High street retailers could see an extra £58 billion in spending if the UK introduced a four-day work week, according to analysts.
The COVID-19 pandemic has revolutionised how almost all companies view flexible working, and mounting data pointing to its benefits on profits, revenues and staff turnover has driven calls for the for the pioneering system to be trialled in the UK.
According to ecommerce expert ParcelHero a four-day work week would not only benefit the businesses who implement it but would provide a much-needed boost for the retail industry as it embarks on its recovery from the pandemic.
“Far from costing the economy money, our latest research found that a thre-day weekend would lead consumers to increase much-needed spending in local high street stores and restaurants by up to 20 per cent, bringing an extra £58 billion spend to local businesses,” ParcelHero’s head of consumer research David Jinks said.
“Extensive trials in Iceland, Spain and Norway are finding very positive results from a four-day working week. A comprehensive study in Iceland found the four-day week was cost neutral for both employers and the Government.”
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As the UK falls deeper into a worker shortage crisis dramatically impacting the retail, hospitality and haulage industry, Jinks says a four-day work week could also provide a solution to retaining staff.
Separate data from Henley Business School suggests that 63 per cent of businesses found it easier to attract and retain staff while 78 per cent of employees with four day weeks said they were happier and less stressed.
‘It’s not just employees and retailers that are set to benefit from the switch. Employers have also found some significant gains,” he continued.
“In order to combat our headline-grabbing driver shortage, Walkers Transport has launched the first four-day working week ever recorded in the logistics industry, a move that has helped them attract new drivers”.