As more companies are requiring their employees to return to the office, the controversy around work schedule preferences has grown between employees and employers. Nearly 9 out of 10 full-time workers or those looking for full-time work (89%) support a 4-day work week, remote work, and/or hybrid work according to a new Bankrate report, and of those workers, 51% are willing to switch jobs or industries to attain their preferred situation.
The full report is at: https://www.bankrate.com/personal-finance/hybrid-remote-and-4-day-workweek-survey/.
Overall, younger workers are more likely to support a 4-day work week, hybrid and/or fully remote work. Of those in the workforce, 93% of Gen Zers (ages 18-26) prefer one of these schedules, compared to 91% of millennials (ages 27-42), 87% of Gen X (ages 43-58) and 87% of Boomers (ages 59-77). Women (92%) in the workforce were more likely than men (87%) to prefer a 4-day work week, as well as remote or hybrid work instead of in-person.
“With the swift, remarkable, almost revolutionary changes in work emerging during the early and desperate days of the COVID-19 pandemic, the majority of those currently employed as well as those looking for work are prioritizing shorter work weeks and greater flexibility in terms of hybrid and fully remote employment opportunities,” said Bankrate Senior Economic Analyst, Mark Hamrick.
4-Day Work Week:
When looking at those who specifically support a 4-day work week as opposed to the traditional 5-day work week, 81% of full-time workers and job seekers were in support of a 4-day work week. More than 1 in 3 workers (37%) are willing to change jobs or industries for a 4-day work week.
Additionally, these workers say that they would be willing to make the following sacrifices to work a 4-day work week instead of 5: working longer hours (54%), coming into the office or place of work more days/working fully in-person (27%), working off-peak hours (23%), working a job you’re less interested in/not passionate about (17%), receiving fewer vacation days (16%), having a longer commute (12%), taking a pay cut (10%), or taking a step back in your career (10%). Just 11% said they would not be willing to make any of these sacrifices to work a 4-day work week.
Remote/Hybrid Work:
Of those in the workforce, 68% support a hybrid schedule instead of an in person schedule, and of those workers, 73% would be willing to make a sacrifice at work to attain a hybrid schedule. This includes 37% who would be willing to change jobs/industries and 28% who would be willing to work off-peak hours, the most common responses. Support for a hybrid schedule was also more common among Gen Z (75%) and millennial workers (73%) versus 63% of Gen X and just 54% of boomer workers, with Gen Z (85%) and millennials (77%) who prefer hybrid work being more willing to make a sacrifice to attain it than Gen X (63%) and boomers (62%).
The majority of Americans in the workforce (64%) support fully remote schedules as opposed to fully in person, and 78% who support fully remote work would be willing to make a sacrifice to attain that situation. Again, willingness to change jobs/industries (42%) and work off-peak hours (35%) were the most commonly cited sacrifices. Similar to those who support hybrid versus in person, millennial workers were more likely to support the fully remote schedule (69%), followed by 68% of Gen Z, 62% of Gen X, and just 50% of boomer workers. 81% of Gen Z and 83% of millennial workers who prefer to work remotely full-time would be willing to make a sacrifice compared to 76% of Gen X and 58% of boomers.
“Given the high number of job openings in the U.S., employers who have the flexibility to accommodate evolving preferences for working conditions may gain competitive advances in attracting and retaining talent, particularly among younger and female workers,” Hamrick added. “Employers who fail to take notice of these shifts in preferences risk losing team members,” he said.
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Tags: Firm Management, Payroll, Staffing
