Is Formula One driving down Singapore's productivity?
Nearly two months after the FIFA World Cup, employees in Singapore have another excuse to turn up to work bleary-eyed: the Formula 1 Singapore Grand Prix.
Nearly 60 percent of workers are ready to sacrifice sleep for the night race and its celebrations which are expected to end late Sunday night, according to a survey by recruitment agency Font.
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One in four expects their attendance to take a toll on work productivity the following day, with 39 percent citing a potential hangover. Booze-fueled parties are integral to the event; Singapore's party calendar is in overdrive, with over 20 bashes taking place in and around the circuit.
"Like it or not, many employees will be out late at the biggest event of the year," Anna Clark-Hall, Singapore country manager at Font, wrote in a note. "Company leaders can minimize work disruptions by offering flexible work arrangements the day after the event, stocking the pantry with isotonic drinks and recovery food and or even starting the work day later across the office."
A marketing executive from events company Kingsmen who was involved in the Formula One race last year, said her company made arrangements for transportation and implemented flexible working hours for the following day. "My boss understands how hard we work for the event so they allow us to come in later for work," the 25-year-old who preferred to remain anonymous told CNBC.
The "Life in the Fast Lane" survey was conducted last month and polled 100 professionals from the marketing, digital, creative and communications fields in Singapore.
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The Formula One Singapore Grand Prix - to be held from Sep 19 to 21 at the Marina Bay Street Circuit - has been an annual fixture in the Southeast Asian city-state's sporting calendar since 2007. The Singapore Tourism Board expects the sporting event to pull in 100 million Singapore dollars (approximately $80 million) in extra tourism receipts this year, according to local media reports.
Singapore sees the race as a worthwhile investment, given the benefits of promoting the city of 5.4 million as a top destination for tourism and business. Employees who participated in the survey certainly agree, with half indicating that the Formula One is the most important marketing event in Singapore. 66 percent said that brands tapping into the Singapore Grand Prix are making worthwhile investments.
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