Is the four-day working week becoming less of a pipe dream? Almost every company in every country that has so far trialled the shorter working week has deemed it successful, with higher productivity, greater job satisfaction and less stress reported across the board.
And Iceland is testament to the merits of giving workers an extra day off, according to the results of a new study. After successful pilot schemes in 2015 and 2019, the Nordic country officially implemented a shorter working week, reducing standard hours from 40 to 36. Between 2020 and 2022, 51 percent of workers accepted the offer of reduced hours with no loss of pay.
The result? A booming economy, low unemployment rates and very happy workers. Shocking, right?
The study, released by The Autonomy Institute and Alda, found that 62 percent of workers who’d taken on a shorter working week felt more satisfied with their working time, while a whopping 97 percent felt they had a better work-life balance. 42 percent believed that working shorter hours had decreased stress in their personal lives, too.
But it’s not just workers who are reaping the rewards. In 2023, Iceland’s economy grew by 5 percent (the second-highest growth rate across Europe) while its unemployment rate was just over 3 percent (one of the lowest in Europe).
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All in all, the four-day week has been a major success in Iceland. But will other European countries follow suit?
Well, that’s tbd. Various countries have tested it out, including the UK, which ran a huge trial in 2022 that has since seen almost every company involved permanently adopt the shorter working week. Countries including Ireland, Spain and Germany have also participated in trials, but Belgium is currently the only European country outside of Iceland to have officially legislated the four-day week. Visa applications at the ready...
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