Nine in every 10 (91%) CEOs have adopted hybrid working, with three quarters saying this has led to an improvement in productivity and staff retention, according to International Workplace Group.
The latest C-Suite-focused study, undertaken among more than 500 CEOs, also found that the vast majority (74%) said that asking employees to be in the office full time was not a business priority.
This research is in line with findings from previous International Workplace Group reports which look at the attitudes and experiences of C-Suite leaders on hybrid work policies, the latest of which notes that 100% of HR leaders believe hybrid work leads to a happier and more loyal workforce.
The new research highlights the range of benefits business leaders are experiencing due to hybrid working, particularly around company culture – which three quarters agreed had improved since its adoption.
They also noted widespread improvement in employee engagement (77%) and more efficient collaboration between teams and colleagues (75%).
In anticipation of the upcoming Tripartite Guidelines on Flexible Work Arrangements (FWAs) effective this December in Singapore, a growing number of businesses are embracing more employee-centric and flexible working arrangements.
More than a third (37%) of companies in Singapore are implementing hybrid work arrangements, highlighting the shift towards giving employees more autonomy over where and how they want to work.
This is reflected in the fact that nearly seven in 10 (67%) workers in Singapore now enjoy some or complete flexibility in their working arrangements, underscoring the increasing preference for flexible work environments.
These results support the findings from research undertaken earlier this year by The Bank of England, Stanford University, King’s College London and Nottingham University, led by renowned economist and academic Professor Nick Bloom.
The study found that for every day a firm’s employee worked in a hybrid model, that firm’s productivity is around $19,000 higher than those that do not.
As CEOs continue to see the upside of this approach, and hybrid becomes a non-negotiable for many employees, offering flexibility in working patterns is now a crucial tool for organisations in attracting and keeping top talent.
The study revealed that over seven in 10 CEOs (73%) agreed that hybrid work has enabled them to attract and hire the best talent.
Furthermore, being able to offer employees greater autonomy over when and where they work has also allowed businesses to access a much broader pool of talent, with 71% of CEOs saying they have been able to consider and subsequently offer roles to a more diverse range of candidates.
In Singapore, a separate study likewise finds work flexibility crucial for talent attraction and retention, with nearly half (48%) of hiring managers emphasising its importance.
Given that only 9% are happy to be in the office for the full five working days, the potential attrition is significant.
In Singapore, 56% of employees who work onsite five days a week are the ones most actively looking for a new job in the next six months, compared to 41% of hybrid employees.
Whilst a handful of companies are mandating employee presence in the office five days a week, this study revealed that most leaders (74%) say returning to the office full time is not a priority for their business moving forward, recognising that staff retention could be impacted by such policies, and that hybrid working positively impacts their productivity.
In fact, nearly two thirds (65%) believe they would lose talented people if they insisted on their employees being present in a central office every day.
