Has society finally outgrown the 40-hour workweek? One study conducted by the team at SimpleTexting says yes. In that survey of over 1,000 Americans, nine out of ten people believe the five-day workweek is outdated. Not only that, but almost 80% of respondents say the pandemic has increased their desire for a four-day workweek. And an overwhelming 98% believe it would improve their mental health.
As a result, some companies are testing the concept. In June, the crowd-funding platform Kickstarter announced a pilot four-day workweek starting in 2022. “Kickstarter has a history of thoughtfully approaching the way we design our workplace. As we build a future that is flexible, we see testing a four-day workweek as a continuation of that spirit and intention, “ said Kickstarter CEO Aziz Hasan. Other companies like Unilever and Shake Shack are also experimenting with the idea. And then there are countries like Spain, which has become the first country to trial a four-day workweek. As we enter a post-pandemic world, here are some compelling reasons why companies should consider a four-day workweek.
Reduces overhead and other costs
From a financial perspective, research indicates that moving to a four-day workweek can reduce overhead and other costs. Businesses immediately eliminate a percentage of variable overhead expenses like electricity and energy consumption. For example, in the Microsoft Japan trial, electricity costs fell by 23%. Also, employees use fewer office supplies and equipment such as printers and copiers depreciate slower. Fewer work days also mean less frequent janitorial services. And if you factor in the daily perks that many businesses offer their employees, like snacks or free lunches, the cost savings increase even further.
Helps to attract and retain talent
This proposed new way of working may help address one of the major problems employers face—employee turnover. Especially since 3 out of every four respondents surveyed by SimpleTexting stated that they would consider leaving their current job if offered a position to work a four-day workweek. Additionally, a recent Gallup Report estimated that Millennial turnover costs the U.S. economy $30.5 billion annually. According to that same report, Millennials rank work-life balance high on their priority list when considering employment options. Because of this, a schedule allowing one additional non-work day a week may be attractive to workers. And findings from the University of Reading support this theory. In that report, around 63% of employers in the United Kingdom said that a four-day workweek helped attract and retain talent.
Increases employee productivity and well-being
In 2019, Microsoft Japan tested reducing the workweek by one day, which led to a 40% boost in productivity. Not only that but Andrew Barnes, founder of the New Zealand company Perpetual Garden, tried the same experiment. In the end, his employees were happier and more productive. That’s because they are working smarter, not harder. Researchers in Iceland have also found that a four-day workweek without a pay cut improved workers' well-being and productivity. For four years, researchers tracked 2,500 employees who reduced their workweek to 35 to 36 hours. They discovered that "worker well-being dramatically increased across a range of indicators, from perceived stress and burnout to health and work-life balance." At the same time, employee productivity remained the same or improved.
While the five-day, 40-hour workweek is a nearly century-old tradition, the model is severely outdated. Employees should be measured by output, not hours. Will a four-day workweek become the future of work? Only when companies finally realize that it can benefit both employees and the bottom line. A true win-win.
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October 18, 2021 at 04:00AM
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Why Companies Should Consider A Four-Day Workweek - Forbes
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