Out the Box

NOW THAT'S A GOOD IDEA: 4-DAY WEEK

The 4-Day week

WITH MANY COUNTRIES TRIALLING 4-DAY WORKING WEEKS (WITHOUT LOSS OF PAY) AND SOME UK BUSINESSES ALREADY EMBRACING THE IDEA, NEW RESEARCH SUGGESTS IT COULD HELP INCREASE HIGH STREET SALES NY 20%

WHAT’S THE BIG IDEA?

A 4-day week.

LIKE IT. WHY IS IT IN THE NEWS?

More and more countries and businesses are trialling the idea to see what happens in the real world. So far, the results have been surprisingly positive. There have been extensive trials in Iceland, Spain and Norway. A comprehensive study in Iceland where public sector workers were moved onto 4-day weeks found that the move was cost neutral for both employers and the Government. Microsoft has trialled a four-day working week in Japan and has found a 40% increase in productivity.

BUT IT AIN’T COMING TO LOCAL RETAILING ANY TIME SOON...

No, but new research suggests that retail would benefit significantly from a move like this. ParcelHero, an e-commerce specialist, has just conducted research that seems to show that a 4-day week would increase high street sales by 20%, as well as benefitting the hard-hit hospitality sector.

GO ON…

A Survation survey found that – perhaps unsurprisingly – 64% of UK adults support the idea and ParcelHero says its own research has indicated that the introduction of a four-day week, without loss of pay, would give the high street a £58bn boost. Not only that, a 4-day week would provide economic and environmental benefits that more than outweigh the costs.

ANYBODY BITING IN THE UK?

The Scottish Government. It has already announced a £10m fund to help businesses explore the benefits of a fourday week. And, most recently, Walkers Transport has launched the first fourday working week ever recorded in the logistics industry. The move was geared at combatting the headline-grabbing driver shortage by helping them attract new drivers – and it worked.

WHAT IS PARCELHERO SAYING?

Head of Consumer Research David Jinks says: “Covid lockdowns have made us all re-evaluate our work-life balance. Far from costing the economy money, our latest research found that a 3-day weekend would lead consumers to increase much-needed spending in local stores and restaurants by up to 20%, bringing an extra £58bn spend to local businesses.

“It’s not just employees and retailers that would benefit from the switch. Employers have also found some significant gains. The move would also have significant environmental benefits. Campaigning group Platform London says Shifting to a 4-day working week without loss of pay would reduce the UK’s carbon footprint by 21.3% by 2025.

“Admittedly, it’s counterintuitive to think that, by working less hours, the UK economy will expand but, over the past year, we have already seen how swiftly work practices can evolve to meet new challenges. Retail revenues could rise if consumers were given more time to shop and socialise.”