Does 2024 mark the end of the traditional five-day work week? What does this mean for remote?
2024 is changing not only “where” we work, but also “when”. Flexibility is the new norm. Could this be the end of the typical work week as we know it?
For numerous businesses, the traditional five-day workweek is undeniably in its concluding stages. Although widespread adoption of four-day weeks may not be imminent, it’s not too far off either.
The great experiment: From 2015 to 2019, Iceland conducted experiments involving over 2,500 state employees, who switched from a 40-hour week to a 36-hour week. What it revealed is that, contrary to popular beliefs, working fewer hours does not reduce productivity. In some cases, employees reported lower stress and burnout risk, as well as enhanced health, wellness, and work-life balance. Employers throughout the world are doing similar trials, notably at Unilever in New Zealand, and other corporations based in New York’s, Spain, Ireland, Japan, and Scotland (Source: Forbes).
Why it matters in 2024: Gen Z is predicted to make up 27% of the workforce by 2025. Unlike previous generations, their attitudes on work culture are heavily impacted by flexible work policies and work-life balance. 72% of Gen Z are most likely to leave or consider leaving a job if their employer does not offer a flexible work policy (Source: LI Survey).
The idea of having no set hours and being free to choose when and where you work appeals to younger employees, who are expected to take center stage in your organisation within the next year.
Fewer days, more remote: Anything that breaks away from traditional norms is considered FLEXIBLE. To conform with shifting expectations, companies are increasingly opting for hybrid arrangements that create the illusion of a shorter working week by dividing it between in-office and remote possibilities.
Managers must read: Exploring alternatives is no longer like looking for a needle in a haystack. The gig economy and the rise of remote employment have resulted in a more fluid job market than previous generations. The current job market is extremely favourable for job searchers. “The new generation is less committed to jobs because changing jobs doesn’t carry as high a cost as it used to,” says Jamie Kohn, Gartner research director. “It’s swapping one laptop out for another.” All the more reason for organisations to implement flexible work practices (Source: SHRM).
What time is it on your clock? Time to break from tradition, perhaps.
