Will a four-day work week become the new normal of employment?

In 2018, nearly 70 per cent of Canadians said they would prefer a compressed four-day work week, rather than a five-day work week, according to an Angus Reid poll. Not much has changed since then. Many leaders, in fact, are now weighing the opportunity of utilizing a compressed work structure to rebuild the current economy.

We surveyed our LinkedIn audience about the benefits of a four-day work week, and the results were not surprising. 54 per cent of the respondents claimed that it would bring in greater work-life balance, while 34 percent suggested that it would increase productivity.

So here’s the big question: are businesses and government organizations equipped to embrace a four-day work week? This idea is compelling and feasible but it requires thorough evaluation and strategic execution.

1. Who Would Benefit? Companies should consider which demographic of people would benefit the most from a compressed work week. Some believe that a 4-day work week would best suit people who are in their 50’s and 60’s. This economically influential generation can make use of an extra day off by attending to tasks that are being put off such as doctor’s appointments, spending time with loved ones or pursuing a new passion. On the other hand, millennials and gen Z’s are more focused on shaping work priorities in ways that fit their daily lives, which includes remote work or a compressed work week.

2. Establishing A Trial Period: A four-day work structure is highly dependent on business and employee needs. Employees are drawn towards companies that offer flexibility and with a four-day work week concept, companies can become more desirable to job seekers. Perhaps doing a trial run for a couple of months and monitoring productivity and employee satisfaction is a good beginning point. In 2018, New Zealand’s Perpetual Guardian, a trust management company, tested this compressed work structure for 2 months with 240 team members. Productivity levels increased by 20 per cent and employee stress levels reduced by 7 per cent. Similarly, in August 2019, Microsoft Japan experimented this concept with it’s Work-Life Choice Challenge Summer Program, giving 2,300 employees five Fridays off without a pay decrease and a 40 per cent increase in productivity.

3. Assessing Business Operations: To evaluate whether a 4-day work concept is suitable for a company, leadership teams need to start by understanding their work culture and make decisions around the seasonality of their business. For instance, in California, an employee is entitled to over-time pay after eight hours of work a day. This means a non-exempt employee on a four-day work week would be receiving eight hours of overtime pay every week, if companies move to a 4 day, 40 work hours scenario.

4. Stakeholder Evaluation: Businesses should examine the impact of a four-day work week structure on its stakeholders on both sides of the value chain. Will companies lose valuable business by not being available five days of the week? If your clients/vendors operate on a traditional work schedule, but your team is working a compressed week, how is this going to impact coordination and ultimately productivity? Be prepared for the challenges associated with a compressed work week and plan accordingly to mitigate any issues.


A three-day weekend sounds great, but it may not be suitable for everyone and every business. There are certainly pros and cons to doing this. Will it become a new normal of employment? Perhaps. But it will likely happen in stages and require a widespread change in attitude.

The Pros and Cons of Virtual Accounting Teams

Remote work is reshaping the future of employment, inclusive of finance roles. According to LinkedIn’s Workplace Confidence Index, 83 percent of Finance professionals claim that they can be individually effective when working remotely while 82 percent felt the entire industry could be remotely effective. Which is not surprising considering that many finance tasks do not require frequent interaction between people. Are virtual accounting teams then the way of the future? Maybe so. Companies shouldn’t dismiss the idea.

We put together a list of pros and cons for employing a virtual finance and accounting team, to help get the conversation started:

PROS

Real-Time Access To Accounts: Cloud-based accounting software such as Quickbooks, Freshbooks, Wave and Xero and file hosting platforms such as Google Drive and Dropbox have enabled accounting teams to work remotely and share financial data easily. Leadership teams can access up-to date financial reports in a timely manner and can be sure to achieve higher data accuracy because of the multiple eyes on the books. Real-time access to accounts also allows for data-driven decision making.

Flexible Hiring: Virtual accounting professionals can be more easily hired on an as needed basis and are unrestricted by geography thus expanding your talent pool. Since accounting and bookkeeping needs can vary from one financial period to another, companies can hire contract/temporary accounting professionals to work on specific projects for a certain number of hours without the hassle of setting them up in a physical setting.

Cost Savings: With virtual accounting teams, companies can benefit from reduced overhead costs, like paying for extra office space and supplies to accommodate additional hires, especially ones that come on board for a temporary period to help with project needs.  There is also potential to save costs on computers if you allow your remote team to use personal devices.  

CONS

Limited Control: Managers could feel that a certain degree of control has been lost with virtual teams. Therefore, it is important to maintain consistent communication and conduct regular check-ins to keep a tab on the company’s finances.

Poor Coordination: If your accounting team requires on-site collaboration with other departments or needs access to in-house systems to carry out specific functions, going virtual might result in poor coordination and hinder productivity.

Data Security Threats: As company’s leverage cloud-based technologies for remote data access, it becomes easier for hackers to misuse sensitive financial information. Safeguarding financial information beyond the bounds of a company’s internal network is crucial. Virtual accounting teams should consider implementing multi-factor authentication to ensure that confidential information is not being compromised at any cost.

Benefits of Hiring Remote Workers

Remote work life has become the ‘new normal’ for most of us. Staff Accounting, Bookkeeper, Accounting Clerk and Coordinator are some of the fastest growing Finance & Accounting job categories in the work from home landscape. Cloud-based technologies and collaborative platforms have enabled smooth remote work transition for companies and have allowed employees to experience the power of utilizing data in the cloud.

Here are some benefits of hiring remote workers:

1. Reduces Business Costs
Hiring remote workers can result in significant business savings -office expenses, including infrastructure, utilities and supplies. Additionally, not all employees that work around the 9-5 clock are productive, resulting in more time wasted. With remote workers, hours billed = hours worked.

2. Increases Productivity
When companies offer the flexibility of remote work, employee satisfaction and productivity increases. 77% of remote employees say they are more productive when working from home (HubSpot, 2020). Employee monitoring software such as Teramind, VeriClock, ActivTrak, TimeDoctor are valuable productivity tracking tools that can help employers validate hours billed to hours worked.

3. Access To Deeper Talent Pool
Unrestricted by geography, hiring remote workers expands your talent pool and increases your chances of acquiring top talent. Your company now has the flexibility to staff based on business priorities and can hire specialized workforce for specific remote projects. Since 2015, the number of employees working remotely has grown by 44 percent (Wong, 2020).

4. Reduced Employee Turnover
Companies that hire remote workers also benefit from reduced employee turnover. 90% of employees claim that flexible work arrangements and schedules have increased their morale (Flexjobs, 2020). Employees enjoy the boost to their work-life balance that comes from a remote position and tend to stay at their jobs for a longer period of time.

The world might never be the same again as this remote working mandate takes over our traditional 9-5 regime. Remote work benefits employees and does wonders for businesses as well. At PTC we connect you with F&A, Administrative and Human Resources professionals who can work remotely.

Benefits of Contract Staffing: Hiring in Challenging Times  

The Canadian labour market is shifting and growing, with contract and temporary workers making up half the workforce today. In 2018, temporary workers increased by 50%, outpacing the number of permanent jobs in Canada. This is in part due to different professional outlooks of millennials and GenZs but also a result of a much more flexible world.

How can employers benefit from temporary hires? Contract employment essentially gives businesses the freedom to “hire on-demand”. The flexibility and scalability of contract staffing allows businesses to achieve their long-term and short-term growth targets, which makes this staffing solution ideal for challenging economic times. 

Here are a few reasons why companies are making contract staffing an integral part of their hiring structure:

1. Cost Effectiveness And Lower Business Liability

Contract staffing eliminates payroll, benefits, and administrative expenses. When a company hires a full-time employee, it commits to providing salary, benefits and even accounts for all their expenses. However, with contract workers, you only pay for the hours the employee has worked with no commitment to benefit plans or bonuses. 

2. No-risk Hiring Flexibility 

More and more companies are turning to contract workforce solutions because it shrinks the hiring timeline. A flexible, contract-based workforce can easily meet dynamic business needs without long-term commitment. During crunch periods, employers can move full steam ahead for several months with complete operational support.

3. Immediate Results

Because of the varied experience that contractors gain through shorter term work commitments, their skillset is more diverse and often more easily adaptable.  Companies benefit from hiring a fully vetted candidate, who is ready to hit the ground running from his/her first day. Contract staffing allows employers to combat any skills gap for specialized projects or to meet seasonal demand. 

Don’t let hiring freezes, high employee turnover or complex hiring processes bring your organization to a crawl. Turn to contract workforce solutions and quickly acquire the skills and experience your company needs to meet the growing business challenges.