Coworking In Singapore – A Summary Of Business Practices In Singapore
As with many Asian cultures in the area, Singapore’s business culture is based on close family and friend relationships. While it might seem contrary to let these connections determine contracts and hiring decisions, it is a standard practice for family and friends to be hired as opposed to hiring a person solely on their talent alone. The concept behind making friends before doing business is probably one of the reasons the country was ranked the highest in the ease of business.
Add in coworking spaces, and it is a recipe, a mix between social interaction and industry, for success. In fact, Singaporean professionals appear to love the concept because the numbers and types of spaces available have increased tremendously. Coworking in Singapore – Servcorp included – have created some of the most creative, functional spaces that have focused on building relationships in a business platform all about promoting this practice.
Keep reading to learn how coworking can help you to gain the advantage in Singapore’s business economy.
Networking And Socialising
As stated previously, the business climate in the country is one where the relationship is at the core of most relationships. For this reason, networking is also an important part of the Singaporean business platform. Whether chatting with co-workers, engaging in networking events, or attending conferences, these are all opportunities for professionals to connect with one another.
In the coworking space, the opportunity is always there for networking, and because the coworking concept places great emphasis on community, professionals and entrepreneurs gain the advantage by simply engaging the community. The coworking entrepreneur could easily find contacts to get information and build relationships. These relationships could inevitably lead to the collaboration, which is a platform for raising the profile of your venture.
Hierarchical Business Relationships
Businesses relationships are hierarchical in nature with there being a great respect for those in senior management. A good rule of thumb is to defer and follow those in leadership positions. When making decisions, the interest of the group always takes precedence over the interests of individuals. For this reason, decisions are usually made by the group, as opposed to just one person.
In terms of what to wear to the office, men typically wear smart suits (shirt, tie, and trousers), and women are comparably dressed (blouses, skirts, or nice trousers). When greeting other professionals, most men will give others a light handshake while some women typically avoid handshakes altogether but will acknowledge the person by slightly shaking their head. Bargaining is a major part of Singaporean negotiation, so deals that would typically be wrapped up quickly take a bit longer to conclude. Excepting government officials who cannot receive gifts, at the conclusion of most businesses, it is customary to exchange small gifts.
While the business is structured similarly to others in the region, there are a few nuances. Business hours are usually between nine in the morning and six the evening, except for those businesses that operate 24 hours a day (usually pharmacies and restaurants). Businesses outside the service industry only are opened five days a week. Holidays are observed, and if a person has to work on a holiday, they are compensated for an additional day’s work at the same rate of pay.
The Easiest Place For Business
The country is described as being one of the easiest places in the world to do business and for a few reasons. Many of these factors relate to acquiring permits, paying taxes, commercial disputes, and efforts on reducing corruption. Being a great place for business is only one part of success in the country, as understanding some of the basic rules of etiquette can be a way to avoid the faux pas that hinders business relations.