Who doesn’t love a 3-day weekend? Technological advances have sped up how we work, and along with the pandemic, accelerated the implementation of hybrid work models. 5-day workweeks are no longer necessary.
In Hong Kong, where long working hours are a way of life, how would the workforce and industry adapt to a four-day workweek? Seeing as Hong Kong ranks as one of the cities with the worst work-life balance (ranked 45 out of 50 cities) according to a workforce survey by tech company Kisi, it seems there is a need to change the way people work.
But does a four-day workweek equal more productivity? Let’s find out.
What is a four-day week?
A typical four-day workweek consists of condensing five days of full-time hours into four 10-hour workdays (for 40 total work hours a week), along with three full days off. The employee receives the same salary as if they were working a full five days.
Another model consists of reduced hours, for example, 32 hours broken down into four 8-hour workdays and only being paid for 32 hours – not a full-time workload of 40 hours per week.
Work-life balance benefits of a four-day week
Better Productivity
In 2019, Microsoft Japan played around with the concept, giving all Fridays off for one month as “special paid leave” for its employees. The move boosted productivity by a staggering 40% and resulted in more efficiency. Since then, the Japanese government has been considering new legislation aimed at achieving a better work-life balance across the nation. As part of their new economic policy guidelines proposed last year, employees can opt to work four days a week instead of five. This comes as a move to counteract a phenomenon known as “karoshi”, where death by overwork has claimed many lives.
New Zealand-based company, Perpetual Guardian, also conducted a trial study of a four-day workweek. Not only did employees maintain the same productivity level, but they also showed improvements in job satisfaction, teamwork, work-life balance and company loyalty. The results found that 78% of employees could more effectively balance their work and home life, compared to 54% prior to the study.
Better Health
A four-day workweek can lead to happier and more committed employees. Employees are less likely to be stressed or take sick leave as they have plenty of time to rest and recover across a three-day weekend each week. This results in a better work-life balance and as a result, employees return to work feeling energised and ready to take on new challenges.
Flexible Work Arrangements
Many companies are placing workers’ well-being first by offering flexible working arrangements. This is a trend we are seeing throughout the tech, fintech, legal and accounting industries.
PriceWaterhouseCooper (PwC) wants to make flexible working the norm rather than the exception in a post-pandemic world. The global accounting firm is now allowing its staff to have the best of both worlds, adopting a “blended working” approach, with employees spending around half of their working hours either in the office or at clients’ workplaces. Staff will also have more flexibility with their working hours with options to condense their work hours into four days, starting or finishing earlier if they choose.
PwC sees the future of work is changing at such a pace that their company has to evolve continually to meet the needs of their staff and clients, and wants to ensure their employees maintain a good work-life balance.
A flexible work model will also attract talent and could improve retention, especially among millennials. Offering this perk could persuade employees to stay at a company knowing they’ll be getting a three-day weekend and better work-life balance.
Companies that offer flexibility to their employees see higher employee engagement and more overall happiness at work. WeWork offers businesses a flexible environment that fosters greater collaboration and productivity. Learn more about WeWork’s unique coworking spaces.
Cons of a four-day workweek
Not suitable for every business model or industry
Unfortunately, a four-day week model doesn’t suit every business. It’s an option that is only viable for companies that can re-adapt their whole business model to a new way of working.
Condensing work into fewer hours won’t work for businesses that provide services dependent on foot traffic or short lead times and who depend on a steady stream of sales. Likewise, quick-response customer service companies might find that their ability to provide services will be compromised if clients have to wait over a three-day weekend for solutions.
More work stress with longer hours each day
Longer hours could mean more work-related stress. Working 10 hours a day, four days per week might sound good in theory but in reality, these long days are taxing, leaving employees drained and needing their three-day weekends to recover. So is it really worth it?
Impact on leave entitlements
Switching to a four-day week and keeping the standard full-time working hours (i.e. you condense 5 days into 4), employees’ holiday allowance won’t change. But, if you reduce the number of hours you are working each week, then it will mean a reduction in your leave entitlements that will need to be adjusted pro-rata. But if you’re feeling more content with a better work-life balance, then you might not need as much annual leave!
For companies considering implementing a four-day workweek, it would be useful to conduct an in-house survey to determine your employees’ preferences. Do they want a shorter workweek? How would this benefit them? What are their concerns? These are all questions that could be posed to them. If the survey results show a majority preference by employees for a four-day week, then a trial could be conducted first, followed by an assessment on how it’s working and if it will benefit the business as well as the staff.
Considering flexible ways to work? Learn more about our adaptable co-working spaces designed to support hybrid work models at wework.hk .Connect with us today to find out more.