Insight

Is the four-day working week a realistic proposition for companies in the UK?

How realistic is this for a Finance Directors or CFOs?

More and more progressive companies are switching to trialling a 4 day work week as a way to help their team members live a more balanced and fulfilling life and to become more engaged with their work.  This however raises the question –  how realistic and feasible would this option be for Finance Directors or CFOs?

In 2022, the companies that seem to be thriving are ones that are truly investing their time, energy, and resources towards bettering their workplace for their people, ultimately making their team’s wellbeing and personal fulfilment a top priority.

The six-month trial in the UK for a 4 day work week aims to empower teams to try their very best while also boosting the business’s growth and revenue. However, will it be efficient if professionals such as finance leaders or CFOs remove a portion of their work time whilst also having the same workload and deadlines? Will it be attainable for them to work fewer hours? These are the questions many have been wondering?

First of all, let’s begin with the question: ‘Why does the 5-day working week exist?’

Ultimately, during the industrial revolution factories were required to be running around the clock, so employees during this era often worked between 10-16 hour days. In the 1920s, it was Henry Ford, founder of Ford Motor Company,  that decided to try something different: His workers would only work 8 hours a day, 5 days a week. This became widely adopted and still is prevalent today. Considering the advancement of technology since then, surely it should now be possible for employees to work more flexibly and efficiently?

What are the benefits of a 4 day week?

With the relatively new evolution of technology and the increase in office jobs, the rule that longer hours equals more productivity doesn’t necessarily ring true. Companies are already trialling the idea with promising results for both employers and employees.

Employee wellbeing 

The ability to work fewer days a week promotes more free time for employees to spend on other aspects of life, which follows in increased overall happiness. According to the charity Mind, 1 in 6 people experiences mental health issues in a given week.

Having longer breaks from work will allow people to spend more time with their loved ones, and do the things they love, which will naturally lead to a boost in well-being.

Increased productivity and motivation

A longer weekend will allow staff to be more rested and thus more content when they are at work. Discontented staff are less likely to be focused on their work and could possibly even distract co-workers. Likewise,  employees are also less likely to take sick leave as they will have plenty of time to rest and recover, preventing burnout. A New Zealand firm that had trialled a 4 day week, found that 78% of employees were able to effectively balance their work and home life, compared to the 58% prior to trial.

Recruitment and retention

In the age of the millennial, being able to offer a more flexible work pattern is definitely a perk that persuades employees to stay at a company.  Knowing they’ll be getting a three-day weekend is one that keeps employees motivated week-on-week. Similarly, such a benefit is likely to be an attraction to the company, and a huge reason why one may choose one company over another. It’s still a rare offering and might be a great way to attract the best, and keep them engaged, too.

Inclusivity

The 4 day week shows the company’s support for parents or people with caring responsibilities. On top of that, giving every employee an extra day off is equally valuable for anyone in the team, no matter their role or seniority.

The disadvantages of the 4 day work week?

Longer hours

In reality, most employees on a four-day week will most likely be expected to work the same 35-40-hour weeks, but compressed into a 4 day week. In this instance, working days might be extended to 10 hours. Longer days could have a significant effect on an employee’s stress levels and therefore their overall wellbeing and productivity. The pressures of having fewer days to complete their work may be more intense, especially if one day of work is missed, a considerably more amount of catchup will be required.

Mental health 

If the instance of a 4 day week means working fewer hours, rather than a compressed 35-40 hour week, then that also comes with its flaws. If the 4 day was a well-being exercise, how practical will the limited hours be? Will the workload continue to be the same or decrease? If the workload stays the same, and deadlines have to be adhered to, then surely the pressure to complete tasks with greater speed is going to have a negative impact on mental health.

Taking the wrong approach

Whether it be the compressed 35-40 hour week into a 4 day week or reduced hours in a workweek, both approaches have their negatives. Productivity is highly likely to be compromised either way. Considering many professionals will have deadlines to adhere to and will most likely have the same workload, the longer hours or compressed hours may take a negative toll on overall productivity. Compressed hours will mean that employees are highly likely to get exhausted after a day’s work, take fewer breaks in the day and will not be working productively. Shorter hours will also create pressure for employees to complete more work in a time frame that may not meet the demands of the business or put the business at a competitive disadvantage.

Communication

With a 4 day week, some professionals may be unable to afford a ‘day off’ due to the extent of their workload, whilst others could. This will mean communication and teamwork will be delayed, and some co-workers will be unable to get hold of each other.  The efficiency of businesses could be hindered as a result of such changes.

Alternatives to a 4 day week

The 4 day week is a true advantage for some sectors, but for many others, it’s simply not a possibility.  Certain professions require regular presence, especially in terms of customer value, and others have to adhere to tight deadlines. Many people will inevitably also have to work on their ‘day off’, to finish off their tasks, whilst others may not, which will hinder the communication, morale and teamwork aspects of work. A different approach should be taken, that would be more realistic for all employees no matter their position. Alternatives to the 5 day week could be half-day Fridays, Wednesdays off, fortnight Fridays off, compressed hours, etc. Whichever option is chosen, companies have to consider the balance between work, mental health, efficacy, the happiness of their employees, and also what their competitors are doing.

Final thoughts – should your business adopt a 4 day week?

Whilst the 4 day week has had success in some UK businesses and taken off in several European countries, there is no doubt that this is a relatively untested approach to take for companies. It ultimately requires a shift in mindset from employers and also employees in order for it to work, and so a 4-day week model is not for everyone. It is true that a more flexible approach to working hours is expected from workers, however, a less disruptive, and more gradual process could be implemented such as adopting a hybrid or flexible policy or other alternatives instead.


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