Finance Monthly April 2020 Edition

he four-day workweek has been trialled in several regions across the world with Finland’s new prime minister Sanna Marin the latest to announce plans to introduce a four-day week. The move comes as those countries in the know hail 40% increased productivity from working 20% less of the time. Advocates swear by it, arguing that other benefits of a truncated week are a greatly improved work-life balance and significant reductions in company overheads thanks to lower electricity bills and general running costs. Labour even touted a four-day working week without a corresponding drop in pay ahead of the last election. While such a move would be attractive for some smaller and more domestically based industries in the UK, others that rely on international communications and high-value trading – such as the financial services sector – may struggle to successfully slash office time. Given the UK’s status in the financial world, there would be some major hurdles to overcome should a four-day workweek become reality. From a business-to-consumer standpoint, customers wouldn’t be adversely affected by a four-day workweek. With advancing technology and the advent of e-commerce, the days of requiring an ‘always available’ bank With an estimated £5 trillion in global currency exchanging hands daily, there’s no denying London’s position as one of the world’s most important financial services hubs. Considering its importance, could the FS sector embrace a four-day workweek or is the idea simply unviable? Ross Crook, Senior Vice-President of Client Services at Cielo, outlines the realities of implementing the four-day workweek. Is a Four-Day Workweek Viable in the Finance Sector? Ross Crook Senior Vice President Client Services at Cielo BANKING & FINANCIAL SERVICES - FOUR-DAY WORKWEEK 34 www.finance-monthly.com