As workers reconsider their work-life balance post-pandemic, 92% of young people say that they would make sacrifices in exchange for a four-day workweek, according to a new Bankrate survey.
"Younger generations have obviously lived through major economic events like the coronavirus pandemic, which blurred the lines between where you work, how you work, how much time you spend doing it," Sarah Foster, a Bankrate analyst, tells CNBC Make It. "That coupled with this still historically strong job market … is giving them the leverage to bargain for what they want."
While the five-day schedule remains the standard in the U.S., 22% of U.S. workers anticipate that four-day workweeks will be the norm in their industry within the next five years. And the sacrifices that younger employees are willing to make might help change the tides.
The concessions younger workers are willing to make
Despite the popular belief that younger generations are champions of remote work, one-third of Gen Z and millennial workers say they'd be willing to work fully in-person if it meant shaving a day off of their workweek.
"If a company wants to bring younger workers back [into the office], maybe this is the perk they should look into," says Foster.
Other sacrifices that Gen Z and millennial employees say they'd make in exchange for a four-day workweek include working longer hours (48%), changing jobs or companies (35%), working weekends or evenings (27%) and even taking a pay cut (13%).
The Bankrate data is a sign that younger generations are prioritizing work-life balance and "recognizing that flexibility itself is a job perk," Foster says.
Older generations also show a strong interest in the four-day workweek, with over 86% of Gen X and baby boomer workers saying that they'd be willing to give something up in exchange for a shorter week.
There is one sacrifice that older workers are more inclined to make when compared with Gen Z and millennial workers: 61% say they would work longer hours to attain a four-day workweek.
But Gen Xers and baby boomers trail behind younger workers in other concessions they'd be willing to make, likely due to the fact that they've worked five-day schedules for most of their careers.
"Older generations, they've gotten in the habit of working these schedules, they know life before the coronavirus pandemic," says Foster. "There's something to be said about maybe not wanting to pursue that taste of flexibility the way that younger generations probably do."
What will it take for four-day workweeks to become the norm?
The 40-hour workweek has been commonplace since the Great Depression, so it's hardly a surprise that employers remain resistant to change — in 2023, only 15% of U.S. workers say their employer offers a four-day workweek to promote positive mental health, according to payroll analysis company ADP.
While it would likely take government intervention to introduce widespread change, a rise in workers showing interest in companies that currently offer four-day workweeks could help drive a shift, Foster says.
"Once some companies start offering [four-day workweeks] and once many workers start to apply for those positions … it might actually end up putting more pressure on companies to introduce this non-traditional perk," she says.
While workers wanting a four-day workweek probably have the best luck looking for positions within companies that already offer it, employees pining for this perk within their employer should broach workweek conversations like they do pay negotiations, Foster says.
"It makes sense to think of the business case for switching to this schedule and the way it could help the bottom line of your company," she says. "Speaking your company's language could be the best step to secure more work-life balance, but it might end up being a baby step."
If you're going to initiate conversations around more flexible schedules, now might be the right time — Foster says workers should capitalize on the bargaining power they're seeing from the robust job market while it lasts.
"I would say that now is really the time to start looking into more flexible options and use this strong job market to your advantage while you can," she says.
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