Hays survey - Singaporeans prefer fewer hours
If push came to a shove, 43% of Singaporeans say they would rather have their working hours reduced rather than take voluntary redundancy or extended unpaid leave.
After polling 338 Singaporeans online, Hays found that if a choice was made mandatory by the employer, a cut in working hours was most popular, followed by 32% who would opt for voluntary redundancy while 25% would prefer extended unpaid leave.
Chris Mead, general manager of Hays Singapore says employees who see a reduction in workhours still means employees still receive a regular income stream. Employees who feel that their employer is taking steps to retain them in the poor economic climate also feel valued as well. Furthermore, this strategy can also improve staff loyalty as well.
“For employers, this strategy offers an immediate cost saving while ensuring they retain their staff, and when business activity resumes normal levels they can reinstate usual hours immediately rather than spending time recruiting skills that they previously made redundant,” he adds.
According to Mead, companies can implement a cut in working hours by either giving employees a nine-day fortnight, or having the workday start an hour later.
“HR-related cost-cutting measures are often one of the first explored when times are tough. But it isn’t a strategy that makes a great deal of sense when skills will need to be recruited again once conditions improve,” Mead adds.
Sources and references: Sandbox Advisors, HRO, Hays
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