What are the benefits and risks associated with this change?
One of the most popular trends in the global corporate world is the 4-day work week. In Canada, we have yet to adopt this model, though it has been adopted in other countries, including Spain, the UK, New Zealand, Belgium, and Japan. A Bloomberg study reported that 78% of leaders at over 70 UK companies that shifted to four-day schedules said their transition was good or “seamless”. Most (88%) said that four-day schedules are working well.
This concept is getting the attention of senior management as firms try to reduce their turnover rate and stay competitive amidst the aftereffects of the COVID pandemic. Locally, one Toronto company, PRAXIS, a marketing communications agency, announced it will join the 4-Day Week Global trial, along with 59 other North American companies.
Iceland has been piloting the four-day work week since 2015, they have seen significant improvements in overall employee well being following this change. Employees were less likely to suffer from workplace stress, anxiety, depression, and burnout. This has been further substantiated by Gallup, who conducted a poll in March 2020 and found that people working four-day weeks reported lower levels of burnout and higher levels of well-being compared to those working five- or six-day weeks.
However, this is more than just an employee wellness play, there are significant business benefits associated with this change. For example, a New Zealand company, Perpetual Guardian, reported a 20% productivity increase after switching to a four-day work week. Similarly, in Japan, Microsoft reported that implementing a four-day workweek led to a 40% boost in productivity compared to the previous year. Furthermore, one less day of work is one less day the lights are on at the office. Microsoft Japan saw a 23% reduction in electricity consumption and a 59% reduction in paper printing after implementing a four-day workweek.
A recent Gallup report estimated that millennial turnover costs the U.S. economy $30.5 billion annually. According to that same report, millennials rank work-life balance high on their list of priorities when considering employment options. A work schedule that provides employees with an additional non-workday a week may be attractive to your workers.
It’s clear that the 4-day work week has the opportunity to provide both employees and firms with a significant amount of benefits. However, implementation of a change of this magnitude is highly complex and there are risks that must be managed effectively. However, if you have the right tools and support to manage the change, the 4-day work week could be a blessing for your firm and employees.
Are you thinking about implementing a 4-day work week across your organization? Contact us, we can help!
What is the root cause and how can firms address it before it’s too late
Quiet quitting is the new trend wreaking havoc on the corporate world. First, we experienced the Great Resignation, which is far from over in my opinion, and now, employees are actively reducing their level of productivity as a form of protest to their employers who have failed them; failed to provide an acceptable level of work-life balance by continuing to overwork them without regard to the mental and physical health repercussions.
At what point are we going to stop and say, “enough is enough” and start to make real change to improve the lives of employees. They are your most valuable asset and you’ve neglected that fact for too long. If employees are en mass consciously choosing to do the bare minimum, that’s on the employer, not on them. If you don’t agree, you’re part of the problem.
There has always been a myth surrounding productivity and employee engagement. Traditional employers believe that the two are negatively correlated, meaning that we can’t achieve both increased productivity and increased employee engagement. That is not true. In fact, the truth is that the only way to generate sustainable, the key word being sustainable, increases in productivity is through a relentless pursuit of continually improving the employee experience.
Now, I don’t mean stamping “we’ve heard you” across every corporate communication that comes from the CEO. I’m talking about a real focus on the employee experience. Understanding what your employees want and need and delivering it. If you think the investment isn’t worth, I’d ask what investment is worth more than the engagement of your employees. Firms invest in new innovations every day to improve the lives of their customers. Who is ultimately responsible for the customer experience at your organization? You guessed it, your employees. Treat employees with the respect and dignity they deserve, and the returns will be ten-fold, mark my words.
Where to start is often the most difficult task for any change. Here are six areas that have the most significant impact on the level of employee engagement. It’s likely that one or more are areas of opportunity that should be investigated further.
Roles & Responsibilities
A clear articulation of what your employee’s roles and responsibilities are can significantly influence their level of engagement. It prevents feelings of uncertainty and allows them to focus their efforts on what’s expected, rather than spending all their time “putting out fires” for others.
Autonomy
Employees need to have the autonomy to make decisions and be held accountable for the outcomes. Furthermore, the means to which performance is evaluated must be measurable, transparent and objective. Leaders oftentimes use judgement alone to determine the quality of performance, however that creates subjectivity that oftentimes leads to conflict. An employee believes their work was impeccable, only to find out it’s not what their leader expected. Let’s be honest, how many times has that happened to you?
There seems to be this trend toward compartmentalization which has reduced the level of autonomy for employees over the years. Employees no longer have full autonomy to make decisions, fail, try again and improve. Instead, there is this culture of “never fail” that has permeated the corporate landscape which makes innovation and engagement impossible to achieve. Employees who seek remote levels of autonomy are forced to enter the start-up space and that needs to change.
Continuous Improvement
The concept of continuous improvement in terms of how things are done and continuing to educate employees and leaders on topics that are relevant to their work and development goals are crucial to ensure they continue to bring forward new ideas to help the firm and team innovate.
Some organizations might say that they support continuous learning, but is there a package of required learning that employees in different groups are required to complete prior to onboarding (excluding entry level positions)? Are new packages developed as the industry matures for new and existing employees? Do they receive dedicated time away from work to complete these sessions and are they given the opportunity to apply what they learned on the job?
Employees are “ASSETS” not “COSTS”
I’ve talked about this at length already but it’s important to emphasize again.
I have seen time and time again that when an employee leaves an organization, they are often immediately replaced. There is little done to retain the individual; determine whether there are areas within the company that would be a better fit, attempt to understand what went wrong or provide any support for them as they embark on a new journey.
It is my belief that employees hold an immense amount of knowledge that is both unique and highly transferable across organizations. A number of employees I think underestimate how transferrable their knowledge is, which keeps them loyal. But that’s not how you want to retain employees. You want employees to want to be part of your organization and to do that you need to treat them like the assets they are. How is your organization doing this? What is attracting employees to the company – and I don’t mean the bare minimum that all other employers are providing like benefit packages, share ownership plans and the like. If you deliver the bare minimum, why are you so surprised when your employees do the same.
It’s time for a change…
If after reading through this you feel like your organization can use some help. I’m sure you’re not alone and in this era of the Great Resignation and, now, Quiet Quitting, this is likely something that should be tackled sooner rather than later.
This requires dedication of all levels, from senior executives to line managers. However, it’s not impossible if you spend time trying to understand the problem, testing out solutions and remain laser focused on sustainment efforts. Employee experiences, like customers, evolve rapidly and the organization needs to be flexible enough to adjust their approach quickly in order to ensure the employee experience isn’t ever compromised. This is easier said than done, however if you’re committed enough to making a sustainable change for your employees then anything is possible.
Need help improving the engagement of your team?Contact us, we can help!
