi-work options amid shaky economy: LinkedIn survey

SINGAPORE – Many bosses believe the weakening economy is increasing the need for staff working from home to get back to the office, noted a survey released on Thursday.

It found that 51 per cent of executives in Singapore prefer employees to work more frequently from the office, although 77 per cent felt that hybrid working – partly at home, partly at the office – is here to stay.

Remote roles are in decline, noted LinkedIn, which polled 2,900 executives from large organisations across the world, including in Singapore.

An analysis of remote job postings on its site showed that there are more applications for these roles than posts available. While only 5.2 per cent of jobs are remote in Singapore, they are receiving 7.8 per cent of applications.

The poll also found that 80 per cent of executives here feel the economic climate could force them to pull back on flexible work, learning development and employee well-being.

Also, over 33 per cent are looking to reduce employee learning and development budgets and opportunities, as well as flexible and hybrid working roles.

This is a disconnect from what Singapore employees want, which is advancement, flexibility and opportunities to improve their skills, LinkedIn said on Thursday.

Companies that put the brakes on new ways of work risk pushing talent away, which could hurt business over the long term, it added.

Improving the employee retention rate to avoid the costs of hiring new staff is one of the top priorities for executives here over the next six months, the study showed, adding that 70 per cent said it is challenging to attract top talent, given the economic environment.

LinkedIn Asia-Pacific managing director Feon Ang noted that firms that pull back on flexible working, learning and development risk demotivating their workforce and pushing people to competitors that offer more attractive options.

“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,” she added.

LinkedIn advises employers to be transparent about the current reality and adapt to what lies ahead, while providing employees with clarity on short-term business priorities.

Employers can also help staff build connections with their colleagues by encouraging collaboration and knowledge-sharing.

Flexibility and a focus on skills are crucial to the long-term survival of businesses, said Ms Ang, adding: “Forward-thinking organisations that invest in their people during these times will be the ones that outperform competitors and come out stronger.”