How would you react to a three-day work week that would entail of 11-hour days and workers delaying their retirement until the ages 70 or 75? This so-called “radical overhaul” is being suggested by Mexican billionaire tycoon Carlos Slim, who delivered a speech at a conference in Paraguay.
The world’s richest man whose net worth is around $80 billion suggested that productivity can be improved upon, the labor force can become healthy and workers can have more time to relax if his proposal would be instituted by workforces everywhere.
Slim also presented the case that workers can earn more as they transition their lifestyles into retirement.
“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,” said Slim in his oration. “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.”
Telemex, a Mexican telecommunications firm headquartered in Mexico City, recently initiated a new labor contract for its workers. The new contract allows workers who joined the company in their late teens to qualify to retire before they reach the age of 50. Slim also implemented a new voluntary program that permits workers to continue working on full pay but for only four days a week.
In addition to finances, the 74-year-old self-made billionaire also spoke on education. Slim told audience members that education should be more than just memorizing, boredom and domestication but rather fun, reasoning and training. Slim also urged for more vocational training.
In recent years, there have been numerous discussions weighing the merits of a four-day work week. Whether or not companies support it remains to be seen.
“A four-day workweek allows you to continue to contribute on the job while gaining the time to pursue a long-neglected avocation, to help care for the grandchildren or to simply enjoy the other parts of life,” said Cali Williams Yost, chief executive and founder of Flex+Strategy Group, in an interview with Richard Eisenberg, a Forbes contributor, who wrote last summer an article urged employers to offer their worker a four-day work week.
Earlier this month, a survey by Spectrem Group found that more than two-thirds (69 percent) of millionaires found the concept of a four-day work week a “valid idea.” However, the respondents supported four 10-hour days so the work week would be compressed.
The workforce is evolving and the new generations are seeking employment opportunities that offer flexibility rather than the standard cubicle, Monday to Friday, 9 to 5 occupation. Companies will eventually accommodate the millennials and upcoming generations to bring in the A-plus talent.