Should You Implement A 4-Day Work Week?
How often do you notice that your employees lose productivity as the week progresses? How often do you find yourself counting down the hours and minutes until the work ends on Friday evening? More often than not, even the most motivated and passionate employees live for the weekend. And when employees dedicate more than their 40-50 hours a week, it’s easy to tell that the quality begins to slip. Our work week mentality might be hurting us as it currently stands. More than half of working adults feel overworked and at least 44% report losing sleep at night because they are thinking about work. Many companies are implementing a 4-day work week or flexible hours as a means to combat a loss in productivity. Companies like Microsoft and Perpetual Garden have implemented these programs with great success. Have you considered implementing a 4-day work week? Here are all the benefits that HJR Global has compiled about this working model.
Despite the fears that many companies have where they will lose productivity and their workforce will get less done, many companies report an increase in productivity. In Microsoft’s flagship 4-day work week program, they saw productivity rise nearly 40% more than the year before. On a 10-hour a day model, workers tend to be more productive for more hours of the day and get more done so they can enjoy their weekend. Furthermore, there is less incentive to draw out time wasters like meetings that can eat into productive time. As long as the 4-day work week is implemented properly, companies can actually increase their productivity, rather than lose out on valuable hours.
Attract And Retain Employees
In the shifting job market that was once dominated by salaried employee and has been moving more toward gig working and freelance, companies are more desperate than ever to attract new talent or retain the talent they have. About 33% percent of companies have increased the amount of perks and benefits that they offer while chasing retention. The problem for many of these companies is knowing what to offer that will make employees happy. Some companies have free snacks or catered lunches, while others offer yoga and nap rooms in an attempt to keep their employees in a mental and physical state. But many companies have such a “quantity” of work attitude, that they find employees don’t even take advantage of those benefits. Companies that offer flexibility on hours or a 4-day work week find that employees consider that a massive benefit. One Flexjobs survey found that employees would take 10 to 20 percent cut of pay if they had a flexible work schedule.
More Work Does Not Mean Better Work
Some management teams are under the impression that more time at work means that more work is getting done, but this just isn’t the case. The attitude that quantity of work over quality of work can actually lose a company money or talent. According to a Staples Business Advantage survey, 67% percent of burnout employees feel that their workload is responsible, while 55% also said time pressures contribute to burnout. Furthermore, 63% indicated that if they had more flexible work hours, they would feel less burnt out. Burn out is one of the number one reasons why employees leave and losing talent leads to loss of profit and even more pressure on other staff. For employers looking to decrease burnout, a 4-day work week might be the most optimal option.
Increase Your Profits
A lot of employers might scoff at all the loss that’s posed by a 4-day work week, but what if that 4-day work week could actually make you more money? Treehouse, an online school startup founded in 2010, implemented a 4-day work week and was able to make $10 million dollars in yearly sales with a 120% annual revenue growth. Those are massive numbers for a startup! In the interest of full disclosure, Treehouse should also function as a cautionary tale to people looking to make the switch. They have since abandoned the 4-day work week, of which they were only working 32 hours in a fashion similar to the Denmark work week. Their struggle was allowing themselves to dip too deeply out of the productivity cycle. More than 40% of companies offer some employees a 4-day work week and 10% make it available all the time. These companies are all seeing their bottom line increase because of smart implementation of a 4-day work week.
Work-life balance is one of the most important aspects to the modern workforce. Especially among millennial professionals, people are no longer chasing the top of the ladder, content to find comfort in their life outside of work. Therefore, more and more businesses need to be aware of work-life balance on their employee retention and satisfaction. A 4-day work week offers people the opportunity to be more social, to pursue their hobbies, to rest and rejuvenate their minds and their bodies, and to have the time to let their creativity roam.
As a business leader, you have to determine if the 4-day work week is right for your company, but there are clear benefits to your team. Let HJR Global help you determine a strategy you can use to implement these hours with your team. Contact HJR Global today!