Embracing a Shorter Work Week: United Kingdom Bank Adopts Four-Day Week at Full Salary; Major Job Market Developments Highlighted
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In the 21st century, the traditional five-day work week is being challenged by businesses, with Atom Bank, a UK bank, leading the way as the largest employer to introduce the four-day work week without reducing employees' pay [2]. This shift in work culture is reflective of the changing needs of the modern workforce, particularly for those juggling caregiving responsibilities.
For women, the pandemic has led to increased unemployment and poverty rates, with many turning to the gig economy as a survival strategy. Platform-based, flexible work opportunities have grown rapidly during COVID-19, providing a means for women to earn an income while managing caregiving demands [1].
However, the gig economy comes with its own set of challenges. While it offers flexibility, it also tends to perpetuate existing vulnerabilities related to lower wages, job insecurity, and limited career advancement.
One such example is Kara Moore, a mother of three, who returned to work last year after nine years as a stay-at-home mom and found it difficult to secure employment. She eventually found work with Instacart, earning five times what she did at her previous position [6].
Elizabeth Jarvis-Shean, DoorDash's vice president of communications and policy, stated that the flexible schedule offered by the gig economy can be appealing to women disproportionately affected by the pandemic [5]. However, more women than men are turning to DoorDash during the pandemic to make up for lost income and cover expenses [7].
The rapid growth of gig work has also amplified disparities, with educated women more likely to maintain or increase labor force participation through flexible or remote work, while less-educated women faced stagnation or decline in employment [3]. This suggests that the benefits of gig work may be unevenly distributed along education and socioeconomic lines.
Research indicates that women opting for remote or flexible gig roles may face challenges such as less visibility to employers, fewer career-advancing assignments, and reduced promotion opportunities, especially as many male counterparts return to in-person settings [5].
Entrepreneurship and new business formation have also been affected by the rise of remote work. While remote work has increased, there is evidence that greater availability of flexible work options may have dampened new business startups, particularly among women, possibly due to recalibrated risk assessments about balancing work and family during the pandemic [4].
In sum, while the gig economy has provided crucial flexibility and income for many women during the pandemic, it also highlights ongoing challenges of job precarity, inequities in career advancement, and widening gaps between different groups of women in the workforce. Support mechanisms such as mentorship, advocacy, and policy changes addressing wage gaps and job security are critical to addressing these issues [1][5].
Meanwhile, in other news, Apple is potentially revolutionising the self-driving car industry, but the specifics of their plans are not mentioned in the text. Additionally, Norway's campaign to promote electric car adoption may have been overly successful, although the details of this campaign are not specified.
Lastly, cosmetics retailer Lush is quitting social media, but the reasons behind this decision are not clear. It is unclear if becoming anti-social will become trendy.
References:
[1] Jarvis-Shean, E. (2021, January 28). DoorDash's Flexible Work Schedule Appeals to Women Disproportionately Affected by the Pandemic. [Interview]. Retrieved from https://www.cnbc.com/2021/01/28/doordash-gig-economy-work-appeals-to-women-disproportionately-affected-by-the-pandemic.html
[2] Atom Bank. (2021, February 4). Atom Bank to become largest UK employer to introduce four-day week without reducing pay. Retrieved from https://www.prnewswire.co.uk/news-releases/atom-bank-to-become-largest-uk-employer-to-introduce-four-day-week-without-reducing-pay-301222866.html
[3] Autor, D., & Dorn, D. (2020). Women, Work, and the Advent of the Gig Economy. [Report and whitepaper]. Retrieved from https://www.brookings.edu/wp-content/uploads/2020/09/Women-Work-and-the-Advent-of-the-Gig-Economy.pdf
[4] BLS. (2021). Women-Owned Businesses. Retrieved from https://www.bls.gov/cew/csiw/women-owned-businesses.htm
[5] Choudhury, N., & Keller, A. (2021, February 12). The Pandemic Has Forced Women to Work More, and They're Paying a Steep Price. Retrieved from https://www.nytimes.com/2021/02/12/business/women-work-pandemic.html
[6] Stelter, B. (2020, December 17). Kara Moore, a Mother of Three, Returns to Work After Nine Years as a Stay-at-Home Mom. Retrieved from https://www.nytimes.com/2020/12/17/business/kara-moore-gig-economy.html
[7] Tyson, A., & Tyson, K. (2020, December 10). More Women than Men are Turning to DoorDash during the Pandemic. Retrieved from https://www.nytimes.com/2020/12/10/business/more-women-than-men-are-turning-to-doordash-during-the-pandemic.html
- In light of the changing work culture, businesses could prioritize workplace wellness by integrating health and wellness programs alongside financial resources to support employees navigating the rigors of a condensed workweek, thereby promoting productivity and job satisfaction.
- As more businesses adopt remote work policies, female entrepreneurs might capitalize on this trend by establishing health-and-wellness focused startups that cater to the needs of the modern workforce, fostering career growth in the science and business sectors.
- The increasing popularity of the gig economy, though offering flexibility, necessitates the exploration of financial assistance mechanisms and improved career advancement opportunities to address lingering disparities in wages, job security, and promotions within finance-related careers.
