A study by Regus in 16 key markets has found that the shift to the non-traditional flexible working arrangement will raise its contribution to the Singapore economy to S$54.8 billion by 2030, up from S$27.3 billion currently.
73,000 more jobs under flexible working arrangement are tipped to be created by 2030, says the Regus’s report. Professional, business support, public administration, information and communication, financial and property services are projected to account for 83.5 per cent of the total value of the flexible working contribution to the economy by then.
According to Regus, between 8 and 13 per cent of all employment will fall into the flexible working category in most developed economies by 2030.
“Greater levels of flexible working will save businesses money, reduce operating costs and boost productivity — ultimately causing a ripple effect across the economy from core businesses through to supply chains,” the report says.
The flexible working’s jump to gross value add (GVA) to the economy is 89.8 per cent.
Flexible working also helps individuals, says Regus. Remote workers are twice as likely to say they love their job as those in the same industry working under traditional working arrangement.
The other markets that are covered by the study are Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Japan, the Netherlands, New Zealand, Poland, Switzerland, the United Kingdom and the United States.