Oct 10, 2024
News from one Mediterranean country has generated plenty of online controversy in recent weeks.
On July 1, Greece instituted a contentious law regarding a six-day workweek for private businesses that provide round-the-clock services.
Advertisement
The Greek government said the new 48-hour work week would be applied in “specific circumstances” — chiefly, businesses that operate 24/7 with rotating shifts, and those that operate 24 hours a day for five or six days a week and involve rotating shifts.
The new law is not mandatory; however, if a company adopts it, it must be adhered to by all employees. It also provides workers with the option to work an extra two hours a day or add another eight-hour shift to their schedule.
As reported by The Guardian, the measure seeks to put a hard stop to the mass exodus of an estimated 500,000 (mostly younger) educated Greeks who emigrated after a decade-long debt crisis that first erupted in 2009.
But according to data, in 2022, Greek employees were already working more than 300 additional hours a year compared to the EU-wide average.
As many nations — including the U.S. — consider the idea of a four-day workweek, will what’s happening in Greece inspire other countries to follow their lead?
Could the U.S. get a six-day workweek?
Per the Guardian, pro-business Greek prime minister Kyriakos Mitsotakis explained that, “the nucleus of this legislation is worker-friendly, it is deeply growth-oriented. And it brings Greece in line with the rest of Europe.”
However, the facts prove otherwise. For example, in 2022, Belgium became the first European nation to introduce a four-day workweek.
Advertisement
In addition, Iceland, with its population of nearly 383,000, is said to have more workers on a four-day work week calendar than almost anywhere else in the world. And in Lithuania, public-sector employees with children under age three are allowed to work only 32 hours a week without any reduction in their pay.
As for America? A survey by Resume Builder revealed that — out of 753 American business leaders — 9% plan to institute a six-day workweek in 2025.
The study notes that "one in six [Americans] think full-time employees should work more than 40 hours per week," while the 9% "believe a six-day workweek would increase revenue and productivity."
Could this idea truly catch on in Corporate America? The same Resume Builder survey offers a glimmer of hope for those living in fear of a six-day workweek: 31% of business leaders advocated for a four-day workweek, while more than half (61%) were fine with keeping the five-day status quo.
But if it's increased productivity some American business leaders want, they might want to consider the opposite end of the scale. Here’s why.
Must Read
- You can now build wealth like a landlord for as little as $100 — and no, you don't have to chase down rent or take 3 A.M tenant calls
- Goldman Sachs used to hoard prime real estate deals for the ultrarich. Two ex-analysts just opened the door for $250
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Did Greece get it wrong?
Thus far, Greece is one of the few countries hoping to benefit from a six-day workweek. However, most business leaders worldwide aren’t in favor.
Advertisement
The 4 Day Week Global movement is the brainchild of entrepreneur Andrew Barnes, and Charlotte Lockhart, who sits on the board of the Wellbeing Research Centre at the U.K.’s Oxford University.
Their efforts, which have exploded in popularity in recent years, boast plenty of data that backs up the case for a four-day workweek.
Of the businesses and organizations that tried the four-day workweek, 25% reported increased revenue, 66% saw a reduction in burnout, and 32% noted a decrease in employee resignations.
To back that up even further, a June 2023 case study of 41 Portuguese companies and their 1,000-plus employees showed that worker exhaustion decreased by 19%, while work/life balance challenges dropped from a whopping 46% to a mere 8%.
In addition, creative output jumped by 70%. Perhaps the most relevant statistic is this: 95% of the Portuguese companies evaluated the trial positively.
As for the situation in Greece, it remains to be seen as to whether it will backfire and kick off a worker revolt or even greater exodus.
You May Also Like
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
- Robert Kiyosaki issues grim warning for baby boomers. Many could be ‘wiped out’ and homeless ‘all over’ the country. How to protect yourself now
Lou Carlozo is a freelance contributor to Moneywise.
