Lydia Hu of FOX Business reports that Kathryn Wylde, president and CEO of the nonprofit Partnership for New York City, says there may never again be a full five days in the office amid stiff competition for talent.
According to a recent report, more than two dozen companies that tested a four-day work week have no plans to go back.
Findings of the recent study “Assessing global trials of short-time work of no pay cut” confirmed the idea that the 32-hour week trend is gaining momentum. The study collected data from a range of companies and organizations across industries. Participants lived in the US, Ireland, UK, New Zealand and Canada.
Researchers found that the 33 companies that tested the abbreviated schedule without a pay cut were “extremely satisfied with their performance, productivity and overall experience.”
REMOTE WORK BOOSTS PRODUCTIVITY AND HELPS FIGHT INFLATION DESPITE BUSINESS LEADERS’ DOUBT
Members work on laptops in a common area in WeWork Cos Inc. offices. 85 Broad Street in the Manhattan borough of New York, May 22, 2019. (David ‘Dee’ Delgado/Bloomberg via Getty Images/Getty Images)
According to the report, which was produced by independent academic researchers from Boston College, University College Dublin and Cambridge University, 27 companies that completed a final survey have already committed or plan to continue to commit to the four-day workweek. .
CHICK-FIL-A’S FOUR-DAY WEEKEND EXPERIMENT
Over the course of the trial, revenues for the participating companies increased while absenteeism and absenteeism fell, the study found. At the same time, companies were hiring and layoffs declined slightly, which the researchers say was “a striking finding during the ‘Great Resignation'”.
New York attorney, Matthew Baione, is seen in his Manhattan office on August 29, 2019. (Kristel Bernaud/AFP via Getty Images/Getty Images)
When employees were asked about the experience, they reported that it was very successful. The average overall experience of the trial received a 9.1 out of ten.
Employees said their job performance improved and almost all, 97%, said they wanted to continue with the process, according to the report.
SAN FRANCISCO TECH STARTUP IMPLEMENTS 4-DAY WORKWEEK, SAYS BUSINESS IS BETTER THAN EVER
In the study, researchers noted that there is “abundant evidence that long hours of work are bad for human health” and even cited a recent report from the World Health Organization and International Labor Organization that found associations with higher rates of heart disease and stroke.
Daniel Alpert, managing partner of Westwood Capital, is seen in his Fifth Avenue office in New York, October 15, 2020. (Timothy A. Clary/AFP via Getty Images/Getty Images)
UK WORKWEEK TRIAL: THE WORLD’S LARGEST 4-DAY LABOR EXPERIMENT STARTS
Conversely, researchers say there is “a growing body of evidence that short-time work has positive health effects on individuals and is economically viable for employers, even if not accompanied by wage cuts.”
Recently, companies in the US, such as Chick-fil-A, have even tried their own work schedule. A location in Miami, Fla., reportedly implemented a new schedule that includes a four-day weekend for employees.
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Similarly, San Francisco-based HR tech startup Emtrain implemented a four-day work week in July 2021. It’s been performing better than ever since then, Emtrain president Odessa Jenkins told FOX Business earlier this year.
Sage Hotel Management President and COO Daniel del Olmo shares why his company offers a four-day work week to employees and the importance of a good work-life balance
