VBF-4Day Work Week-Mar 09, 2023
In today’s Virtual Breakfast Forum, members and guests were treated to an enlightening presentation by EHSCBC Board Member, Dr. Cameron Stockdale, President & CEO of the Work Wellness Institute, on “The 4 Day Work Week”.
Dr. Stockdale shared some interesting statistics discovered through studies done on organizations in 2021 & 2022 including that some of those who introduced a 4 day work week for a trial period of 6 months saw 38% increase in revenues.
Implementing a 4 day work week takes a lot of work, and must be customized to your organization’s needs. There are different models that can be implemented, including closing the doors on a Friday, or working longer hours to make up the 40 hour week.
Studies have shown that the benefits of implementing a 4 day work week can include:
- Addressing labour market issues, having this job perk results in ability to hire from a bigger pool of people
- Addresses the health and wellbeing of employees
- Reduce office pressures: less people in the office at any given time
- business outcomes include increases in revenue, and staff retention, while overtime and absenteeism is reduced
- health & wellness outcomes include reduced levels of burnout, stress & fatigue, and improved work/life balance, mental and physical health
Despite the volume of work to lay the foundation of this project, there is a lot of value to your organization in the positive impact it has. People are spending more time with family, and childcare expenses drop.
It was found that 91% of companies who implement a 4 day work week will keep it after 6 month trial period. Staff are less likely to leave their job and there is a statistically significant reduction in the number of remote work days taken. The quality of work has improved, the number of people getting a second job decreased slightly, and only half of the employees felt the pace of work actually increased.
If you want to implement a 4 day work week in your own organization, where do you start? Do your own research starting by talking to your staff (communicate early and often). Give it time. Create policy and communicate it to your team. Network and get help from consultants. And finally, tell your customers. When they see your success, maybe they will jump on board with a 4 day work week, too.
This session was recorded for members to review.
