High inflation and higher costs of goods and services can weaken the purchasing power of your starting salary in job offers. Companies and hiring leaders are continuing to struggle with making competitive offers while maintaining internal equity and being budget conscience.
In a previous blog, we discussed how to manage internal equity and still make the best hires possible. In this blog, we shift the dialogue to retention and one key strategy employers are putting in place to retain their staff. This innovative strategy is key to improving your retention metrics, but it will also make recruiting quality staff a breeze!
Four is the magic number.
What is this innovative strategy?! A 4-day work week! According to Forbes, a U.K. study found after six months of four-day work weeks, 71 percent of workers felt less burnout, company income increased by 1.4 percent on average, and there was a dramatic decrease in employee quitting and a significant reduction in sick days. Employees are thirsty for work-life balance, and one potential solution is to offer a 4-day work week. Some employers are offering 32-hour work weeks without reducing salaries, and little to no decrease in productivity has been reported. Other employers are offering 4, 10-hour days. Regardless of which option you prefer, this emerging benefit is highly sought after by employees across the world. For example, in Iceland, they have more employees working 4-day work weeks than anywhere else in the world!
Where should you begin?
The four-day workweek offers promising benefits, but it’s clear that a successful transition requires careful planning and consideration. Here’s some steps employers can take to implement a 4-day work week:
- Make sure it will work for your operation. Consider your companies goals and think about it practically.
- Make flexibility, responsibility, and accountability a core part of your company culture. When these values are promoted, employees are more likely to live and breathe them each workday.
- Pilot the program. Be flexible and open to changes as your team gets settled into this new schedule.
- Implement gradual changes. Consider starting with “No meetings Tuesdays” or “Flex Friday’s.”
- Clearly communicate expectations. Trust your team to be accountable to getting their work done effectively, but ensure they know the expectations going in. Write a policy on your new 4-day work week and make sure your expectations are clearly communicated and understood by your staff.
4-day work weeks do more than prevent burnout.
Other benefits that are associated with increased productivity in the workplace include:
- Higher-quality work
- Less absenteeism
- Higher profitability
- Higher output
- Fewer missed deadlines
- Lower employee turnover
The 4-day work week is more than just a trend—it’s a potential gamechanger for organizations experiencing staffing issues. This innovative benefit provides value to employees and employers alike, offering a true win-win solution. Whether you are looking to improve retention, increase productivity, or appeal to skilled talent, a 4-day work week may be the right solution for your organization. To discuss this strategy or other solutions to your staffing woes, please reach out.
