There have been a lot of employment trends in the news lately, from the Great Resignation to Quiet Quitting to Quiet Hiring. One trend that’s making the rounds now is the four-day workweek. In 2022, about 10% of companies offered a four-day workweek and nearly two-thirds of employees surveyed said they’d quit their current job for one that let them work just four days a week.
While the concept is popular, it turns out what a four-day workweek means can vary depending on who you ask.
What Is a Four-Day Workweek?
When companies adopt a four-day workweek, employees report for work on four weekdays, not five. Some companies allow employees to work four 8-hour days, for a total of 32 hours weekly, for the same salary they earned working 40 hours weekly.
At some companies, the preference is to work 40 hours, but to split up those hours into four 10-hour days. Another option is to have employees work somewhere between 32 and 40 hours over four days, such as four 9-hour or 8.5-hour days.
What it means to work four days a week can also vary based on the company. At some companies, employees take that extra day off to themselves, treating it like another weekend day. Others may claim to have a four-day week policy, but actually expect employees to be on call or available during the fifth day.
The Pros and Cons of a 4-Day Workweek
The most significant argument in favor of the four-day workweek is that it maintains or improves employee activity, even when people work fewer hours. Employees perform better on the job when they have more time to rest and relax.
Four-day-a-week jobs also tend to be more attractive to candidates, making it easier for a company to hire and retain top talent.
At the same time that working less seems to improve productivity and employee well-being, there’s concern that fewer work hours a week can lead to higher stress levels, as people have less time to get things done. For companies that adopt a 10-hour shift, there’s concern that working long hours for part of the week can lead to higher rates of burnout.
Also, a four-day schedule doesn’t work in every industry, particularly in those that require people to be available during regular business hours at all times.
How Does a 4-Day Workweek Fit Into Your Company’s Strategic Plan?
A four-day workweek could be just what your company needs to attract better talent or retain your employees. But you want to see how it will affect your business’s bottom line and strategy over the next few years. A virtual CFO can help. Your vCFO will work with you to help you develop a plan that makes your workplace attractive for new hires and existing employees without leading to a drop in revenue or causing your company to go off course.
If you’re interested in adopting a four-day workweek or want to know more about developing a strategic plan, contact New Direction Capital and hire your vCFO today.