Media Release

Nearly three quarters of South Australians want work flexibility into the future, according to research from BankSA’s latest Trends economic report.

The rapid adoption of flexible work during COVID-19 has also seen more than half of South Australian businesses surveyed saying it has improved overall productivity.

The Trends report shows that bigger businesses have been more accepting and better equipped to respond to flexible working arrangements.

The percentage of larger businesses with at least some employees working remotely is expected to climb to 78 per cent, in contrast to smaller businesses where only 56 per cent saw opportunities for work flexibility.

BankSA State General Manager, Business, Mr David Firth said that flexible work was already a growing feature of employment before the pandemic, but the pandemic has supercharged this growth.

“The ability to offer hybrid work is becoming a source of competitive advantage for businesses when searching for talent, particularly in a tight labour market,” said Mr Firth.

“Young people, in particular, are being influenced by hybrid working trends when looking for a job, with one in five young people surveyed looking for jobs in the regions and interstate because of the availability of hybrid work.

“We know that businesses come in all shapes and sizes, and there’s not one solution for all. Some businesses are telling employees they don’t need to come back into the office at all, while others are still keen to get their people back in – however, in general, we’re seeing an increased interest in flexibility across the board.

“We are witnessing a cultural shift where the stigma of working from home has weakened and many businesses have also reported increased performance.”

More than a fifth of businesses said their employees are working more hours compared to pre-COVID, however employees are happier with the hybrid arrangements. Work-life balance is cited as the best aspect for employees, followed by mental wellbeing and a reduction in daily expenses.

Mr Firth acknowledged there were trade-offs with the new hybrid work model, and it wasn’t suited to all industries.

“For tasks requiring physical presence or specialised equipment, the uptake of remote work may be limited however businesses should carefully consider if there are aspects where this can be better enabled,” said Mr Firth.

“Getting the right balance is important. Businesses can benefit from increased productivity, happier and more engaged workers, and access to a larger pool of talent, however less time spent together potentially reduces opportunities for collaboration and social interaction.

“Finding the right solution for their particular situation will be the key for businesses as we plot a path out of the pandemic.”

Mr Firth said the opportunity for business is also an opportunity for our state.

“The rise of remote and hybrid working – and our recent accolade as Australia’s most livable city – makes our state a very attractive place to combine professional and lifestyle outcomes,” said Mr Firth.

“Workers in South Australia’s knowledge economy represent a growing share of employment here and these services sectors are among those where we’ve seen the largest uptake of remote work.

“We should harness these unique opportunities to grow our economy and our population.”

To take advantage of the shift in work flexibility, the Trends report suggests businesses should consider:

• Incorporating hybrid work and refraining from a ‘one-size-fits-all’ model;
• Increasing the uptake of remote-enabling technology and cybersecurity principles;
• Renewing management strategies to ensure employee wellbeing, collaboration and empowerment is at the forefront;
• Refreshing hiring strategies to attract the best talent, enabled by hybrid working;
• Whether a hybrid approach may improve customer connectivity in an environment where many customers are also accustomed to hybrid experiences.

The Trends report also says that changing worker behaviour during the pandemic has been visible in the Adelaide CBD, with visitation 8.2 per cent lower in the first quarter of 2021 compared with 2020, with areas reliant on foot traffic from interstate visitors and city workers seeing the largest declines.

The research found that the top three factors that would encourage people to spend more time in the CBD are cheaper car parking, better public transport access and longer retail opening hours.