Exploring the Pros and Cons of The Coveted 4-Day Work Week

 

The People at Work 2023 Study by the ADP Research Institute highlights the attitudes, aspirations, wants, and needs of workers globally, including those in Singapore. Covering over 32,000 workers across 17 countries, this study stands as one of the largest surveys worldwide.

One crucial finding emerges clearly for Singaporean workers: flexible working arrangements are non-negotiable. A third of Singapore’s workforce anticipates the transition to a four-day work week within the next five years. Remarkably, 21% of respondents in Singapore report that their employers are already implementing this shift to foster positive mental health at work, marking the highest rate across the APAC region.

“The four-day work week is gaining traction due to its potential benefits, such as enhanced work-life balance, heightened productivity, and reduced burnout,” stated Yvonne Teo, Vice President of HR APAC at ADP.

In a four-day work week setup, employees tackle the same workload within a compressed timeframe, aiming to boost productivity. The allure of a prolonged weekend serves as motivation, prompting employees to manage their time more efficiently and curb procrastination. This model is currently under serious consideration by European nations like Iceland, New Zealand, and Spain.

FLEXIBILITY IS CRUCIAL

“Flexibility is not merely a perk but an essential expectation,” emphasized Teo. “Our research underscores that Singaporean employees rank flexibility as the third most crucial factor in a job, following salary and job security. Employers must offer flexible work arrangements to attract and retain top talent.”

According to the report, employees anticipate hybrid work models (34%) and full autonomy over their hours (32%) to become prevalent within the next five years. Teo highlighted that effective implementation and communication are pivotal to ensuring that flexible work arrangements benefit all parties involved. She urged proactive employees to engage in open dialogues with managers to tailor solutions that suit everyone’s needs.

For employers, Teo suggested offering customized solutions to accommodate employees’ flexibility requirements through transparent communication. “Striking a balance that aligns with both the company’s objectives and the well-being of its workforce is crucial for fostering a positive and inclusive work environment,” she added.

Now, let’s uncover the advantages and disadvantages of this work setup.

Advantages include:

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1. Enhanced time management efficiency
2. Heightened productivity
3. Increased sales stemming
4. Improved employee retention
5. Decreased operational costs, including electricity bills
6. Mitigated employee burnout
7. Cultivation of a healthier work culture and environment

Disadvantages include:

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1. Potential compromise in output quality due to time constraints
2. Lower customer service satisfaction
3. Challenges in workforce management adaptation to a four-day work week
4. Elevated costs for revisions or rush services
5. Longer working hours to compensate for the shorter workweek
6. Incompatibility with certain industries

Despite these disadvantages, some local companies in Singapore have already embraced the four-day work week, including PropertyGuru, Mambu Singapore, Tenya Singapore, and Candlenut.

The question persists: will adopting a four-day work week enhance your company’s long-term growth and sustainability? While many companies turned to remote work during the pandemic, some chose to maintain this setup due to its long-term benefits. If you envision improved employee retention or heightened productivity aligning with your long-term objectives, transitioning to a four-day work week might prove ideal for your company.

Sources: 1 & 2

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6 Times When Bigger Isn’t Always Better

Not everything in life needs to be big. Sometimes, reaching a certain level of height can drain your savings and become destructive to your lifestyle. Society may market the statement “bigger is better”. We seem to be obsessed with having tall buildings, busy airports, or large homes. This obsession with growth applies to businesses too.

Growth is not always good for an entrepreneurial venture. To survive and thrive as a growing business, entrepreneurs must change their business strategies and improve the way they run their business. If they do not change the way they run things, the odds of the business surviving the trials of growth are not very good.

Let this article illustrate the times when bigger is not always better.

#1: IN GROWING YOUR BUSINESS

If you grow your business solely based on your aspirations, you can create a business that is an intentional reflection of the lifestyle you desire. Remember that success in life should be so much more than simply growing a company and making money. Creating redundancies and having unnecessary complexities are just some of the consequences of growth.

When traditional large companies have a problem, they have to hire more people and build complex infrastructures to support more employees and processes. Thanks to the opinions and demands from board members, investors, and other departments, growth makes it increasingly challenging to get simple things done efficiently.

#2: IN SELECTING YOUR PROJECTS

Since you aim to be the biggest firm in Singapore, you tend to accept all the projects that come your way. One advantage of being small is having more freedom and flexibility in your work. As a small company, you are not enveloped with expectations and overhead. In contrast, bigger companies need to hustle to thrive and survive.

#3: IN INVESTING ON PRIVATE EQUITY FUNDS

When it comes to fund size, bigger is not always better. Higher fees put more money in the managers’ pockets, but that does not guarantee that investors share in the upside. Expectations for larger returns increase as investors pay more in fees. However, larger funds do not necessarily bring in larger returns.

#4: IN RENOVATING YOUR HOME

A bigger home means you must spend more time and money on renovating and maintaining it. By revamping the existing space, you will be responsible for the cost of changing the structure to suit your needs. You will also be responsible for upgrading the existing home to follow the current health and safety codes. Your budget will depend on how extensive the renovations are. Generally, the older the building, the more it will cost you to renovate.

#5: IN BUILDING YOUR WEALTH

Putting a large amount of money in your savings account may seem like the most practical thing to do. However, money held in savings accounts has not grown much in the previous years due to historically low interest rates. With inflation running high, your savings are at risk of losing value in “real” terms as you will be able to purchase less with your money.

For instance, inflation averages 3% over the next 5 years. What costs you S$1,000 today would cost you S$1,159.27 in the year 2026. Putting S$1,000 in your savings account today with 0.5% interest will earn you S$25.25 over the same period. Thus, you will inevitably lose about S$134.02.

#6: IN KEEPING UP WITH OTHERS

“The big question about how people behave, is whether they’ve got an inner scorecard or an outer scorecard. It helps if you can be satisfied with an inner scorecard.” – Warren Buffett

Aiming for greater things just to keep up with the success of others is harmful to your wellbeing and your wallet. You can be anything, but you cannot be everything. When we compare ourselves to others, we often compare their best features against our average ones. The unconscious realization that we are not better than others can become self-destructive.

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Instead of aiming to have the biggest funds, grandest home, and largest projects, you can realistically push for what works for you best!

Sources: 1,2,3 & 4

 

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Optimize Manpower by Improving Your Organizational Learning & Development

Dave Ulrich once said: “The most important thing Human Resources can give an employer is a company that wins in the marketplace.” Learning and Development strategies can help with that!

Learning and Development is a systematic process used to enhance an employee’s skills, knowledge, and competency. This process can result in better performance in the workplace. Here are some of the terms that you need to be familiar with.

a. LEARNING: acquisition of knowledge, skills, and attitudes
b. DEVELOPMENT: deepening of knowledge in line with one’s goals
c. EDUCATION: formal manner of broadening one’s knowledge
d. TRAINING: teaching immediately applicable knowledge, skills, and attitudes for a specific position

4 PHASES OF LEARNING & DEVELOPMENT PROCESSES

These four phrases are according to the pedagogical analysis by van Gelder and colleagues (1970).

1. Training Needs Analysis
2. Specifying the Learning Objectives
3. Designing of Training Content and Method
4. Monitoring and Evaluation

PHASE 1

Analysis of the current situation and prior knowledge to identify training needs is the first step. You don’t want the employees to learn for the sake of learning! That is a waste of money and resources. Instead, you want them to acquire new knowledge, skills, and attitudes that are relevant for their future functions.

PHASE 2

Learning objectives serve as the starting point for the design of the training’s content and method. It will serve as your guide as you assess your training goals.

Start by identifying specific objectives. Then, outline the conditions required for efficient behavior. Lastly, set specific and measurable training goals.

PHASE 3

The third phase includes the identification of learning methods, teaching materials, and learning activities. It is often done by an external trainer or a training provider. Aside from these, techniques and settings are determined.

It is important to know that training can either be trainer-centered or trainee-centered. Trainer-centered methods include seminars, presentations, lectures, keynotes, and lessons. In contrast, trainee-centered methods are more interactive. This includes case studies, role-playing, self-directed lessons, on-the-job training, simulation, games, and so on. Effective training includes a healthy a mix of methods.

PHASE 4

The last phase pertains to the evaluation of the learning objectives and learning effectiveness. A particularly useful model for evaluating learning effectiveness is Bloom’s taxonomy, which we will tap later.

BLOOM’S TAXONOMY

This model is used to evaluate learning effectiveness. It captures several levels of information processing. The assumption here is that to analyze information, an individual needs to be able to remember it, understand it, and apply it.

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Remember that an effective training should result to a change in behavior! It is important for supervisors and HR personnel to religiously evaluate not just the training execution, but also the employee’s performance. The profits and other pleasant effects on your business will follow.

Source: 1

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7 Benefits Of Having An Accountant For Your Business

Accounting is a highly technical matter. The laws governing accounting changes from time to time. Furthermore, the accountants have specialized knowledge about areas that you cannot compete with. Hiring a third-party accountant for your business has its advantages.

On that note, here are the top advantages of putting up a budget for a good accountant to assist your business.

#1: SAVES YOU TIME

Every ounce of time is precious when you intend to grow your business. However, keeping up with the fast-paced economy can cause a lack in time. Choosing a trusted accountant can help you save valuable time. Thus, you can focus on the core competencies of the business.

#2: REDUCES THE RISK OF INTERNAL FRAUD

The absence of robust internal control may lead to the increasing numbers of fraudulent businesses. Due to internal fraud, your company may lose money. Engaging in a third-party accounting firm can help you keep tabs with the financial trail. Experts of these accounting firms are highly capable of identifying the discrepancies.

#3: MINIMIZES ADDITIONAL COSTS

When you outsource the accounting services, you will be able to save the costs of having an in-house employee. You do not need to pay monthly salary, benefits, and so on. You do not need to worry about the issues related to hiring, maintaining, or firing employees.

#4: GIVES SOUND ADVICE

By hiring the services of a good accountant, you are assured that the advice you are getting are both informed and authentic. You will be able to get sound advice that ensures your business is on the right track. Experts follow professional development standards to ensure that their skills and knowledge are up-to-date.

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#5: HELPS WITH BOOKKEEPING

For small businesses, bookkeeping is essential. An accountant can help you record regular expenses, bank balances, sales, and other financial matters related to your business. It would be difficult for you to anticipate future gains and losses without accurate bookkeeping.

#6: REDUCES TAX LIABILITY

Accountants are knowledgeable when it comes to helping you save your taxes and avail tax deductions. They look at your monetary capacity and financial transactions. A good accountant can give you advice on the most tax efficient way of running your business.

#7: EXPANDS YOUR NETWORK

An accountant can grant you access to other industries related to your business. This gives you greater chances of meeting new people who can be a part of your network. Who knows? These people can help you with other aspects of your business.

Sources: 1 & 2

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Employ SEO and SEM to rake in more revenue for your business

SEO vs SEM main image

If you’re involved in the business field, there’s a likelihood you’ve heard of SEO and SEM. These terminologies are commonly tossed around, but what do they mean exactly? Is there a difference between the two?

Although the distinction can be minimal, if you understand how to execute them effectively and correctly, they can lead the organisation to extremely high traffic and growth.

Let’s look at the difference between SEO and SEM and how they can be game-changers for your company. Ready for results? Let’s plunge into this integral part of marketing for your business.

An overview before we begin
seeing an overview

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The average person will most definitely click on the top few links in a typical search on Google, right?

That’s why the first page on Google search is where you want your website to appear. These days, human attention is short, and it’s essential to be the first few to grab your target customers’ attention before your rivals do. Here’s where SEO and SEM come to play.

They’re ways to promote the company so that your potential customers can access them on search engines, such as Google or Bing. If your company has a website rival, SEO and SEM are essential for more traffic to be guided to your domain.

Let’s explore their primary purposes to grasp these promotional tools better.

SEO otherwise referred to as search engine optimisation, is a concept that lets you organically appear in search results. While SEM, known as search engine marketing, depends on paid strategies to get you ranked on search engines.

Here’s a more insightful look into both approaches.

The four parts of SEO
  • Technical SEO – This focuses on improving your website’s technical aspects and constructing it to provide a fantastic user experience. It’s also part of on-page SEO.
  • On-page SEO – Involves tweaking the web pages themselves so that search engines can understand your title tags, content, internal links, and URLs.
  • Content SEO – Your content needs to match what the searcher intends to find. This is one of Google’s most important factors for its rankings. Consider these: keyword strategy, site structure, and copywriting.
  • Off-page SEO – Connect your website to other trustworthy and high-authority webpages through hyperlinks, PR, or different strategies, and the search engines will push you up the ranks over time.

Now, moving on to SEM.

SEM and PPC

SEM includes PPC ads instead of organic growth. PPC is also better known as pay-per-click. In the form of embedded advertisements, Google or other search engines can showcase your website and display them to your prospective customers.

Not all campaigns, however, are expected to yield results. To make your advertising stand out so that you get the best bang for your buck, you will have to see what your rivals are doing and choose your keywords wisely.

SEO vs SEM
SEO-vs-SEM

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  • With every click your SEM ad gets, you have to pay.
  • In the form of clicks, SEM usually has immediate effects, while SEO takes much longer.
  • SEM advertisements give you more control over how they appear. This doesn’t apply much for SEO.
  • SEM provides you with data specifics so that you can quickly tweak your advertising for instant results. When it comes to SEO, that’s a bit more challenging.
  • Over time, SEO visibility expands, so the impact snowballs as you progress. With SEM, exposure comes to a halt as soon as you disable your advertisements.
Is one better than the other?

There is no straightforward answer as it falls on how your organisation is structured and what priorities you have at hand. But here are a few pointers to note:

  • What is your objective? You want to go for SEM if it’s a short-term one.
  • How is your current SEO health? SEM can be a great backer if it is already substantial.
  • Go with SEM if you expect that your company would have a higher consumer lifetime value. SEO could be ideal if it’s the opposite.
  • Did you have your sales and profits assessed? See if making a profit from SEM is practical for you. Go with SEO if it’s not urgent.

When it comes to driving traffic, either SEO or SEM is useful for your company. But why not use both? Most of the time, having the financial capacity to combine them will allow you to reap the benefits of both.

Here are some of the benefits of implementing both strategies:

  • Do you recall how we mentioned data was available only for SEM but not for SEO? Well, now you can use SEM as a tester for your SEO strategy.
  • Through incorporating remarketing strategies within your SEM plan, you will make your SEO efforts go the distance to convert those who didn’t buy before into paying customers in the future.
Final thoughts

Now that you know what SEO and SEM are all about, you can use your new-found insights to refine your competition strategy and make the best of both worlds to conquer the organic and paid regions. All the best in ranking your company site at the top of search engines!

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