Greece has just introduced one six working days a week policy, effective July 1, 2024, aimed at increasing productivity and combating persistent unemployment issues. As of May 2024, the unemployment rate in Greece stands at 10.6%, indicating a Falling from previous years, but still reflecting significant economic CHALLENGE. The question for me remains whether the best way to overcome these challenges and optimize a working population is to extend the work week.

Although early in its life, the new policy has sparked widespread debate. Will Greece see a increasing productivity and improve its economic conditions, or does this choice have a higher chance of further stagnating the workforce and damaging work ethics and morale? Let's examine both sides of the coin.

The economic context

So why is it? Greece in a position that requires such a drastic change? The answer is quite simple – Greece has faced significant economic difficulties over the last decade, especially since debt crisis in the early 2010s, where unemployment rates rose to almost 28% in 2013.

Clearly unstable, Greece has done a great job of bringing the unemployment rate back to 10.6%, and that shows recovery. However, everything is relative. In fact, 10.6% remains one of the highest in EURO AREA. The Greek government needed to do more and this decision to implement a six-day work week was prompted by the need to stimulate economic activity and reduce unemployment.

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The benefits of the six-day work week

The first possibility is that the six-day work week may lead to higher overall output. Of course, by increasing the number of working days, businesses can achieve more sustainable productivity and reduce downtime. Businesses maximize the use of their resources in an organization like this, both fiscally and personally. However, while this additional use may promote economic growth and reduce unemployment, you're also more likely to experience team burnout and low morale. What is the impact of this? A drop in productivity.

There are many pieces to this puzzle. Some sectors, especially those that depend on continuous operations, could benefit from the extended work week. More business days could translate into more production and customer engagement for industries like manufacturing and services, which could help businesses recover more quickly in a still-fragile economy.

Greece seems to be aware of this, as the new law will only apply to employees of private businesses and operating manufacturing plants. 24 hours a dayincluding some retail and agricultural workers.

Moreover, the law (specifically Law 5053/2023), which was approved by parliament at the end of 2023, clarifies that the employee's overtime day/hours are limited to 8 hours. Employers can also decide whether a worker must come in and work for this sixth day. It has flexibility, which can be critical to the success of the tactic. The incentives are also quite significant – employees will be paid 40% overtime for wages that cover overtime.

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Weaknesses and alternatives

Despite these potential benefits, Greece is not guaranteed to be all sunshine and rainbows. Much research and practical experience suggests that lengthening the work week may not be the most effective strategy for increasing productivity.

Longer working hours can lead to employee burnout, lower job satisfaction and lower overall productivity in the long term. or 2014 study from Stanford University found that hourly productivity drops sharply when the workweek exceeds 50 hours, and drops so sharply after 55 hours that there is no point in working any more.

Moreover, the quality of work can suffer when employees are overworked. Creative and cognitive tasks, which are essential in many modern industries, are often better performed with adequate rest and a balanced work-life schedule.

Of course, we all have different work styles, but the current shift towards distance and asynchronous work patterns benefit the workforce in general. Flexibility can improve productivity and employee well-being, as long as you choose your employees carefully.

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Embracing modern work practices

To carry on from that last point, we know that Greece cannot choose its employees, and thus does not have the luxury of defining specific industries or work methods for certain personnel. Therefore, it makes sense to apply a fairly broad 'regulation', even if it is not comprehensive.

What I wonder, however, is whether they could benefit more from embracing modern work practices that focus on flexibilityremote work and asynchronous communication as ways to improve the result.

IN Bubbles, we facilitate asynchronous communication and change the way colleagues have virtual meetings. If building and using Bubbles has taught me anything, it's that updates, feedback, and ideas don't need to be delivered within the same four-wall confines. In fact, a faster and more efficient way involves being separate and more flexible.

Studies have shown that the commitment to asynchronous communication and collaboration has reduced the number of real-time meetings teams have up to 38%. Who knows what could happen in terms of production if Greece focused and invested in the efficiency of the current 40-hour work week instead of keeping it largely the same while only increasing the amount of time people spend to do it.

To provide a positive context for this reasoning, we can look at companies like atlasian AND Lazywhich have reported higher employee satisfaction and productivity by minimizing meetings and focusing on results rather than hours worked.

I can totally understand the idea, but whether the execution is correct is another matter. While the decision makes sense within the economic context of Greece, it is essential to consider the potential long-term impacts on employee well-being and productivity and, as such, alternatives for optimizing the current format of the Greek work culture and finding a balance between the economy. growth and morale.