How to make a four-day week work
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Tribeca reveals the value of a four-day week
In 2021 Tribeca’s leadership team realised things needed to change – not just for the sake of the business but for the finance industry as a whole. The impact of the pandemic together with an ever-increasing scrutiny on governance and qualification levels had seen a dramatic drop-off in financial advisers remaining and entering the industry.
So, in keeping with Tribeca’s values of being ‘bold and challenging the status-quo’, the team decided to trial a four-day work week to see if they could shift the balance – a move that has been extremely worthwhile from a productivity and wellbeing sense.
Not for the first time Tribeca has been ahead of the curve, with a Labour-Greens senate inquiry recommending the government starts four-day working week trials across diverse sectors and locations. To further back this shift, a survey by recruiting firm Robert Half revealed that just over a third of Australian companies expect to transition to a four-day model within five years.
With this change gathering momentum not just in Australia but around the globe, we asked our COO Natasha Stronach to give her first-hand views on the four-day week and how it can work for both the employee and employer.
What’s the thinking behind a four-day week?
Our approach was to instigate a three-month trial, and if successful, implement it into the business. Although we were prepared, organised, and most importantly researched, we really didn’t know how this would go across the business.
More than two years in, I can say it’s now our most valued benefit as an organisation. And personally, one of the most rewarding initiatives I have been part of delivering.
So, what have we learnt along the way?
As individuals, we operate differently and have our own habits and work styles. We have many people who have made successful quick transitions and for others it took time to adjust. Because of that, it’s not a simple or straight forward change. You have to be mindful and ensure there’s plenty of opportunity for feedback and open discussions on what’s working and what’s not.
Many elements of your business will need to be considered. Ultimately, it’s about creating a realistic framework that allows your employees to deliver work in less time without creating more pressure. It may mean changing internal processes or provide training on how to support staff transitioning their workload to a reduced time frame.
It really is a journey. I guarantee there will be some bumps along the way as your business and people take time to adjust to change. It’s important to realise the four-day week is not your ‘silver bullet’ for offering flexibility and support. Don’t get me wrong, it meets a lot of employee needs. But they will still need support and flexibility beyond one day per week. In saying that, if you keep working at it and bring your team along with you, the pay-off can be significant for everyone in the business.
Finally, don’t forget to measure productivity across your business before, during and after a set time. It will show you how far you’ve come, how far you still need to go, and what you may need to change to get there.
Valuable & Rewarding
What are the benefits you’ve seen?
Watching what our Tribe has been able to achieve using the four-day work week has been incredibly valuable and rewarding.
- Achieve their goal of becoming a financial advisor by having a greater capacity and balance to fulfil their study needs and work.
- Devote more time to elderly loved ones through their final years.
- Spend quality time beyond paternity leave with their young family
- Improve their ability to serve their clients through greater productivity and work/life balance.
It’s so important to know that your financial advisor has got your back and will go the extra mile. Tribeca do. Having an open and transparent relationship is critical as you are sharing your ups and downs.
My own experience is another example of how a four-day week can be a great investment in your team and business. I could have never predicted how valuable it would be until I found myself with an unexpected back injury that required a year of rehabilitation. It ensured I was able to focus on that priority, whilst staying dedicated to Tribeca, our clients and people.
It also meant I was able to maintain my Financial Wellbeing – that sense of security and freedom of choice. This is ultimately why we decided to roll out the four-day work week.
We work with our clients everyday to achieve Financial Wellbeing and ensure they are living ‘their good life.’ We realised we couldn’t do that any longer without living it ourselves.
Want more of our thoughts on the four-day week?
Our CEO Ryan Watson talks to The New Daily about Tribeca’s journey.
If you would like to talk to Tribeca Financial about how we can help you live your Good Life, you can arrange a complimentary phone consultation with one of our financial advisors.