Flexible working set-ups could add $54.8b to economy by 2030

This will come in the form of higher productivity and reduced opex.

Flexible working arrangements could contribute as much as $54.8b to the local economy by 2030 in the form of new generated jobs, reduced operating costs and productivity boosts, according to workspace provider Regus.

Also read: Singapore's co-working boom has no end in sight

Around 73,000 additional jobs are expected to be created in Singapore 12 years from now as tenants continue to embrace flexible work setups as led by professional services sector, business support services, public administration, information and communication activities, financial services and property services.

“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,” Regus said in a statement, which could take the form of lower overheads for office space and higher personal and business productivity.

Cutting the hours spent in commuting could also save up to 4.7 million hours of time saved a year, added Regus. 

Also read: Check out the largest co-working spaces in Singapore

A separate study by ValuePenguin shows that cash-short startups could save a significant amount of money if they opt for co-working spaces over traditional office settings as co-working spaces go for an average $7,145 whilst a CBD office is expected to cost $11,888.

China and India are poised to witness the greatest Gross Value Add (GVA) increase from this development with around 193% and 141% GVA respectively although Singapore can also cash in on this trend with an expected GVA of 89.8%.

“Flexible working is a powerful tool that has the power to benefit not just businesses, but societies and whole economies. This has become possible due to the accelerating adoption of flexible working as a standard business practise for millions across the globe,” Ian Hallett, Group Managing Director for Regus added.

Photo from JustCo