Can Investment Management Firms Work a 4 Day Week? A Case Study Analysis
In the fast-paced world of Investment Management, where demands are high, and deadlines loom large, the concept of a 4 day working week seemed like an intriguing prospect for Stellar Asset Management.
However, a growing number of organizations across various facets of the financial industry are embracing this innovative approach to work, reaping the benefits of improved employee wellbeing, productivity, and retention.
In this blog post, we'll explore the real-life case study of Stellar Asset Management and how they successfully implemented a 4 day week with the support of 4 Day Week Global.
Why Investment Managers should consider trialing a 4 day work week
The traditional nine-to-five work model is evolving, with more companies recognizing the importance of work-life balance and flexibility, in particular following the impact of the pandemic.
The concept of a 4 day working week, where employees work 20% less time has gained traction in recent years, with 4 Day Week Global being the leading work-time reduction partner of choice for many.
This shift towards shorter workweeks aims to increase employee satisfaction, reduce burnout, and boost overall productivity.
The Case Study: An Investment Mangement Firm trialed a 4 day work week
In 2022, Stellar Asset Management piloted the 4 day work week with the aim to enhance employee wellbeing and performance while promising to maintain their high-quality service delivery to clients 5 days a week.
The firm recognized that the Investment Management industry, known for its demanding workload and tight deadlines, could benefit from a more flexible approach to work.
What changes did the firm make to reduce their work-time to a 4 day week?
As part of the six-month trial with 4 Day Week Global, they started by working with the team to socialize the new way of working. The team tasked with This is how Stellar Asset Management approached the 4 day week:
They agreed that their service level would be maintained.
They engaged with every member of staff on the upcoming change.
They shifted their measurements from a KPI to an OKR approach.
They invested in new tools to support employees to maintain their output.
They detoxed their diaries to remove unnecessary meetings.
In making these changes, they enabled their employees to reduce their work-time by 20%.
What were the benefits they observed from working a 4 day week?
During the trial period, the investment management firm observed several key findings and benefits:
Improved Employee Wellbeing: Employees reported feeling less stressed and more satisfied with their work-life balance. The extra day off provided them with valuable time to recharge and pursue personal interests.
Maintained Productivity: Despite working fewer hours, employees maintained high levels of productivity and performance. The firm implemented measures to ensure that client service levels remained unaffected, such as clear expectations and effective workload management.
Enhanced Recruitment and Retention: The 4 day week initiative served as a valuable recruitment tool, attracting top talent who valued work-life balance. Additionally, existing employees expressed greater loyalty to the firm due to its commitment to employee wellbeing.
Fostering Innovation: With more time for rest and reflection, employees were able to approach their work with renewed creativity and innovation. This led to the development of new solutions and strategies to better serve clients' needs.
The success of the trial meant that Stellar Asset Management made it a permanent part of their policy. The Chief Operating Officer, Daryl Hine, said that “I believe that the 4 day week has improved our ability to deliver our mission and make a real difference for clients.”
Implications for the Ivestment Management Industry
The success of the 4 day week trial at this investment management firm highlights the potential for similar organizations within the industry to adopt this progressive approach to work.
By prioritizing employee wellbeing and embracing flexibility, investment management firms can create a more supportive and sustainable work environment and therefore unlock a trend in positive business growth.
