Adecco talks: The 4-day workweek experiment, fair chance hiring, and Gen Z motivators

The results of the UK’s four-day workweek trial

In 2022, the world’s largest four-day workweek trial took place over the course of six months. 61 UK companies and roughly 2,900 workers participated and it concluded with some impressive results.

 

According to employers: 

● 92% are continuing with the four-day work week
● 30% confirming the policy is a permanent change
● 57% reduction in turnover
● 1.4% revenue increase on average
● 35% increase in revenue on average, in comparison to a similar period in the previous year

 

Meanwhile, employees also saw a difference, including decreased anxiety, fatigue, and sleep issues, in addition to improved mental and physical health.

 

They also reported:

● 71% reported reduced burnout
● 39% were less stressed
● 15% said no amount of money would induce them to accept a five-day schedule over the four-day workweek

Other countries, including Spain, Iceland, and South Africa, are testing the viability of a four-day workweek.

Here in the US, it’s mostly been implemented by tech companies, but in very different ways: Some like CARFAX are only instituting their four-day workweeks during the summer, while others, including Amazon, have implemented the program for only certain parts of their workforce.

One of the biggest proponents of the four-day workweek is Kickstarter, which started its program back in 2021. In addition to improved employee retention, its chief strategy officer also reported an improvement in hitting quarterly objectives: “While we were lucky to hit 70% prior to our pilot, we now hit more than 90%.”

Understanding Gen Z’s aspirations

In 2024, Gen Z (those born from 1997-2012) will make up a significant portion of the American workforce, surpassing even the Baby Boomers in terms of population size. This group of workers are making their aspirations and expectations increasingly clear, creating an opportunity for employers to improve attraction and retention strategies for Gen Z employees for the long run.

Gen Z’s top aspiration for the workplace:

1. Prioritizing happiness and well-being
2. Financial stability and independence
3. Avoiding burnout

Understanding and adapting to the growing needs of the Gen Z can have an impact on your entire workforce, including Boomers:

● Across the board, workers feel burned out. Gen Z feels burnout the most at 78%, with Boomers right behind at 72%
● Both generations prioritize meaningful and challenging work as their top workplace motivator
● During the past year, 65% of Boomers and 64% of Gen Zers say their jobs have had a detrimental effect on their mental health

Today’s untapped talent pool: Formerly incarcerated workers

Despite the focus on mass layoffs, employers are still struggling to find great talent. In reality, if every unemployed individual filled an available position within their industry, there would still be over 2 million jobs open.

That’s why more employers should consider “second chance hiring” or “fair chance hiring.”

 

 

Those who have previously served time in prison face a staggering unemployment rate of over 27%. That number surpasses even the unemployment rates during the Great Depression.

Benefits of “second chance hiring”

● Higher retention rates
● Lower turnover rates
● Greater loyalty
● Cost savings

If you have questions about “second chance hiring,” Adecco can help you reevaluate the need for background checks based on your industry and your specific job requirements. 

Other trends we saw in March

● US job growth surged, exceeding economists' expectations with 303,000 new jobs added

● Wage growth remained subdued, rising only 0.3% from the previous month and marking the smallest yearly gain since June 2021

● The strong labor market is fueling concerns among investors and policymakers about potential federal rate cuts, as inflationary pressures mount

● Private education and healthcare, which rely on in-person interactions, have seen notable job growth, but its pace may fluctuate thanks to lingering effects of the pandemic and structural business changes

Is your workforce summer-ready?

Planning – and staying – ahead is key. If you’re not sure where to start or find yourself facing some unexpected challenges, reach out to Adecco today.