Want to attract top talent? Well, office socials aren't going to cut it anymore, as a new study found that the 4-day work week is the most popular perk for employees in 2023.
The 4-day work week has become quite a popular concept in the last few months, driven mostly by the success of a large-scale study that showed it increases productivity, promotes work-life balance, and generally improves employees' mental health.
Now, employees are champing at the bit to get access to this top tier perk at their job, and they're willing to forego other perks to get it.
Employees Want the 4-Day Work Week More Than Any Other Perk
According to a recent study from recruiting firm Robert Walters, 44% of employees would prefer a 4-day work week over any other perk. This was the highest percentage in the study, beating out the ability to work anywhere at only 38% of respondents.
Even wilder, only 16% noted that they would take a pay increase instead of the 4-day work week, showing how valuable time is when it comes to attracting top talent.
On top of all that, 89% of employees stated that they would be interested in implementing the 4-day work week at their business, and 46% stated that they would give up work socials and relationships in favor of the 4-day work week.
Is the 4-Day Work Week Good for Business?
All these employees may want to work only four days a week, but why would businesses get on board with this transition? Well, although experiments around the new working model are still in their infancy, results have been promising when it comes to the impact on productivity.
“It's too early to say the long-term impact of these measures – but with 46% of professionals willing to forego socials and business relationships, companies should be mindful that poor company culture comes at a price.”
Beyond the benefits to employees, the largest 4-day work week study to date found that overall revenue rose 8.14% (weighted by company size) in the six-month period. Additionally, 63% of businesses found it easier to attract and retain talent, a key factor when it comes to the long-term success of any business.
Companies Offering the 4-Day Work Week
You might be thinking that only small businesses and startups are partaking in the 4-day work week, but you'd be wrong. In fact, some of the largest, most prominent companies in the world are testing out the 32-hour work week (with no reduced pay) in service of a healthier, more loyal work force.
Some of the companies offering a 4-day work week to their employees include Microsoft, Panasonic, Samsung, Shopify, Kickstarter, Buffer, and many others.
If you want to learn more about the 4-day work week and how it can benefit you, your business, and your employees, make sure to check out the in-depth study and follow other updates on Tech.co about this revolutionary new way to work.