There is growing support for a four-day working week. Unsplash
There is growing support for a four-day working week. Unsplash
There is growing support for a four-day working week. Unsplash
There is growing support for a four-day working week. Unsplash

Why the four-day working week is an idea whose time has come


Evelyn Lau
  • English
  • Arabic

The times, they are a-changing.

A survey of the effects of a four-day working week in the UK is being celebrated this week as a “major breakthrough” after results revealed what most people had already assumed: it works.

The six-month trial involved 61 companies in various sectors, including engineering, advertising and education. It was reported that a majority of participating employees experienced a significant decrease in stress, anxiety and burnout, while employers also benefited because fewer sick days were taken. As a result of the findings, a majority of participating companies have agreed to continue with the shorter working week.

Although the results are not surprising, the fact that it’s taken so long to get to the point of even considering it as a possibility, certainly is. While the idea of a four-day work week may seem daunting to companies, it's clear to see there are more upsides when it comes to having healthy and engaged employees.

When the UAE switched its weekends from Friday and Saturday to Saturday and Sunday at the start of 2022, Sharjah introduced a four-day working week with a half-day on Fridays. A report by The National in June looked at how life had changed for residents and found that people were "healthier, happier, and [had] more time with their families".

A decade ago, when I was working for a newspaper in Boston, I had a colleague who worked four days a week but did the same number of hours. So rather than doing eight hours, five days a week, he did 10 hours a day for four days. Despite having “longer” hours, he seemed to enjoy that schedule because of his three-day weekends. Back then, the idea of a four-day work week was a fascinating idea, but also one I didn’t think would ever be seriously discussed.

The world has changed in the past few years and now, more than ever, people are starting to value their mental health, and one of the best ways to do so is by having a good work-life balance.

Unfortunately, the typical five-day work week doesn’t seem to cut it any more. Two-day weekends seem to breeze by and suddenly Monday (or whichever day one returns to work) is right there again. That time needed to relax and recharge just isn’t enough.

As someone who has taken sporadic three-day weekends in the past, the extra day really does make a difference. There’s a day to unwind, a day to get things done and a day to prepare for the week ahead.

The logic behind a shorter work week isn't limited to a longer weekend, however.

One of the biggest arguments against a four-day work week is the belief that it may cause an increase in stress or burnout because the same amount of work still needs to be done, only within a shorter amount of time. But one less day to complete tasks could actually help some people prioritise with a sharper focus, essentially getting rid of wasted hours.

There’s also the worry employers wouldn’t know how to begin and there would be issues with figuring out how to manage different schedules. But if we were able to get through a pandemic, where the majority of people worked remotely and were still able to do their jobs, I’m pretty sure we’d be able to figure out how to manage a change in the working week.

It may not be suitable for all companies and it may seem difficult in the beginning, but surely the potential benefits outweigh the perceived disadvantages. If we learnt anything from the pandemic, it's how important it is to take care of yourself. Hopefully, in the future, companies will remember this too.

COMPANY%20PROFILE
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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

Results
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INDIA'S%20TOP%20INFLUENCERS
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UAE%20SQUAD
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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

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