The four-day workweek is the number one top benefit that employees are most likely to want, according to a new report.
A full 64% of respondents to a recent Bank of America survey said that a four-day workweek was the main benefit they were hoping for at their job, closely followed with a related benefit, “better work-life balance,” which 60% of respondents said they needed.
Employers are notably less interested in the four-day workweek: Just 42% said they’d like to offer the perk.
What Benefits Employees Are Looking for in 2024
BoA’s 2024 workplace benefits report, titled “The resurging workforce,” collected the brand-new stats from 955 employees and 804 employers across the final few months of 2023.
In addition to the huge interest in four-day workweeks and better work-life balance, employees had some thoughts about job-switching. Over a quarter of respondents were thinking about changing jobs in 2024, with “compensation” serving as the top reason to leave their current role.
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“Compared to last year, more employees (39% vs. 33%) say they switched jobs or considered doing so in the past year, while 27% are considering changing jobs in the next year. Younger employees and women are more likely to want to make the switch.” – the report
In 2023, burnout was the top factor behind employees switching jobs, but compensation has risen in the ranks to hit the top spot in 2024, with 52% of respondents picking it as their reason for wanting a new job.
It might not seem like a revelation that workers want to be paid fairly, but some managers might need the reminder, if their MBA textbooks are any indication.
Financial Wellness Is Rising… At Least for Men
The new report’s insights included some positive movement. The biggest example is that the amount of employees who say their financial wellness is “good” or “excellent” is on the rise. This group accounted for 42% of respondents in the 2023 report and is up to 47% this year.
Men are doing better than women on this front, as 53% of men report good financial well-being compared to just 36% of women. It’s likely an indication that managers and HR departments are still aware that they can quietly lean into misogynistic blind spots in order to stick to their budgets.
The rate of inflation has slowed in the past year and a half, but other studies show that many employees find their salaries still aren’t keeping pace.
Recession Fears Keep Floating Around
It’s good to see that some are less stressed overall in 2024, but even this new survey found some big stats indicating that employees are far from totally stress-free: 66% of them report financial stress, while 76% remain concerned that the cost of living will outpace their earnings.
In fact, in light of these fears, it makes sense that employees are looking for four-day workweeks. Getting a little extra time back at the end of the week can help mitigate stress by reducing the total number of tasks taking up resources and energy. Time is money, and today’s employees always need more compensation.
In 2019, Microsoft found that a four-day workweek boosted its team’s productivity by 40%. Similar studies before and since have affirmed the benefit helps workers destress without a negative impact on the company’s performance.
Still, managers are dragging their feet on adjusting to a shorter work week, despite the potential upside. If you’re on the hunt for a position that offers a four-day workweek, take a look at our guide covering how to successfully implement one.
