5/05/2019

A day off in the middle of the week

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On Wednesdays, while most of her friends are at work, Tiffany Schrauwen is on the tennis court, practising her backhand. The Melbourne project manager has a lesson all to herself at 09:00.
Schrauwen isn’t slacking off. For nearly a year, digital marketing agency Versa – where she works – has shut down on Wednesdays, giving staff a four-day week at five days’ pay.
Employees at the company do a standard-length day on Mondays and Tuesdays, then return for another two on Thursday and Friday. No meetings are scheduled for Wednesdays – however, if a client has urgent work that needs doing, workers will pick up the phone.
When Schrauwen first was told of the plan, she was excited, then worried about how it would work; as project manager, she was the main contact for both staff and clients.  
But Versa staff reorganized their work patterns to become more efficient. She’ll arrange to have certain tasks completed by the midweek break, meetings are more focused and idle chatter less appealing. Every two weeks the company also reviews what has worked and what hasn’t.  “Everyone wants it to work because we love having the flexibility,” says Schrauwen. “If I want to keep that Wednesday off, I prep my week better.”
The policy was implemented in July last year. Since then, revenue at the Australian company has increased by 46%, and profits nearly tripled, says its CEO and founder Kath Blackham, who  is reluctant to credit the four day week with the entirety of the performance. “We win work because we’re known for having great work,” she says, but adds the fact the agency has very low turnover and consistent teams working on briefs can be hugely appealing for potential business partners.
It is vindication for Blackham, who  founded the company with a toddler and baby in tow, determined to head a high-performing enterprise that respected the need for flexibility.
“What I set out to prove was that in one of the most unlikely industries – a service-based industry known for young people working super long hours – it can work if you come up with something innovative,” says Blackham.
A mid-week break lets staff go to the gym, get on top of house work, look after young children, schedule appointments, work on their start-up or just watch Netflix. Sometimes, they’ll catch up on work. Sick days are down, staff satisfaction is up, says Blackham. “You get that Monday feeling a couple of times a week.”
That Monday feeling of productivity was critical to Blackham’s decision to break the week into two “mini-weeks”, rather than creating a long weekend, which she feared may encourage her predominantly young staff to “have an even bigger weekend”. She found that letting staff choose their own days off meant it was often unclear to other employees or clients when that staff member was available, and that hit productivity.
The five-day week is not an ancient phenomenon. Car manufacturer Henry Ford was pioneering in giving workers the weekend off in 1926, theorizing it would make them more productive.
Professor Rae Cooper, a gender and employment relations academic at the University of Sydney, says the four-day week goes to address another key issue: the loss of highly-skilled women from the workforce. “The average age of the first birth in Australia is now in the early 30s. That’s when we hit our straps in terms of career development, earnings jumping up and really becoming very productive employees. That’s really when we’re losing women from the workforce because we’re not giving them choices to be both mothers and productive workers,” she says.
And this is something Versa’s Blackham is desperate to change. She wants to ensure her daughter can pursue both career and family life.
“No one should have to fight for flexibility,” she says.

From BBC (edited)



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Bankers and the mobile generation



If you turn 18 this year, you are younger than Amazon and Google. You turned three with Facebook’s arrival, four with YouTube, five with Spotify, six with the iPhone and eight with WhatsApp.

If you are at the upper end of the 18-30 age range, you will remember a time before mobile internet, but not a time before mobile phones. If you are anywhere in that range, you use your mobile to read, chat and play, stream music and videos, hail taxis, order food, and search for dates and jobs.

You use mobile phones to manage your money, too. Research last year by Raddon, a consultancy, found that 85% of American millennials (those born between 1981 and 1996) used mobile banking, and predicts that the share will  be higher still for Gen Z(born after 1996). The main reason people choose a bank is convenience, the consultancy says. For older people that means a nearby branch; for younger ones it means an excellent app.

In 2017 Bain & Company, another consultancy, asked people in 17 countries which they would miss more for a day: their phone or their wallet. Everywhere except Japan and Malaysia, the share of under-25s who would miss their phone more was above 70% (see chart).

You are a demanding customer, with expectations of speedy, convenient service that have been set by Uber and Amazon Prime. You are generally willing to grant companies access to your data, but want something in return. You let Google Maps track your location to help you get where you are going; you like Netflix using your viewing habits for recommendations.

 According to bankrate.com, a comparison service, just one in three American millennials has a credit or debit card, a much lower share than for previous generations at the same age. All this means banks find it hard to make money from you.

You also demand more from financial institutions than older people do, and care more about corporate social responsibility. The young think bankers should care about helping people to become wealthier, not just about their own bottom line.





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