The world’s richest man reiterated his belief that the world will eventually adopt a three-day work week, though he isn’t sure when this workforce transformation would take place exactly.
Carlos Slim, Mexico’s $83 billion telecommunications tycoon, recently spoke with CNN Money regarding his concept of instituting a three-day work week, which he believes would make life much better for everyone since they would have more time to themselves.
Slim presented the case to the news outlet that you should have time to do whatever you want throughout your entire life and not just when you’re old and retired.
Although employees would only work three days per week, Slim’s plan would consist of workers clocking in 11 hours a day and retiring at the age of 75. This would allow people, Slim argues, to have greater entertainment, more time for family and better training for better jobs.
If implemented, Slim purports that younger workers would have bigger career opportunities to enter the workforce and become a positive contributor to the overall economy and financial markets. “It’s a society of knowledge and experience. You have better experience and knowledge when you are 60, 65 and 70,” Slim said.
This past summer, we reported of Slim’s initial recommendation. His comments made headlines all over the world and drew mixed reactions. At the time, more people had questions than anything else: what kind of schedule would be created? Would there be job sharing programs? Would every workforce transition into a three-day workplace?
“People are going to have to work for more years, until they are 70 or 75, and just work three days a week – perhaps 11 hours a day,” Slim said in a speech. “With three work days a week, we would have more time to relax; for quality of life. Having four days [off] would be very important to generate new entertainment activities and other ways of being occupied.”
Studies have regularly shown that the younger generation of workers want flexibility when it comes to their place of work. Instead of performing the traditional 9 to 5 weekday job, millennials want heightened telecommuting, flexible hours and more time off.
With millennials eventually taking over the workforce, employers will likely have no other choice but to accommodate the wishes of these professional millennials.
A Spectrem Group survey released in June discovered that a vast majority (69 percent) of millionaires believe the proposal of a four-day work week is a “valid idea.” The study participants did say, however, that they would prefer a compressed work week of four 10-hour shifts.
Other surveys suggest corporate executives support this plan as long as it improves workflow.
In today’s workforce, it is far more important to complete your work effectively than it is how, where and when you do it. As long as the same level of productivity is met then there may not be much opposition originating from the business world. Perhaps the three-day work week will arrive sooner than most people think.