Could a 4-day working week be a good fit for your business?
The Finlay-Mulligan & Co Accountants team know that the pandemic has acted as an impetus for reflection for everyone, with many workers and business people reassessing the hours they work and the priority that work has in their lives.
The suggestion of a 4-day week is something that’s been around for a while, but increasingly there’s a groundswell of support for the idea of working shorter hours and achieving a better work/life balance as a result.
As a business owner, you’re no doubt already thinking ‘But how can my business still function if my employees are working fewer hours and are being less productive?’. The interesting outcome of recent 4-day working week trials was that productivity wasn’t negatively affected by this move to reduced hours.
So, could a 4-day week actually be a good fit for your team? The Finlay-Mulligan & Co Accountants team have put together some reasons why a 4-day week might work for your business.
- Your employees are just as productive – a 4-day week was trialled by New Zealand company Perpetual Guardian and the results were surprising. After spending two months testing a 20% shorter week, they found that their employees were ‘happier, more focused, and producing the same amount of work’.
- Your team still earns the same money – one potential worry for your employees is a drop in pay if they are working fewer hours. But under a 4-day work scheme, you continue to pay your team the same wages or salaries. So, although your employees are working fewer hours, there’s no drop in their income and no resulting money worries.
- Your team is happier and more engaged – results of 4-day week trials globally have shown that employees on reduced hours are happier, more engaged and more energised for their work. So, rather than pushing your team to work a 40+ hour week and risking fatigue, burnout and disengagement, you ease off on the throttle. This gives your employees a less pressurised work environment and a better level of happiness. And, as we know, a happy workforce is also a productive workforce.
- A more sustainable business model – with your people spending less time in the office, factory or workspace, your business will be using fewer resources – and having less of an impact on the planet. Your utility bills will reduce, you’ll need fewer office supplies and your people won’t be commuting as frequently – all of which is great for your carbon footprint and the overall sustainability of your business.
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