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In a recent survey by Bank of America, a significant 64% of employees expressed a strong desire for a four-day workweek, making it the most sought-after benefit aside from their current offerings.
However, only 42% of responding employers showed an inclination to provide such a schedule.
Bank of America’s report, which surveyed 955 employees and 804 employers over the winter, indicates that while employees are feeling more financially confident—47% rated themselves as "financially well" compared to 42% in 2023—they remain concerned about inflation and the cost of living.
Better compensation continues to be the top factor that could lure workers away from their current jobs, but a balanced work-life arrangement is emerging as a critical retention factor.
Interestingly, the survey revealed gender-based differences in financial security and career outlook.
Men reported feeling more financially secure and confident in their retirement savings and were more amenable to in-office work.
Conversely, slightly more women reported feeling optimistic about their career prospects.
Despite the financial challenges, a notable 70% of workers plan to remain with their current employer over the next year, a trend some are dubbing “the big stay.”
Sixty per cent of respondents said they would stay with their current employer for a good work-life balance, surpassing the 53% who cited compensation as a reason to stay.
The push for a four-day workweek has been gaining momentum.
A Resume Builder survey from last August found that three-quarters of respondents would switch jobs for a four-day workweek, and one in three would accept a pay cut to achieve it.
Despite this growing interest, the four-day workweek remains rare; an Indeed analysis showed that job postings mentioning a four-day workweek rose only from 0.1% in September 2019 to 0.3% in September 2023.
While inflation has cooled from its peak in 2022, many workers feel their paychecks are not keeping pace with rising living costs.
More than half of U.S. adults reported in a Harris Poll and American Staffing Association survey that their wages lag behind inflation, with nearly 40% experiencing heightened financial stress compared to the previous year.
Bank of America’s findings suggest that employees value their personal time deeply and are less willing to trade it for additional pay beyond a certain point. As workers continue to advocate for a four-day workweek, employers may need to reconsider their stance on this benefit to attract and retain talent in an evolving job market.
