With Covid-19 infection rates declining globally and employers summoning their staff back to the office, many are saying goodbye to the era of remote work. As they do, skipped showers and pajamas are being replaced by traffic jams, packed subways and spouses or significant others being late for dinner. The dreaded five-day work-week is returning. But does it have to?
While many workers had their hours cut over the course of the pandemic, productivity in much of the world increased. For instance, new data from the McKinsey Global Institute finds that process innovations implemented during Covid-19 in the US and Europe have the potential to accelerate labour productivity growth by about 1 per cent over the next three years, which would be more than double the pre-pandemic rate. In other words, even as workers worked less during the pandemic, they produced more. To make these gains permanent, offices should consider the once unthinkable: embrace the four-day, 35-hour, work-week.
The rationale for doing so is strong. Throughout the Covid-19 crisis, mandatory work-from-home schemes coincided with greater flexibility in employees’ lives, enabling parents to help with home schooling and caregivers to tend to their patients. Employers and economists worried empty offices would mean a steep decline in output. But by and large, the opposite happened.
Workers everywhere became more efficient, packing in more work into shorter bursts. Many of us learnt that we don't need to be tied to a desk for eight hours a day, five days a week to get our jobs done. This revelation has clear mental health benefits. Less obvious, perhaps, are the social and financial gains that come with working less.
A four-day work-week does not mean fewer people in the workforce, just the opposite. To cover the hours of employees not working their pre-pandemic fifth day, companies will need to hire additional workers to fill these vacated time-slots. Nor does it mean employees will cram 40 hours of work into four days, a so-called “compressed work-week", a practice the International Labour Organisation says increases workers’ stress and fatigue and leads to “decreases in productivity and a higher risk of accidents”.
Rather, a four-day work-week is exactly as it sounds: four days of work, five days of pay.
This may seem economically naive, but efforts to prove its viability are already under way.
In March, Spain became one of the first countries in the world to trial a government-sponsored four-day work-week. The three-year test will provide salaries based on a five-day schedule, with some 3,000 employees from 200 firms participating. Politicians in Scotland and Wales, meanwhile, have voiced support for a similar idea, while a recent study by the 4 Day Week Campaign and Platform London – an environmental and social justice collective – found that wide adoption of the practice would dramatically reduce the UK’s carbon footprint, boost productivity, and improve employee mental health.
Past trials at Microsoft bolster these claims. In August 2019, the company tested a four-day work-week at its Japan offices, giving the entire 2,300-person workforce Friday’s off without cutting their pay. The results were staggering. Productivity rose by 40 per cent, while employee happiness surged. A more recent experiment, by the social media management company, Buffer, had a similar effect on morale.
While the economics makes sense, there is a belief in some political circles that government should not be in the business of handouts
To be sure, few long-term four-day work-week programmes could succeed without support. There are myriad reasons why governments should consider providing it. For starters, one less day on the clock would improve employee health and work-life balance, which, as Microsoft in Japan proved, aids on-the-job efficiency. An extra day off would also lead to increases in domestic tourism, expand opportunities for life-long learning and spur new “fifth day” leisure opportunities – as well as the industries devoted to providing them.
Additionally, a four-day work-week could help temper mass unemployment from automation and Covid-19. Job losses resulting from Covid-19 lockdowns, for instance, have affected scores of workers; a government-supported four-day initiative would create new jobs with minimal effort.
Finally, such a scheme would homogenise weekends across the globe. For instance, if western nations stopped working on Fridays and regions such as the Middle East and parts of Asia had Sundays off, the new global working week of Monday-Thursday would improve efficiencies across time zones and benefit globally-connected employees everywhere.
A shorter work-week is not without its drawbacks. Some specialties are simply not easy to replicate and could not be covered by new hires. More time at home could also lead to increases in domestic violence, as happened during Covid-19 lockdowns. Moreover, countries with workforce shortages – such as Japan and Germany – will struggle to fill fifth-day vacancies.
And yet, the biggest obstacle to widespread adoption is ideological. While the economics makes sense, there is a belief in some political circles that government should not be in the business of handouts, and that people should work for what they earn. This vestige of capitalism, which the German sociologist Max Weber termed the “Protestant ethic,” is based on the idea that people’s worth is measured by their work. This in turn fuels a conservative hesitancy toward redistributive wealth policies.
But if there ever were a time to rewrite the capitalist script, it is now. The Covid-19 pandemic is an exhausting, if productive, ordeal for workers everywhere. We owe it to them to build back better and one of the best ways to do that is by giving them an extra day to sleep in.
Nancy W Gleason is an Associate Professor of Practice, Political Science, and Director of the Hilary Ballon Center for Excellence in Teaching and Learning at New York University Abu Dhabi
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE currency: the story behind the money in your pockets
Persuasion
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Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
UAE currency: the story behind the money in your pockets
Company%20profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE
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Company%C2%A0profile
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Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5