World's biggest 4-day work week trial yields 'breakthrough' results
Offices with shorter working hours are seeing an uptick in employee productivity. A four-day workweek trial, involving 61 companies in the UK between June-December 2022, saw that most of the firms found the results satisfactory and would continue with the reduced hours. During the trial period, the companies also posted unchanged or higher revenues, and their employees seemed to enjoy greater work-life balance.
Why does this story matter?
Due to advancements in technology and growing calls for improving the well-being of employees, several firms have started resorting to a four-day workweek. This can boost employee morale, reduce stress, and also reduce carbon footprint as the need for commuting is reduced. While this was all a theory, the latest study proves that the beliefs were true. More companies should implement it.
Who conducted the trial?
The trial was conducted by a research team from the University of Cambridge, in association with researchers from Boston College, the '4 Day Week Global' nonprofit community, and Autonomy, a research firm focusing on the future of work. The project aimed to see how companies with diverse business interests and their employees would respond to lower work hours yet unchanged pay.
What were the results in terms of employee satisfaction?
When employees were polled following the completion of the trial, 39% reported they felt less stressed, 48% claimed higher job satisfaction, and 60% said that they found it easier to maintain a work-life balance. Around 71% felt were less burned out, and a huge 73% claimed that they were more satisfied with their lives. Employees were also getting more sleep, as per the results.
How were the companies benefitted?
Firms participating in the trial found a 57% drop in resignations and 65% lesser sick leaves by employees compared to the same period in 2021. Around 92% of the polled companies are sticking to the four-day workweek, with 30% of them doing it permanently. In terms of revenue, 23 firms registered a 1.4% growth during the trial, while another 24 managed an impressive 34%.
Trials are also being conducted in other places
The four-day workweek trial in the UK is not a novel concept. Similar steps have also been taken in other countries such as Iceland, Spain, Scotland, Ireland, New Zealand, and Japan. However, this trial is not a one-size-fits-all approach. Industries associated with healthcare and first responders, where people work around the clock, cannot benefit from this. The right work culture is needed.
