A significant portion of large American companies are currently considering alternative work schedule options, such as four-day workweeks, as revealed by a recent survey of CEOs conducted by KPMG. 

American Companies Explore 4-Day Workweek Option

The findings highlight the efforts of certain executives to address the challenges of attracting and retaining talent in a highly competitive job market, where employees often experience high workloads and low compensation.

According to numerous employees, a shorter work week is highly desirable. A Gallup poll released in November indicates a significant majority of US workers, 77% to be exact, believe that a four-day, 40-hour workweek would greatly benefit their overall wellbeing.

A significant portion of respondents, 46% to be exact, expressed a high level of optimism regarding the potential impact.

Workers can find solace in the fact that several studies conducted in the United States and Europe have yielded encouraging outcomes in terms of well-being and productivity when implementing four-day workweeks.

However, Paul Knopp, chair and CEO of KPMG US, cautioned against making any definitive conclusions about the progress of this approach at this time.

"We are all working to figure out what is optimal, and we will continue to experiment and pivot," Knopp said.

READ NEXT: UK Receives Record-Breaking Public Donations to Pay Off National Debt

Is Four-Day Workweek Possible?

Meanwhile, employers are facing challenges as they navigate the practical aspects of implementing a four-day work week, while the local workforce is pushing for more flexibility and a better work-life balance.

Despite ongoing challenges, especially in industries that operate 24/7, the survey results indicate a rising trend toward transforming conventional work structures in favor of more flexible and employee-focused models.

According to Northwest Star, many people argue that such a shift would be economically unaffordable. Based on the available historical evidence, it is clear that this assertion is incorrect.

In 1948, Australian workers successfully established the five-day working week and the cherished concept of the weekend. Since then, productivity has increased by over three times.

However, traditional working hours have seen little alteration. There were some small improvements after 1948, such as increased annual and family leave, and a reduction in the workweek from 40 hours to 38 hours.

However, these changes were reversed in the early 1980s. Since then, there has been virtually no alteration in standard working hours.

Since the beginning of the current century, there has been a 20 percent increase in labor productivity.

Currently, our production time has significantly improved, allowing us to accomplish in four days what previously took us five days back in 2000. It is worth noting that there has been an increase in the availability of goods and services, yet our time to fully appreciate them remains unchanged.

Research suggests that individuals who have shorter working hours tend to be more productive during the time they are working. Absenteeism has seen a decline, as individuals now have fewer reasons to take unnecessary time off for personal matters or simply to take a break.

In the long run, employees who are highly valued are less prone to leaving their positions. Consequently, the decrease in productivity is actually lower than the 20 percent indicated by basic calculations.

The Global 4-Day Week initiative has collaborated with a multitude of companies worldwide that have implemented the shift and conducted trials. The outcome has been widely praised, including in Australia.

Another point of contention regarding a four-day workweek is that not all individuals adhere to a traditional five-day work schedule. It is common practice for essential services such as hospital emergency wards to operate around the clock.

It has become the norm for retail businesses to operate seven days a week. The duration of the typical work week holds little significance for employees in these particular sectors.

However, it would be impractical to provide full-time workers with a decrease in working hours without a corresponding decrease in pay, while keeping conditions the same for everyone else.

In the short term, implementing a four-day workweek would result in higher hourly wages for both part-time and casual workers. However, looking ahead, there is potential to explore more innovative options, like establishing a standardized three-day work category that would encompass extended weekends.

READ MORE: Oil Prices Expected to Rise as Israel Responds to Iran's Missile, Drone Attack