Is a 4-day work week Asia’s next bet for productivity and talent retention?

Source: Press Release

As Employers in Singapore seek Increased Productivity - Is a 4-Day Work Week Still Relevant to Singapore?

• 93% of professionals would want their employer to trial a 4-day work week
• 69% of employers think that a 4-day work week is feasible
• 96% of professionals would be keen to apply for a job in a company offering a 4-day work week
• 68% of employers believe that a 4-day work week may improve employee productivity levels

As economists remain optimistic on Singapore’s growth forecast, companies are expected to continue their focus on increasing productivity to achieve targets. As growth sectors continue to seek ways to attract in-demand talent and trials for a four-day work week are discussed in Korea and Indonesia to enhance employee well-being and productivity, global talent solutions provider Robert Walters explores the relevance of such flexible working models, such as a 4-day work week, as part of a strategy to increase productivity in Asia.

The insights are in reference with a recent Robert Walters report titled “The 4-day work week: Is Asia ready for it?”, which surveyed over 5000 professionals and companies across 11 Asian countries. Based on the report, 93% of Singaporean professionals would like to trial a 4-day work week – with over two thirds of employers being ‘open’ to this. Almost half of respondents (48%) who are open to the trial opined that a 4-day work week would raise their productivity. There remains concern among employers regarding the feasibility of a 4-day work week, with 72% of respondents finding it challenging to implement this across the office, as it may result in employee resentment. However, 68% of employers do believe that a 4-day work week could yield improved employee productivity levels, and 35% of employers are likely to implement a 4-day work week to attract and retain employees within their company.

Monty Sujanani – Country Manager, Robert Walters Singapore comments:

“We are looking at a tight labour market for growth sectors, and ensuring that the talent strategy is catered to meet the needs of high-performers, who will drive productivity for the company, remains crucial. Looking beyond remuneration and embracing flexibility and innovative work arrangements can continue to be relevant today, and position them as an employer of choice.”

Companies Prefer a More Gradual Transition

Compared to other countries in Asia, the transition to a 4-day work week is likely to be more gradual for Singapore – with 27% of employers not planning to introduce any new work arrangements. Only 18% of Singaporean employers thus far have indicated that they have plans to or are considering a transition to the 4-day work week within the next 2 years, compared to the Southeast Asian average of 37%.

Within the Southeast Asian region, although 66% agreeing that a 4-day work week could improve productivity levels, 37% of employers have responded saying they would consider a 4-day work week to attract and retain employees. The biggest concern for employers is the difficulty in implementing the 4-day work week across the office (72%), bad customer service (52%), and the incurred business costs due to delayed projects or having to hire more people (34%). Nonetheless – 69% of employers admitted that the benefits of a 4-Day work week could be improved well-being (90%) and better attraction & retention of top talent (84%).

Work Smarter Not Harder?

48% of professionals believe that a 4-Day Week would increase their productivity levels, whilst 66% admit to being fearful of more stress since the workload would remain the same – with many unsure as to how they would deliver the same volume of work in less days. Whilst over two thirds of employers feel that there is a chance that such a scheme could increase productivity – there are also concerns that this would be short-lived, with some firms believing that the spike in work levels would be as a result of a temporary ‘high’ from ‘working less days.’ Concerns are also rife amongst the impact to salaries and bonuses – with 33% of professionals concerned whether a 4-day work week would mean that pay rises would be less pronounced. To achieve a 4-day work week with the same amount of pay, Singaporean professionals are most willing to give up work social events (64%), or to work two additional hours a day across the work week (46%).

Is a 4-Day Work Week Asia’s Best Bet for Productivity and Talent Retention?

Across the region, countries remain open to the value of a 4-day work week to increase productivity among their employees, and help them attract and retain talent within the company.

• In Malaysia, 74% of employers believe a 4-day work week would increase productivity levels, with 50% of professionals favouring the trial as they think it would increase productivity as well.
• In Hong Kong, 94% of employers find a 4-day work week feasible as it would help to attract and retain employees, with 91% of employees finding themselves likely to consider applying for work in a company offering a 4-day work week.

Employers in Indonesia, Thailand and Korea however are more likely to consider or implement other non-monetary initiatives, such as those that provide mental health support, as well as Learning & Development programmes, over a 4-Day work week process.

“The 4-day work week: Is Asia ready for it?” report surveyed over 5000 professionals and companies across 11 Asian countries and territories including Singapore, Malaysia and the Philippines. Conducted over a period of 6 weeks in March and April 2024, the survey aimed to uncover perceptions about the 4-day work week and its potential impact on talent and organisations in Asia.

For more information on Robert Walters in Singapore, please visit www.robertwalters.com.sg.