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IQbusiness, a South African management and technology consulting firm, is one of the first businesses in the country participating in a 4-Day work week pilot.
This follows similar announcements from over 90 progressive companies across North America, Australia and New Zealand this month, in which employees will work 80% of their working week (gaining an extra day off per week), with no loss of pay.
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These coordinated trials are run by a not-for-profit coalition of business leaders, community strategists, and advocacy thought leaders invested in the transition to reduced working hours through the entity 4 Day Week Global.
By signing up to 4 Day Week Global, the 100-80-100 model will be piloted at IQbusiness where eligible employees will still receive 100% of their pay for 80% of their employment time, in exchange for a commitment to maintaining 100% of the output.
This will be achieved through the reduction of the standard 40 hour work week down to 32 hours.
“A 4-day week, and the data behind it, is something every leader needs to seriously consider in their business. A reduction in working hours has been proven to increase business productivity, improve employee health outcomes, while working towards building a more sustainable working environment.
“This offers people the time and solitude to simultaneously build stronger families and communities, while remaining fulfilled and successful at work,” said Adam Craker, CEO at IQbusiness.
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A recent trial by Perpetual Guardian, a private company in New Zealand, revealed that a 4-day week resulted in engagement levels between teams soaring from the low 60s to over 88%, with no negative impact on job performance and output levels.
Significantly, 24% of staff reported an improvement in their work-life balance and a 7% reduction in stress levels. The long-term effect of the 4 day week resulted in improved performance, reduced absenteeism and an increased capacity to attract top talent to the firm.
Most notably, the trial resulted in a linked reduction in errors, and customer complaints, with an 84% customer satisfaction rate.
Joining the move to a 4-day work week starts from IQbusiness’ commitment to support its staff compliment in a purposeful manner, and aims to create a working environment that ensures that employees are able to balance commercial realities against their continued career development, in a manner that does not sacrifice their well-being and life away from work.
IQbusiness will be the first and largest African management and technology consulting firm to transform the world of work.
It joins visionary leadership across a diverse range of industries, offering services in the manufacturing, fashion, healthcare, real estate, finance, technology, education and PR sectors from February 2023 when the 4-day week will take effect.
The initial pilot will run for 6 months and be assessed by local and international experts and business partners, including the Stellenbosch Business School and National Business Initiative (NBI).