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Does 4-day work week save money?

Many businesses have found a four-day work week reduces variable expenses and overhead. By offering a four-day work week, you can potentially adjust the pay each week. If employees work fewer hours, employers will pay one full day's wage less.

jefferson-bank.com - Could a Four-Day Work Week Save Your Business Money

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As a small business owner, finding ways to save money and increase productivity is essential. Offering a four-day workweek might be the best way to achieve these objectives. The hours of operation might be an area entrepreneurs should reconsider. On average, the work week runs from 9 a.m. to 5 p.m. This amounts to eight hours a day, 40 hours a week. A consistent work schedule is essential for certain business operations, particularly if your customers rely on you being open on a daily basis, such as a store. It may be beneficial to your business to rethink the traditional workweek and provide a four-day schedule.

Increasing Productivity

Offering a four-day workweek may help keep your employees happy and healthy. Jeffrey Bartel, a Forbes contributor, points out that 60 percent of companies that used a four-day workweek also experienced improved mental health and productivity. Before the workweek begins, this extra day lets employees reenergize and recharge. Oftentimes, the level of focus and work ethic increases during this time. Consequently, projects move forward more quickly and with less errors. As new generations are becoming the majority of the workforce, employers may need to refresh their benefits. Workers are calling for a greater work/life balance. Work week hours may need to be reevaluated by businesses in order to attract and retain these workers. Offering four days of work per week may be the best solution for hiring shortages. Across the globe, companies have found success with the four-day work week model. Microsoft's Japanese branch discovered 40 percent more productivity after testing the four-day work week. In comparison, U.S. businesses are often increasing productivity; however, this rise in productivity is often accompanied by an increase in working hours. In order to increase productivity, business owners must ask themselves: is it possible to reduce work days while increasing productivity? Each company and employer will have their own, unique answer.

Attracting Employees

Your business will stand out from competitors if you offer a four-day work week. As a business owner, it is important to find ways to revamp your hiring process. Only 15 percent of businesses offer four-day workweeks according to the Society of Human Resource Management. Four-day workweeks can boost employee retention and reduce burnout. For businesses lacking the resources to provide bonuses and other incentives, the four-day work week model may be a tool to attract talent. Three-days away from the office may be a perfect method to boost an employee's morale and work ethic. With four-day work weeks, employees would be able to maintain a strong work-life balance. This balance allows them to spend more time with family, practice hobbies, and stay active. In addition, your employees will have more time to pursue higher education, benefitting the future of your business. The benefit of a four-day work week can also allow valued members of your staff, nearing-retirement, to ease into retirement, while maintaining their performance. Companies can retain employees who are close to retiring longer with this flexible schedule.

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As a result, many employees who might have retired earlier are now able to devote more time to their families and personal passions. Providing employees with more time off may encourage them to remain with your business longer, continuing to be an asset to your business.

Reducing Expenditures

There are different requirements for operations in every business. However, if you can adjust your business's operating hours, you may benefit financially. Many businesses have found a four-day work week reduces variable expenses and overhead. By offering a four-day work week, you can potentially adjust the pay each week. If employees work fewer hours, employers will pay one full day's wage less. However, most four-day work week models have employees working four, ten-hour days rather than five, eight-hour days. Even if workers continue to work forty hours a week, utility costs may also decrease. An additional day of office closure can help you save on heating and energy costs. Office supplies will also be used less throughout the day and resource replenishment will be less frequent. It may require time and creativity to find which day of the week your business could eliminate from the work week. It is essential to communicate clearly with clients, conduct trial schedule weeks, and gather company research before the transition. When pursuing these trials, be sure to seek employee input. The transition may present challenges, but the benefits of healthy and productive employees may outweigh these obstacles. As a result of an extra day off, employees will often experience less burnout after a week at work. Consequently, employees may take fewer sick days, resulting in higher productivity. In addition, workers can also save money by having one extra day at home. Individuals with children will have one less day to pay for childcare. Employees will have one less day to commute to work, saving on transportation costs. Finally, employees can use their extra day off to attend appointments or fulfill personal commitments – without using their paid-time-off.

jefferson-bank.com - Could a Four-Day Work Week Save Your Business Money

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