Grant Thornton has become the first company in the Cayman Islands to trial a four-day work week. Could this be the future for all of us? And how is it possible for businesses to survive while allowing employees extra leisure time.
What is the concept behind the four-day-week?
The idea is as simple as it sounds. Businesses give employees an extra day off and challenge and incentivise them to be just as productive in 32 hours as they would be in 40.
Who is doing it?
So far Grant Thornton is the only company in Cayman to announce plans to do this and for now it is simply a two-month trial.
However, trials are taking place all over the world, including in the UK, where 70 companies are participating in a pilot programme.
In Iceland a four-year national trial including the government was declared an ‘overwhelming success’ and productivity was said to have remained the same or increased in the majority of work places. According to a BBC report, 86% of the country’s workforce has now moved to shorter hours or will soon gain that right.
How is this possible?
The idea of fitting the same work into a shorter space of time might seem impractical to many. But advocates of a four-day-week insist it is possible.
Joe O’Connor, CEO of non-profit 4 Day Week Global, said eradicating wasted hours in meaningless meetings and increasing efficiency across the business are key to making it possible. Businesses have been doing that for years, advocates of shorter hours argue, but they have not always shared the benefits with their employees. Technological advancement has too often led to redundancies rather than shorter hours.
O’Connor said his non-profit is pushing the 100-80-100 principle that guarantees workers full wages, for 80% of the hours within a company-wide transformation that guarantees 100% productivity.
Will it catch on?
Interest has grown hugely since the pandemic and trials are now taking place across the globe.
4 Day Week Global is directly involved in trials with at least 180 companies.
The Economist magazine ran a leader column last year, asking ‘Could a four-day-week become the new norm?’
The article cited Iceland’s revolution, as well as Microsoft’s trial in Japan where the company cut meetings and encouraged greater online collaboration to make sales gains with fewer hours.
The magazine didn’t give a definitive answer to its own question, suggesting there were challenges to surmount in many industries, but concluding that it was far closer to reality post COVID than at any time in the last century.
Is it practical for everyone?
While the white-collar world may find the transition smoother, is it realistic for hospitals, restaurants or manufacturing companies, for example?
Advocates insist that it is. Every type of firm, including fish-and-chip shops and a robotics company, are involved in the UK trial.
The pay-off for construction firms, for example, would come in the form of fewer accidents and a better chance to recruit the best talent.
“Rested workers are more productive, fewer mistakes are made, and quality of workmanship improves,” according to 4 Day Week UK.
It is acknowledged that it is harder to implement in some sectors and could mean more staff or flexible schedules are required.
What are the benefits?
For employees, the chance for a three-day weekend is an obvious perk. For businesses that support shorter hours, they say it will help them recruit and retain talent and build a happier, more productive workforce.
What about in Cayman?
There is no sign yet that a four-day week is gaining huge traction in Cayman. Many will watch the UK trial and Grant Thornton’s experiment with interest, says recruitment specialist Steve McIntosh. He believes it is viable for white-collar companies but is skeptical that it will catch on for more labour-intense jobs and fears it could widen the gap between ‘knowledge workers’ and the rest.
Related: Could a 4-day working week be part of Cayman’s future?
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isnt the 4 day working week just the transition to make normal work into shift work so that employers can then have a 4 day shift and a 3 day shift like the majority of pharmaceutical companies? mainly to generate more work and more profits while costs go up? this trial will ultimately change the way we work to literal shift work, 3 days on 2 days off, 2 days on 3 days off….just check dell, regeneron, pfizer – all these major companies that already have this system in place for years. id prefer to stick to the 5 day week with the bank holidays helping where they can.