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Is Now the Time for a 4-Day Work Week?

September 25th, 2020

Is it finally time for employers to adapt to the 4-day work week? The current situation with coronavirus, remote work, social distancing, virtual schooling, child care, and many other factors make it a very appealing option for many. It can do a lot to help out workers who are stressed about balancing home and work life and staying healthy.

A 4-day work week could also potentially make it easier for companies to stagger employees’ office hours, limit the number of people in the office, and make it easier to follow health and safety protocols.

Toronto Financial Recruiters Share Why Now Might be the Time for a 4 Day Work Week

As financial recruiters, we’ve seen a number of companies in the financial services, and many other peripheral industries consider switching to a shorter work week. If you are thinking about implementing this approach, comparing the advantages and disadvantages is a great starting point. We outline them here:

The Advantage of the 4-Day Work Week

The 4-day work week is something to consider for companies looking to maintain operations during the pandemic. It’s a potential solution to keep the doors open and remain fully operational. Here are some of the key advantages of this approach.

  • It provides employees with additional flexibility.
  • Studies have shown that a 4-day work week can yield greater productivity among employees.
  • There is less stress on employees, reducing the odds of burnout.
  • It’s better overall for employee wellbeing.
  • Potential cost savings on operations.
  • Less impact on the environment.

Potential Disadvantages of the 4-Day Work Week

The 4-day work week is not without potential drawbacks. Here are some of the disadvantages you could encounter:

  • It does not work for all industries.
  • It may not be the right approach for your type of organization.
  • Potential issues with customer service. Reduced availability can hurt your ability to keep your customers satisfied.
  • It may not financially work for your company.

Is Now the Time?

There are already companies operating with this approach, but it may or may not work for your organization. Carefully assess if you think it would work for your employees without negatively affecting operations. You could also consider a temporary shift to a 4-day approach to manage the workplace conditions during the pandemic.

Read More From Our Recruiting Blog

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Should You Pursue a Career in Financial Services? Why Now Might Be the Time

Looking for a Job? 5 Finance Jobs You Can Do From Home

 

IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto. Click here to view current job openings and to register with us.

Randy Quarin

Randy co-founded IQ PARTNERS in 2001 and currently operates as a Senior Partner, focusing on business development within executive search, media, and sales recruitment. His accomplishments include building over a dozen digital media sales teams for digital start-ups, publishers, and mobile app developers. He has also helped launch an international smartphone manufacturer from the ground up, building its entire hardware, software, and sales teams.

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