The 4-day work week seems to be one of the biggest topics globally and in South Africa.
It seemed to be a fad or a theoretical idea but would never be a reality or perhaps to good to be true.
But no, the dream has come to life for one company.
IQbusiness, the largest South African management and technology consulting firm, said in a statement that it is one of the first businesses in the country participating in a 4-Day Week pilot.
The company is following a trend by over 90 international companies that have already moved to a 4-day work week.
These businesses are across North America, Australia and New Zealand, the statement read.
According to IQbusiness, employees will work 80% of their working week (gaining an extra day off per week), with no loss of pay.
HOW WILL IT WORK?
IQbusiness employees will still receive 100% of their pay for 80% of their employment time in exchange for a commitment to maintaining 100% of the output.
This will be achieved through the reduction of the standard 40-hour work week down to 32 hours.
“A 4-day week, and the data behind it, is something every leader needs to seriously consider in their business. A reduction in working hours has been proven to increase business productivity, improve employee health outcomes while working towards building a more sustainable working environment. This offers people the time and solitude to simultaneously build stronger families and communities while remaining fulfilled and successful at work,” said Adam Craker, CEO at IQbusiness.
POSSIBLE IMPACT
The question on our mind is: how will this impact the company’s financial growth?
IQbusiness have quoted a trial by Perpetual Guardian, a private company in New Zealand, to look at the impact of the 4-day work week.
The trial saw an increase in engagement levels between teams, soaring from the low 60s to over 88%, with no negative impact on job performance and output levels.
“Significantly, 24% of staff reported an improvement in their work-life balance and a 7% reduction in stress levels. The long-term effect of the 4-day week resulted in improved performance, reduced absenteeism and an increased capacity to attract top talent to the firm. Most notably, the trial resulted in a linked reduction in errors, and customer complaints, with an 84% customer satisfaction rate, the IQbusiness statement said.
WOULD YOU BE KEEN TO WORK 4 DAYS A WEEK?
We know you are thinking great for these workers, but this will not happen to me. That may not be true.
SA companies are invited to participate in a pilot of this groundbreaking model, just like IQbusiness has done.
The pilot of the model is expected to kick off in early 2023.
This will be a six-month trial, with ongoing research and oversight by the National Business Initiative, Boston College, in collaboration with the University of Stellenbosch Business School and others, which will look at how the model could be adapted to fit the South African context.
The 4-day week is being adopted all over the world in a bid to improve productivity and wellness in the workplace.
Would you like your company to adopt a 4-day work week?
— Business Report (@busrep) October 20, 2022
BUSINESS REPORT
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