Flexible work arrangements will be here to stay.
Employers anticipate that the proportion of full-time employees working from home (37%) in three years’ time will be several times higher than the levels of home working seen three years ago (7%), said Willis Towers Watson recently when releasing results of a survey of 434 organisations across Asia Pacific including those in Singapore.
- Nearly nine in 10 respondents (89%) cited employee safety concerns as one of the main reasons for providing alternative work arrangements, but over half (57%) were aware that this flexibility could promote employee retention and help to improve inclusion and diversity (51%).
- One in ten companies think their current job architecture and job levelling process support developing a flexible and agile workforce.
- Nearly a quarter (23%) of employers still do not have policies in place to manage flexible work arrangements.
- 84% of respondents say their flexible work policies would not have much of a significant impact on their overall pay budget.
- 23% recognise that the new requirements for work require a hybrid model for pay and rewards.
- With spend on pay unlikely to change significantly, companies are anticipating that any savings they make will come from real estate, where 43% are expecting to reduce their spend over the next three years.
- More than a third (35%) also expect savings from expenses connected to commuting to work, such as transportation and travel.
Some of the savings from flexible work arrangements are being channelled to facilitate the necessary changes to the companies’ total rewards programmes, such as equipping employees to work from home or for the health and wellbeing programmes to support employees in a more agile and flexible workplace in the future, WTW noted.
“The changes in the workplace as a result of the pandemic are here to stay,” said Vidisha Mehta, Head of Talent & Rewards, Singapore, Willis Towers Watson. “Employers who’re able to create and manage a flexible workplace with an engaging employee experience will not only meet the needs of employees but also be best positioned to succeed in the new world of work.”