Despite the benefits associated with a four-day work week, many respondents believed there would also be trade-offs. Over two-thirds (70 per cent) said they expect to work longer hours, while 63 per cent said customers would be frustrated, and 52 per cent said company performance would suffer.
However, 85 per cent of respondents said they were open to supporting their employer implementing a four-day work week.
"Among the buzz surrounding new working models, employers must not lose sight of the fact that what employees really want and have become accustomed to is the flexibility to adjust their work schedules to fit the demands of their lives," said Dr Crissa Sumner, Head of Employee Experience Solution Strategy at Qualtrics ANZ.
Of the more than 500-strong survey, 49 per cent of respondents said flexibility means having control of the hours they work. Almost one-in-five said it was choosing what days they work, while 15 per cent said it was having the ability to work from any location.
But remote work was also a concern for more than half (53 per cent), who said they feel their career advancement will be negatively impacted if they work flexible hours.
Sumner said employers have a once-in-a-generation opportunity to redefine the future of work for current and future workforces.
"It's critical they deeply understand what employees expect to ensure the programs adopted have a long-term positive impact. This includes understanding the types of working environments people want, but should also account for technologies, culture, leadership, and more," she said.
New Zealand-based businessman and founder of Perpetual Guardian Andrew Barnes made headlines in 2018 when he introduced a four-day work week at the financial trust.
Since introducing the policy, Barnes has said the results had been remarkable.
"Our productivity has gone up, our profits have gone up, our staff retention has improved, our stress levels have dropped," Barnes previously told The AM Show.
The four-day work week is a reduction in the work week from a standard 40 hours to 32 hours for the same pay and benefits.
More than 20 companies from Australia and New Zealand will take part in a global four-day work week pilot programme - co-founded by Barnes and 4 Day Week Global's Chief Executive Charlotte Lockhart - designed to track and measure the effectiveness of the growing trend.
The six-month trial will run from August to January 2023.
The trial is already underway in the UK, with more than 3300 workers at 70 companies in the UK.
"We are seeing a rebalancing effect in the global workforce, as a combination of the Great Resignation and the pandemic has amplified awareness of the need for employers to focus on retention strategies that prioritise wellbeing," Lockhart said.
"Even before Covid it was apparent that people couldn't keep working the way they had been – and now flexible working is not a nice-to-have but a must-have."
More than half of respondents (54 per cent) of Qualtrics' research said their job was the main source of mental health challenges.
An overwhelming majority of respondents said they would welcome their employer offering paid mental health days, with 90 per cent saying they would be a good long-term solution to ensuring good mental health.
Sumner noted that for some, working remotely has had a negative impact on their mental health.
"When we look at what's driving success today one thing consistently stands out - the power of human empathy," she said.
"Through understanding the impact of the entire employee experience - from schedules and environments through to collaboration and company culture - employers can take targeted and meaningful action on what matters, when it matters."
