The prevalence of burnout among workers has led some CEOs to consider implementing shorter workweeks as a way to attract and retain talent in a competitive job market. A survey by KPMG found that nearly one-third of large US companies are exploring new work schedule shifts, such as four-day or four-and-a-half-day workweeks. This shift is seen as a way to address the overworked and underpaid feeling many employees have. The trend towards shorter workweeks is driven by a desire to figure out what is optimal and to experiment with different approaches to improve employee wellbeing.
Surveys have shown that many workers are in favor of a shorter workweek, with 77% of US workers expressing that a four-day, 40-hour workweek would have a positive impact on their wellbeing. Some studies in both the United States and Europe have found positive results for both wellbeing and productivity among workers who have shifted to a shorter workweek. However, it is still too early to definitively say whether this approach is gaining traction as CEOs are still experimenting with the concept and trying to understand its impact on employee health and overall costs.
While some companies have experimented with shorter workweeks and found success, implementing a four-day workweek may not be feasible in all industries. It may make sense in industries like finance and marketing, but not in sectors like healthcare where there are labor shortages. While some companies have made the shift to a shorter workweek permanent, widespread adoption is still a distant possibility according to industry experts. Artificial intelligence may play a role in making the four-day workweek more realistic in the future by automating mundane tasks and making workers more efficient.
CEOs are also showing signs of flexibility when it comes to returning to full-time in-office work. The KPMG survey found that only 34% of US CEOs envision corporate employees traditionally based in the office to be back in the physical workplace five days a week in the next three years, down from 62% a year ago. Instead, many CEOs see hybrid work arrangements as a more permanent solution, with a significant portion expecting these roles to be fully remote. This shift is seen as a response to the changing preferences of employees who are seeking more flexibility in their work arrangements.
Billionaire investor Steve Cohen expressed confidence in the future of a four-day workweek, especially with the advancements in artificial intelligence. He believes that AI can automate tasks and make workers more efficient, making the shorter workweek a more feasible option. The increasing use of generative AI to automate mundane tasks is already being encouraged by many US CEOs to help alleviate stress and manage workloads. With the potential for AI to further streamline workflows in the future, the four-day workweek may become a more realistic possibility for workers in a variety of industries.
