Four-day work week trend blasted by multi-millionaire businessman Kevin O'Leary: ‘Stupidest idea'

Yahoo

2 days ago

A multi-millionaire businessman has ripped into the growing trend of four-day work weeks, calling them the 'stupidest idea' he has ever heard. Shorter working weeks are becoming increasingly popular around the world, with big names like Medibank and Bunnings in Australia among those trialling the change.
Kevin O'Leary, best known as one of the investors on Shark Tank, criticised the push for a reduced work week. The outspoken businessman, who is worth an estimated $US400 million, was asked about his thoughts on the push during a recent appearance on Fox News, following the popularity of the four-day week in France.
'That's the stupidest idea I have ever heard,' he said. 'I think we should let the French go to a two-day work week and then kick their ass internationally.'
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France announced plans to trial four-day working weeks for parents sharing custody of kids last year. The country introduced a 35-hour work week in 2000.
Roughly 10,000 workers are already thought to be working four-day weeks.
O'Leary, who has also been critical of Australia's right to disconnect laws, was against following in the country's footsteps.
'There is no such thing as a work week anymore anyways in a digital economy post-pandemic,' he said.
'I look at my staff, 40 per cent of them work remotely, all around the world. It's project-based.
'Can you get it done by the 15th of June? Yes, I can. I don't care when you do it, four-day, three-day, five-day.'
His comments have divided people online, with some agreeing with him that results rather than work time was the most important thing.
'It's not about days or weeks anymore. It probably never was. It's about productivity in whatever period of time the business decides,' one said.
'Very true. Norms surrounding work are slowly going away between remote work and everything being digital,' another wrote.
Others said they supported four-day work weeks and had experienced the benefits themselves.
'I have a four-day work week. I can't express the difference in how much better my work week is given one extra day to decompress,' one said.
'I have been running my company on a four-day work week for a few years now. I can't imagine going back to a five-day week,' another added.
The four-day work week has been gaining traction in Australia, with major companies like Medibank and Bunnings testing out the working model.
One common approach is the 100:80:100 model, where workers retain 100 per cent of their salary while reducing their hours to 80 per cent and committing to 100 per cent productivity.
Medibank announced it would be moving another 250 employees to the trial in October, bringing the total number of participants to 500.
Medibank head of people and sustainability Kylie Bishop said it had helped cut down on unnecessary meetings and workloads as staff were committed to getting everything done in the new timeframe.
'We've seen significant and sustained improvements in employee engagement, job satisfaction and the health and wellbeing of participants, while maintaining business performance and customer outcomes,' she said.
A Robert Half poll of 1,000 workers and 500 hiring managers last year found 65 per cent of employees wanted a four-day work week with retention of their full salary.
The Senate Inquiry into Work and Care recommended the government undertake a four-day work week trial back in 2023.Sign in to access your portfolio