New study weighs the productivity of a four-day work week – Yahoo Finance
Yahoo Finance Live anchors Dave Briggs and Seana Smith break down a new study from the World Economic Forum that measures the productivity behind a four-day work week.
Video Transcript
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SEANA SMITH: Working 9:00 to 5:00 Monday through Friday with some exceptions has been the hallmark of working life since the Fair Labor Standards Act instituted the 40-hour workweek in 1938. But the case for the four-day workweek or 32-hour workweek has been gaining some traction now for a few years. Well, a panel of experts at the World Economic Forum in Davos this week saying that recent studies show that reducing the workweek by a day brings increases in productivity and efficiency and also revenue.
One such study from 4 Day Workweek Global ran a trial last year, moving 33 companies and 900– just over 900 employees to a 32-hour workweek. 99% of those employees wanted to continue that schedule. No surprise there. On a scale of 1 to 10, with 10 being very positive, the companies rated the overall experience at a 9– I want to know who didn’t give it a 10– and rated its effect on productivity at 7.7. Those numbers, Dave, I’m sold. We should be doing the four-day workweek.
DAVE BRIGGS: Yes, we absolutely should. Unfortunately, the markets are open five days a week.
SEANA SMITH: For now. They need to–
DAVE BRIGGS: And so most of our audience does not apply. But I think those in particular industries that doesn’t require a five-day workweek really should take a look at that productivity factor, even aside from the– how happy your employees are. I will say, I live in a town that is probably 75% Wall Street-based, and none of them go to work on Fridays. The parking lot–
SEANA SMITH: But do they work, though?
DAVE BRIGGS: –station is empty. Yes, but they do say their productivity goes up on that day. They actually work more on Fridays because they’re not spending all that time commuting. So I think it’s something more employers should certainly take a look at. I’m game for hybrid Fridays.
SEANA SMITH: I’m in it. We just need to get everyone on board. But I like the results of this study. All right, well, for that, we are going to leave you here for the weekend. Thanks so much for tuning in. We’ll see you right back here again next week. Have a great weekend.
