Four-Day Working Week: Efficiency Gains
New research conducted by 4 Day Week Global has found that the longer staff work a four-day working week, the more efficient they become, thereby reducing the number the hours they have to work overall.
As we highlighted in a previous article, a 6 month trial of the four-day working week delivered positive results for those employers and employees that took part
During the trial, the staff of those employers that took part worked a four-day working week without the loss of any pay. The approach was based upon what is known as the 100:80:100 model, in which employers pay their employees their full pay (i.e. 100%) despite employees only working 80% of the normal working week (i.e. a four-day working week, instead of 5). In exchange, employees aim to deliver 100% productivity (i.e. produce what they had been doing in 5 days, in 4 days).
The aim behind the four-day working week trial was to test whether a four-day working week delivers an increase in productivity, as well as improvements in health, wellbeing, work life balance, and staff retention.
The results of the four-day working week trial were published on the 21st February 2023, and were as follows:-
- Participating employees reported that a four-day week had improved their work life balance, with 54% stating that they were better able to combine work with tasks at home, and 62% stating that they were better able to integrate work with socialising. 60% of working carers also reported that they were better able to manage
- 39% of participating employees stated that their stress levels had fallen, and 71% reported a fall in burnout. 40% also stated that they were sleeping better
- 15% of participating employees stated that no amount of money could induce them to voluntarily return to working a five-day week
- Employers reported an average increase in revenue of 35% during the period of the trial, compared to the same period in 2021
- Whilst absenteeism fell by 65% on average, their was also a 57% reduction in staff departures . Moreover, there was an increase in recruitment
- Out of 10, the participating employers provided an average overall rating of 8.5. In terms of productivity and performance, the average rating was 7.5
- 92% of the participating employers plan to continue allowing their employees to work a 4 day week, with another 4% inclined to do the same. Just 4% of the employers stated that they would not be continuing with the shorter working week
Following on from the trial results, 4 Day Week Global has published a new report which looks at how those employees who have been working a four-day working week for a year are performing.
During the original 6 month trial, it was found that the number of hours employees required on average to complete the tasks allotted to them fell from 38 hours to 34 hours. However, the new research has found that those who have been working a four-day working week for a year have reduced the amount of time required even further, to 32.97 hours on average. Furthermore, the research found that the time savings were attained by working more efficiently.
The publication of this new report by 4 Day Week Global comes just as South Cambridgeshire District Council announced that it would be continuing with its four-day working week trial.
Majority Of Employers Experiencing Skills Shortages
New research carried out by Reed Talent Solutions has found that 77% of employers report a skills gap between those skills held by their existing staff and that required to achieve their business objectives. Moreover, 70% of employers state that recruiting employees has become more difficult, with 60% of those employers citing finding candidates with the right skills set as the principal reason for that.
