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IWG gathered insights from 15,000 global talents and concluded that flexible working has become the norm for effective talent acquisition.
Globally, when candidates are given two job offers, 83% of respondents would turn down the one that does not offer a flexible working policy.
A third of the respondents also prioritise the arrangement over the opportunity of a more prestigious role or an increase in holiday allowance.
Regarding implementation, businesses, particularly the ones which have a long-standing, non-flexible working approach, are hindered by their organisational culture (60%) and their prejudice towards flexible working, which is the fear that it may impact the overall company culture (41%). In Asia Pacific, the main barriers are the absence of nimbleness in company culture (55%) and data security (48%).
In the preceding ten years, 85% of businesses globally have introduced a flexible working policy and likewise, 83% of companies in Asia Pacific implemented similar approaches. Over 70% of businesses believe that offering flexible working enables them to expand their talent pool and improve talent retention. A total of 85% of businesses have observed a surge in productivity. The success can be due to an increasing focus on work/life balance, IWG explains. Flexible working is seen to improve work/life balance by 78%.
“Businesses around the world are facing multiple challenges, including ensuring that their business is agile enough to adapt to change. Our research shows that businesses that haven’t already considered the financial and strategic benefits of flexible workspace need to do so now. Otherwise, they face being seen as out of touch, both with their competitors and with the demands of the modern workforce on what constitutes a great day at work, which means losing out on the best talent,” said Mark Dixon, CEO and founder of IWG.
The first Managing Mental Health & Wellbeing in the Workplace online course will be launched in December.
Register your interest for the course at the introductory price of SGD199.