Medibank is set to trial a four-day working week in what it says is an attempt to improve health and wellbeing in the workplace.
The healthcare insurer will roll out a six-month pilot program at the end of the month for 250 of its employees.
Dubbed “The Gift”, the experiment will embrace a 100:80:100 model, which will allow employees to retain 100 per cent of their pay while reducing their hours to 80 per cent and maintaining 100 per cent productivity.
Since the COVID-19 pandemic, Australian workplaces and the way employees approach work have transformed dramatically, leading to an increase in demand for flexible work arrangements.
A handful of companies are already experimenting with the four-day work week, which have led to recorded improvements in productivity as well as a reduction in absenteeism, and resignations.
Consumer goods giant Unilever ran a successful New Zealand pilot over 18 months which was later expanded to 500 Australian employees.
The company, which manufactures Rexona, Dove and Streets ice cream, will finish the year-long-trial in November but Medibank will be the first publicly-listed Australian company.
The initiative has been designed in consultation with non-profit organisation 4 Day Week Global, and will be monitored and measured by Macquarie University Business School’s Health and Wellbeing Research Unit.
Medibank said that it was the next step in transforming traditional ways of work while improving productivity.
“We’re really wanting to bring the future of work into the now of work,” said Kylie Bishop, Medibank’s group lead for people, spaces and sustainability.
“For more than 18 months now, we’ve been exploring how we can work smarter, offer greater flexibility, and create the best health and wellbeing for our people, in support of our customers.
“There are lots of pressures out there right now, whether it’s cost of living or people managing their work and home commitments.
“We’re constantly thinking about how we can help balance that for our people and invest in their health and wellbeing to help prevent issues like burnout.”
(9 NEWS)
