Yahoo in Japan contemplates four-day work weeks
What's the story
According to sources, Yahoo Japan Corp. is deliberating four-day work weeks for its 5,800 employees altogether. Yahoo wants to execute this system in stages spanning several years; wages haven't been determined yet. This move comes following Yahoo's efforts to get competent professionals on board and also to prevent their employees from quitting. This company is a subsidiary of Softbank Group Corporation.
Definition
The meaning of a work week
Ideally, the United States of America has a 40-hour work week where people have to work for 8 hours each day for 5 days. Slowly but surely, this time frame is seeing a change.
Information
Perks to be received by Yahoo employees
Yahoo Japan will be offering a commuter allowance for employees who take the bullet train - up to ¥150,000 on a monthly basis. October onwards, Yahoo will let its employees work from home for up to 5 days, compared to the 2 days currently allowed.
Statistics
What studies have shown
The Society for Human Resource Management conducted a study, according to which 43% companies offer four-day work weeks to some of its employees. 10% companies offer the same to all their employees. Working four days out of a week is a benefit found commonly in smaller companies, 14% of which offer the same to their employees, in comparison with 5% of large companies.
Examples
Corporations that offer shorter work weeks
Recently, Amazon introduced a 30-hour work week program "tailored to a reduced schedule, still fostering success and a career boat." Employees of KPMG, a global audit, tax and advisory firm, are allowed four-day work weeks. But the same has to be arranged for with their managers. Tax services firm, Ryan, is one of the first known leaders to have started the four-day work week.
Results
How well do these companies work?
Barbara Wankoff, Director of workplace solutions at KPMG said, "Their satisfaction goes way up when they have control over their time. It increases employee morale, and productivity and retention." When the firm Ryan started off with its four-day work week in 2008, employee turnover rate of the company dropped from 30% to 11%, doubling revenues and profits and increasing client satisfaction.