With three bank holidays, May has arguably been the largest unofficial trial of the four-day working week. We have only had two of the four-day weeks so far, but, anecdotally at least, people seem more relaxed and refreshed.
This fits in with the findings from the various four-day week trials that have taken place. Most workplaces that have tried it, report reduced stress levels in employees, greater job satisfaction and increased productivity.
It is easy to see why too.
The majority of people feel better after a three day weekend. Generally, you are less tired and more energised, leaving you ready to focus on the task at hand when you do return to work.
Despite this, the wealth management industry has been reluctant to even try a four-day week so far.
In some ways this is understandable. There are of course certain problems with four-day working weeks.
The sudden realisation that you only have four days to do five days’ worth of work can lead to longer hours and increased stress. Others may end up working the extra day off just to stay on top of their workload.
These problems may simply be due to the fact that we are not used to working a four-day week.
Companies that have implemented a reduced working week do not seem to report these issues, which suggests employees adapt and learn to manage their time and workload accordingly.
One of the key reasons given for the wealth management sector’s hesitancy is the client-facing nature of the work. Advisers and investment managers need to be able to respond to clients when they want a response.
Ensuring the extra day off is staggered so not all employees are off at the same time and encouraging a flexible approach to working hours can go a long way to solving this.
Undoubtably there are problems presented by a four-day working week, just as there would be with any major change in operating practices.
However, the benefits to mental wellbeing, employee retention and recruitment and productivity are hard to ignore.
Given we cannot rely on bank holidays every week, perhaps it is time for the wealth management industry to start seriously considering adopting the four-day week.
