Bizay implemented the four-day working week model in October 2022, weeks after adopting a remote-first model for all 200 of its employees. With the support of Deloitte, Bizay analysed data relating four key areas, including employee satisfaction, productivity, talent attraction, and talent retention.

Four-day working week model and update:
Designed to boost employee satisfaction and well-being during a period of accelerated commercial growth, Bizay’s four-day working week consists of 36 hours of work, spread across four days. The model was implemented in October 2022 on an experimental basis, with the company assuming a minimum commitment of two years to the new approach. Interest in the four-day working week model among Bizay’s 200 employees was immediate, with 98% opting-in at the earliest opportunity. To date, 87% of employees report full usage of their day off.

Employee satisfaction and work/life balance:
The findings show Bizay employee satisfaction skyrocketed as a result of the new approach, with 89% flagging they prefer the four-day model of working. 83% of employees report spending more time with family and friends. Furthermore, 93% of employees said that they imagined themselves working at Bizay long-term, and 90% would recommend Bizay as a place to work. Moreover, 88% of managers are satisfied with the performance of their teams under the new approach.

Productivity:
The insights show that for the first quarter of 2023, there was a drop of 6.4% in the total volume of work generated per week. This is a positive result when compared with the 7% reduction in the number of hours worked. Furthermore, productivity per hour increased by 0.6%, based on outputs measured by KPIs.

Talent attraction and retention:
The four-day model has had a significant impact in attracting new talent to the company. There was an almost 300% increase in applications to Bizay compared to before the scheme was implemented. The company also saw a clear increase in talent retention, with a 36% reduction in staff turnover compared to the same period last year.

Financial value of the four-day working week for employees:
The move to four days per week has considerable value for employees, with three quarters (75%) flagging they’d need a salary increase of at least 30% in order to be tempted-back to five days a week.

For a third of Bizay workers, the move to four days a week is so popular, they’d require a salary increase of 50% in order to consider returning to five days per week.

Jose Salgado, Co-founder and Chief Growth Officer at  Bizay, says: “The first set of results aligns with our initial positive expectations when we invested in this pioneering model. The research shows no negative impact on productivity levels or quality of work, and we’re delighted how much this model has improved the lives and happiness of our employees. We’ve seen first-hand how attractive the four-day week is for both current employees at Bizay, as well as prospective candidates. We’re delighted to be paving the way for a new approach to the work/life balance, and creating a workplace which is progressive and responsive to employees’ needs.”

The model of 36 hours of work, four days a week, was implemented on an experimental basis in October 2022, with the company assuming a minimum commitment of two years. Membership was voluntary and acceptance was a success, with 98% of its employees adhering to this new model. The company believes that this will be a solution compatible with its accelerated growth and effective in increasing the satisfaction and well-being of its employees, with a direct impact on their motivation and retention.