Real Estate Cost Impacts Flexible Working Schedules in Hong Kong and Singapore: A Study by Jianhan Qiu
Real Estate Costs and Flexible Working Schedules
According to a recent study by Jianhan Qiu of Unispace, Hong Kong and Singapore rank among the lowest regions in offering flexible working schedules. The real estate cost in these cities significantly impacts employer decisions, with only 36% of companies in Hong Kong and 36.4% in Singapore providing flexible schedules, compared to the global average of 48%.
Key Findings of the Study
- High Rent Pressures: Employees in Hong Kong and Singapore express strong demand for flexible work schedules, yet employers are constrained by the high cost of office space.
- Low Employer Adoption: The findings indicate that many firms prefer to maximize the use of expensive real estate over offering flexibility.
- Comparison with Other Regions: The study highlights that Malaysia leads with 59% of employers offering flexibility, while New Zealand and Ireland follow.
Qiu emphasizes the need for organizations to reassess their operational strategies to better accommodate flexible schedules, which could help attract and retain talent in a competitive job market.
Implications for Business Leaders
As flexibility in work patterns gains traction globally, business leaders in Hong Kong and Singapore are urged to explore options like staggered hours and fewer work-from-home days. Adapting to these pressures can enhance employee satisfaction and potentially improve productivity.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.