The way accountants work has been evolving for some time now. Even before the pandemic, the demand for flexible working arrangements was growing in the financial field.
After all, with cloud-based collaboration software and digital tools, countless accountancy tasks can be completed anywhere. In the last couple of years, the increasing shift to flexible and hybrid working strategies has allowed leading accountants and their employers to begin experimenting with different modes of work to ensure the highest levels of productivity.
Now, some innovative employers are even beginning to look at the benefits of shortening the workweek. The rise of the 4-day workweek is a hot topic for today’s employers, promising everything from better access to talent to greater efficiency.
So, what makes the 4-day work week so appealing to accountancy employers?
1. Staying on the Cutting Edge of Employment Trends
We’re operating in the age of the “Great Resignation”, where staff members are leaving their old employers in search of something more attractive and flexible. To attract the right people to your team in this new environment, you need to offer the right work experience.
In January 2022, more than 30 UK companies began transitioning their employees to a four-day workweek, and many others have since followed suit. Accountancy companies can use this new concept as a way of staying ahead of the competition in a skills-short marketplace.
Four-day workweeks are more likely to make your company appealing to accountants who want to achieve a higher level of work/life balance as they move forward in their careers. You can use this strategy to strengthen your employer brand and attract more talent.
2. Improved Productivity
Companies often operate under the mistaken belief that more hours “on the clock” means a more productive workforce. However, studies by the Four Day Week campaign and other groups around the world indicate this may not be the case.
Supporters of the 4-day work week believe team members will get more done when they’re focused on completing specific tasks rather than simply logging a certain number of hours.
With a four-day workweek, your accountants can spend less time watching the clock and more time getting work done. Currently, studies suggest most employees only spend around half their day on productive tasks.
A four-day workweek also means your team members will spend less time daydreaming about what they could be doing in their time off when they’re at work. Your employees will have more time to rest and recuperate between working sessions, which means they could be more efficient.
3. Better Employee Wellbeing
An increased focus on employee wellbeing is a significant trend in today’s financial hiring landscape. Employees want to work for companies that put their best interests first. Fewer days spent at work could lead to happier, healthier, and more efficient employees.
According to studies conducted in Scandinavia, where the four-day workweek is already more common, a reduced work schedule leads to lower levels of burnout and minimal stress. With a three-day weekend, your accountancy employees will have more time to focus on what they enjoy doing outside of work, achieving a greater work/life balance.
At the same time, days spent outside of the office ensure your accounting professionals have enough time to focus on looking after themselves, getting the right amount of exercise, and time with loved ones.
4. Reduced Absenteeism
Providing your accountancy staff with more flexibility in their schedule means they’re less likely to take days off when they don’t need to. Happier employees won’t feel the need to take an extra day off from time to time to avoid burnout or overwhelm. Because your staff will have more time to themselves, they’re less likely to resent time in the office.
According to studies from New Zealand, 78% of employees felt they could better balance their work and home life when working a four-day week, leading to reduced absenteeism.
As an added benefit, the extra time outside of the office or workplace means your team members have more time to schedule their life around work. This means less time needs to be taken out of the work schedule for doctor’s appointments, dentist trips, etc. You may find you don’t need to change your plan as often with a four-day week.
5. Better Employee Retention
Finally, a four-day workweek doesn’t just help you attract more talent in the accountancy landscape; it can also improve your chances of keeping team members around. People are increasingly looking for ways to balance their work and personal lives more effectively to enjoy more time with loved ones.
With a four-day workweek, you can differentiate your employer brand and make it less likely your top talent will want to look for other sources of employment elsewhere. Your team members may even work harder to ensure they can maintain their position with you.
Because you don’t need to spend as much time replacing crucial staff members, you can also achieve significant cost savings for your accountancy business and reduce the number of disruptions to your operations.
Work with Rebus to discover new ways to reach the best accountancy talent and retain your top team members. We have years of experience supporting companies in the financial landscape, searching for the best accounting talent.
Reach us via email or on 01282 930 930.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.