Latest news with #Raisely
Yahoo
a day ago
- Business
- Yahoo
Aussie four-day work week could be 'accelerated' amid growing trend: '200 hours a year'
Australians in many industries could soon be working one day less each week thanks to artificial intelligence (AI). Large language models (LLMs) and other AI platforms are used every day by millions of workers across the country, and they can lead to a huge boost in productivity. However, questions are being raised about whether it could 'accelerate' the four-day work week trend that's been gathering pace over the last few years. Matt Tindale, managing director at LinkedIn Australia and New Zealand, told Yahoo Finance AI was changing so many ways that we work. 'It's reshaping how we think about work itself," he said. Major city announces four-day work week shift Centrelink $836 cash boost for 'very real' truth facing thousands of Aussies ATO issues July 1 warning to Aussies waiting on $1,500 tax refunds "We're likely to see continued growth in entrepreneurship, emerging small businesses and flexible careers that reflect a more fluid, empowered workforce. 'The widespread accessibility of knowledge through AI is transforming how talent drives economic growth." LinkedIn found four in five Aussies supported a four-day work week, and Tindale said AI was helping workers and employers look at their output as 'outcomes delivered' rather than a certain number of hours Reuters' Future of Professionals Report found AI tools could save some professionals up to 200 hours a year. Fundraising platform Raisely jumped on the trend in 2022, and chief customer officer Jordan Maitland told Yahoo Finance it's been made much easier by adopting the latest technology. 'Life is busy, and with AI we're able to get so much more done, which is almost at the expense of your people and you're almost getting too much done in five days that people are easily burning out,' she said. 'With all the technology and better ways of working, reward your people for that and let them have that day off and come back more energised. 'Otherwise, if we're working at this pace, five days a week, you're going to have continuous burnout and continuous turnover.' Swinburne University of Technology Associate Professor John Hopkins has been closely studying this new work trend and told Yahoo Finance there was no one-size-fits-all approach when it comes to the four-day work week. He explained every business would have to sort out which departments and staff would benefit from it the most and which would be most adaptable to working one day less per week. Hopkins admitted new tech like LLMs could help usher in that change. "AI does save time, so it has the potential to take hours out of a working week and support a shorter working week for employees," he said. "It'll address particularly repetitive tasks and things that would normally take a lot longer, and complete those pretty well and fairly accurately." But he wasn't fully convinced of a purely AI-led charge helping companies realise their four-day work week potential. "It's a huge question," he mused. "We don't fully understand the potential of AI yet. I don't think anybody does. It's still relatively early days. I think some companies are doing some quite exciting work with it, but I think the big impact is still to come." His hesitation lies in how other technological advancements like the internet and computers affected workers' output. These helped produce far more productivity for millions of people across Australia, however, they didn't lead to a shorter working week. 'We're, in fact, working longer hours now than we did 100 years ago when the five-day week was introduced because the technologies that we have in our pockets means that we finish at five o'clock and you're already working before 9am and we're working at weekends and evenings or holidays,' he said. Hopkins added that employers could just as easily keep the current setup and squeeze even more productivity and outcomes from workers. Those who are testing the new trend have seen some incredible results so far. Medibank has noticed it has helped cut down on unnecessary meetings and workloads as staff felt more committed to getting everything done in the new timeframe. Staff reported being 4.5 per cent more satisfied with their job and 6.7 per cent were more engaged with their day-to-day tasks. The shortened week also helped these employees be more willing to go "above and beyond" their normal duties. Overall health improved by 16 per cent, work-life balance and sleep jumped 30 per cent each, and unhealthy eating plunged 17.5 per cent. For Maitland's company, their trial found there was not a single drop in productivity. It actually went the other way, with a 10.1 per cent improvement. Staff also reported their work-life balance improved by nearly 18 per cent, along with increased energy levels. In a LinkedIn survey of 2,000 Aussie professionals, an overwhelming 77 per cent supported moving to a shorter week, and 82 per cent of HR staffers in a separate study said the same. It could be 20 per cent fewer hours per week with the same pay, or even a reduced salary. Others have suggested 10-hour work days, instead of the usual eight, to ensure the same amount of weekly work gets done, just with one day less. Recent research also found nearly three-quarters (74 per cent) of AI users in Australia utilise it for work. They're using it to help with writing (75 per cent), brainstorming (69 per cent), problem-solving (70 per cent), and to digest or simplify lengthy documents (68 per cent) or complex information (60 per cent). Hopkins told Yahoo Finance the key to ushering in a four-day work week was really analysing whether you can cut down on certain tasks that eat up your time. Some of the companies he has interviewed said they trialled the trend to address productivity issues, others did it to keep and attract the best talent. Whatever it was, they all had a reason to do it. But Hopkins admitted it's not a simple task to bring it in. 'Moving to a four-day week takes preparation. It takes a pilot. There has to be a transition to it, and training and everything else,' he said. 'There may be a trimming of work, or becoming more lean in terms of things that you do, maybe reducing the number of meetings.' But he also believed that, with enough time, it would become a reality for millions.
Yahoo
16-03-2025
- Business
- Yahoo
Major four-day work week push unveiled to overturn 'archaic' laws: 'Society is changing'
The Greens have unveiled a policy to reduce the working week to four days as they believe "society is changing". Companies as big as Medibank and Bunnings have rolled out the new-age change with varying degrees of success. Jordan Maitland, chief customer officer of fundraising platform Raisely, told Yahoo Finance it had been a game-changer for her company as staff weren't suffering as much burnout. The Greens want to get the ball rolling to see whether other entities can jump on the bandwagon. 'Ordinary Australians have been working hard for decades and not seeing a fair share of the results,' Greens senator Barbara Pocock said. Four-day week 'wave' coming to Australia: '80 per cent hours for 100 per cent pay' Inheritance warning over looming $3.5 trillion wealth transfer: 'Disaster waiting to happen' Millennial leaves 'dream job' in Australia for cheap life overseas: 'Rent for $300 a month, dinner is $3' Under the party's policy, $10 million would be spent per year to set up a National Institute for the Four Day Work Week. This would create a four-day work week trial that would be used as a benchmark to track how the new-age approach operated. The Greens also want to create a national test case through the Fair Work a four-day work week was implemented across the board, the party believed it could address some of society's big issues. 'Productivity gains over the past two decades have fed into higher profits while real wages have stagnated," Pocock said. 'A shorter working week alleviates the burden of stress and burnout. International trials have repeatedly shown productivity increases and a healthier happier workforce result from shorter working hours. 'Our society is changing, more women and carers are at work, yet we are constrained by archaic labour laws that see the fruits of our efforts swallowed up in profits for bosses and shareholders. 'This is about justice for working people. We work to live, not live to work.' The Greens' policy comes as the Coalition is keen on forcing tens of thousands of public servants back to the office if it wins the election. Maitland pitched the idea for a four-day work week just for her to her boss as she was preparing to welcome her second child. Her boss not only welcomed the concept but decided to give everyone else at Raisely the opportunity. The platform already allowed fully remote working and the 40 employees were permitted to drop down to four days to see how it would affect productivity. Maitland told Yahoo Finance that during the three-month trial, the team had less time for learning and development and took on fewer extra projects. 'When you have less time, you really focus on what's important,' she said. 'People naturally started prioritising what was most important and stopped doing things that were just distracting to their work. It really happened naturally, which I was surprised about." Instead, workers focused on their 'core' jobs for the majority of the time. The trial found there was a 10.1 per cent improvement in productivity. Staff also reported their work-life balance improved by nearly 18 per cent, along with increased energy levels. 'You come back feeling refreshed and creative and energised and that really shines through in the work people are able to produce," Maitland in to access your portfolio
Yahoo
13-03-2025
- Business
- Yahoo
Four-day week 'wave' coming to Australia: '80 per cent hours for 100 per cent pay'
Aussie businesses are being warned they 'cannot afford' to not consider introducing a four-day work week as employee burnout becomes a growing problem. More Aussie companies are adopting the new work model, with big names like Medibank and Bunnings among those trialling the change. Fundraising platform Raisely was one of the first companies in Australia to permanently adopt a four-day work week in 2022, with staff receiving no cut to their pay. Chief customer officer Jordan Maitland told Yahoo Finance she expected more businesses would make the switch this year. 'Life is busy and with AI we're able to get so much more done, which is almost at the expense of your people and you're almost getting too much done in five days that people are easily burning out,' she said. RELATED Unprofessional work act slammed as young Aussies join growing trend: 'Blacklisted' $6,500 Centrelink payment opens today for those impacted by ex-Tropical Cyclone Alfred Superannuation warning as new $73,000 retirement reality exposed 'With all the technology and better ways of working, reward your people for that and let them have that day off and come back more energised. 'Otherwise, if we're working at this pace, five days a week, you're going to have continuous burnout and continuous turnover.' Maitland originally pitched the idea of a four-day week to her boss. She wanted more time to spend with her son Leo, who was a toddler at the time, and was preparing for the birth of her second boss was on board with the idea and suggested trialling it for everyone at the 40-person company, which is also fully remote. Raisely conducted a three-month trial using the 100:80:100 model, where staff keep 100 per cent of their pay, have their work hours reduced to 80 per cent, but must maintain 100 per cent of their productivity. To maintain productivity in the shortened week, Maitland said the team took on less extra project work and had less time for learning and development. Instead, they focused on their 'core' jobs for the majority of the time. The trial found there were no drops in productivity. In fact, it went the other way, with a 10.1 per cent improvement. Staff also reported their work-life balance improved by nearly 18 per cent, along with increased energy levels. 'When you have less time, you really focus on what's important,' Maitland told Yahoo Finance. 'People naturally started prioritising what was most important and stopped doing things that were just distracting to their work. It really happened naturally, which I was surprised about. 'The other thing is you just have more energy with an extra day off. You come back feeling refreshed and creative and energised and that really shines through in the work people are able to produce.' Christian Miran, a work revolution architect and chief disruptor at Thrive Nation, said he thinks Aussie companies are 'ready' for the four-day week shift. Miran previously worked at Medibank and led the insurer's trial. 'Australia is really prime for this now. This is the next wave of understanding of how we could be more productive,' Miran told Yahoo Finance. 'Globally, labour cost productivity stats are stagnating since the 60s. We've kind of squeezed as much as we can out of people. 'We've got to find new ways and I think Australia is not immune from that and our burnout rates are equally as high in Australia as they are around the world.' Research from recruiter Robert Half found just over a third of Australian employees expected their organisation would transition to a four-day work week within the next five years. Another 37 per cent said their company 'might' transition within this timeframe. Miran said he believed there was a 'universal application' for the four-day week across industries. In Colorado, for example, the Golden Police Department has been trialling it with positive results. Toyota in Sweden has also trialled the shorter week, along with eyewear maker EssilorLuxottica in Italy which has made the move for employees at its factories. Miran said some industries simply 'cannot afford not to do something different' where they had high attrition, high turnover and high sick leave rates, along with increased employee disengagement. He gave the example of a retail business he is consulting with that had a 40 per cent turnover rate. 'How can you not afford to do something to address it? When you look at the cost of what that's costing you in finding new people, training them up, lost time, it's massive,' he said. Maitland said the four-day week had helped Raisely attract and retain talent. 'We're a small company so we haven't had the most competitive salaries in the past. We've gotten bigger, so we're doing a bit better,' she said. 'But by offering this four-day work week, we're able to compete with some organisations that offer higher salaries because we have the better work-life balance and for retention, there's nothing like it.' As more Australian employers get staff to come back into the office, some workers are swinging the other way and wanting their companies to introduce flexible benefits. A Robert Half poll of 1,000 workers and 500 hiring managers last year found 65 per cent of employees wanted a four-day week with retention of their full salary. A poll of more than 2,000 Yahoo Finance readers also found a staggering 90 per cent were in favour of the shorter week. Maitland said having an extra day off meant she had more time to spend with her family and to complete life admin, giving her time to truly rest on the weekend. 'I still have one toddler at home who is not in daycare that day, so for me, that's an extra day to be with them, which is really nice,' she said. 'On the weekend, when you just want to spend time with your family, it's the worst to do the life admin, do the laundry, when you just want to enjoy and rest.'
