A work-life balance within the working population is now of paramount importance to employers within Singapore. Merging all socio-aspects of ones life is often conducive to a better work performance and as a result, commercial properties are gearing up to this key characteristic with landlords providing more end-to-end solutions for their customers in the real-estate market. Facility management is now coming under the proprietor’s arm with services such as security, landscaping and transport being offered by the different estate agents.
(Landlords face difficulty in determining what constitutes a good work-life balance.)
Seemingly, the need to meet this growing demand stems from the lifestyle shift experienced by many within the working population in Singapore. As opposed to many of the surrounding country’s manufacturing based economies, Singapore is a service-based industry that has a concentration on expertise and greater efficiency. This, coupled with the altering external environment of technological changes, CSR priorities and Enviro-friendly/Green initiatives has meant that commercial property owners are having to find new ways to attract and retain customers.
One difficulty facing landlords is the contrasting working environments they provide for their customers. A number of components factor into what constitutes a good work-life balance and consequently both the company and the landowner shoulder the responsibility of addressing these components. A business may be in an isolated location and therefore a lack of surrounding amenities and transport links may deter potential suitors from using the premises for their business. Likewise, a major concern for all renters is the cost and this can filter landlord’s customer prospects drastically if they are in an expensive area.
Mr Aylwin Tan, Ascendas' chief customer solutions officer explains how the rapidly progressive environment means companies priorities will shift at a similar rate - 'More importantly, the expectations of employees working for the companies have changed, and will continue to change with more Gen Y workers entering the workforce, and when more varied employment opportunities become available. Therefore, business space must go beyond providing a roof over four walls and the standard utilities.'
What remains to be seen is how this impact will affect the working population of Singapore? With one of the most diverse workforces in the Asia Pacific region, it will be interesting to see how the changes will align with the cultural contrasts among the work force and if the proposed added value from landlords will suffice their existing and potential customers.
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