Would introducing a 4 day working week alleviate the cost of living crisis?
As we know this year (2022) has seen the worlds largest study of its kind – trialing the 4 day working week. Started in June, it has involved more than 3000 workers at 70 UK companies being paid for 100% of their pay for 80% of the time – with the expectation that there is the same level of productivity on the reduced hours.
A recent survey from the CIPD suggested that a shorter week would become a likely scenario in the UK within the next 10 years.
The companies who have adopted the 4 day week approach have suggested that it has saved employees financially as they do not have the cost of commute, reduction in expenses, (lunches / coffees) some are saving on the cost of childcare responsibilities, and it is providing an opportunity for employees to have a better work life balance.
However, not all are supporters out there, for example industries that have to provide 24/7 – could reasonably carry the cost of 20% increase in salary costs. Likewise, if organisations are unable to adapt properly, employees could end up working longer days to compress five days of work into four, which would likely have a knock on effect to their health and wellbeing, as well as the quality of their work.
What are your thoughts on a 4 day working week, from a business perspective? Employee perspective? We would like to hear your thoughts!
