Would a 4-day workweek work? In this episode, Patrick Bet-David reveals the consequences of a 4-day workweek and why you should think critically before buying into it.
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Four day work week good idea bad idea I Asked this on Twitter 25 000 people Voted for do they care about it is it a Bad idea is it a good idea the results Will probably surprise you [Music] So I got to tell you I was surprised Because my audience is generally Entrepreneurs COC Suite most of these Guys are in business a lot of them are More than the average person I thought The numbers were going to be fully a Horrible idea but this is what happened Twenty two and a half percent said they Don't care 23 is a bad idea 54.6 said it is a good idea I don't know About you but I'm Blown Away by the Results four-day work week what do you Want to do with the three days is it Good for you is it even healthy for you To have more time on your hands when we Have more free time do we live longer Are we more fulfilled is it worse for us You'd be amazed by the results by the Way we got a lot of different data I Want to see if any other country did the Four day work week did they get good Results when we did that we found out Which country in the world works the Least amount of hours a week by the way It's 29 hours I'll tell you here in a Minute who it is and then maybe it's Some Industries I'll give you my Argument you make a decision for
Yourself having said that let's get Right into it so before we go into some Of these countries that are testing a Four-day work week let's define success What is success here is it success just Having more time within countries that Do that and are given to people more Time that's called successful to you but It's success more countries that are Doing a model that produces more Companies that generate jobs that create Better Innovation if that's success with A lot of these countries that are doing Afford to work with you get an effort First I believe we have to Define what Success is and then we'll look at the Data so now when I give you some of These countries I'm also going to give You what companies that founded there What technology has been started there And then you can say well based on your Definition Patrick I disagree with you I Think they're doing it better or based On your definition I think this four day Work week is a terrible idea so Australia number one more than 20 Companies will take part of a four day Work week trial this is something They've been testing they're calling it The four day week Global which is a Non-profit organization that's also Overseeing pilots in UK and New Zealand FYI Australia two big names Technology-wise that I came out of there
One is Wi-Fi 1992 and the other one is Google Maps which was invented by Danish Brothers in Australia later bought by Google all right that's their Innovation Austria according to an oecd report Austria has the sixth shortest average Work week in the world 35 and a half Hours a week a lot of people would say They were already doing that and Although Austria hasn't instituted a Four-day Work Week many Austrian workers Are interested in the idea matter of Fact they surveyed people to ask who was Interested in it one out of every two Workers said they would welcome a four Day work week so now let's define Success Austria you ready most Innovative company they have started in The last 30 something years it's called Pez candy you ever seen Pez candy you Probably had it before you know what the Top line revenue was last year 29 Million bucks yes 29 million dollars That's Innovation if that's success to You or maybe the four day work week is a Great idea let's go to the next country Belgium workers in Belgium now have the Right to switch to a four-day work week But they're working for 10 hour days Which is a total of 40 hours a week and Although workers in Belgium have Traditionally worked a five-day work Week in early 2022 Belgian government Introduced a new labor market reform
That allows workers to choose to work a Four-day Work Week workers are still Expected to maintain the same amount of Hours but I have the option to work for 10 hour days workers are allowed to ask Their employers for a six-month trial Period of the four day work week after Which they can choose to go back to the Traditional five-day work week that's Belgium by the way if I were to ask you What innovation has Belgium done in the Last 30 years or something you're going To say well they got the best beer and They got great candy and they got great This and they got Anheuser-Busch and They got yeah maybe but no real crazy Innovation that impacted other countries Positively again how do you define Success next Canada population 38 Million dozens of companies in Canada Are experimenting with a four day work Week as part of the four-day work with Global pilot in early 2022 Canada began The four day work weekly trial just to Kind of see how it's going to work out Well the goal of the program is to Demonstrate that employees can maintain 100 of productivity while working 20 Fewer hours and receiving the same Amount of pay I don't know give me Innovation from Canada Google Facebook Apple who who from Canada don't know This Canada known as The Innovation cap Of the world probably not how do you
Define success let's go to the next Country Denmark population 5.8 million According to an oecd report Denmark has The second shortest average work week in The world 33 hours a week if you like Working only 33 hours a week go to Denmark they tested this to see what was Going to happen this allowed full-time Workers in Denmark to spend 66 percent Of their day on rest and Leisure by the Way they switched to a five-day Work Week model in the 30s previously was a Six day work week and now what a Denmark Invent I Gotta Give these guest props Legos I love Legos so listen Denmark if You're going to work 33 hours a week and Still produce the Legos you keep doing What you're doing right now leave The Innovation to other countries next Germany population 83.2 million people In addition to having won the shortest Work weeks in the world 34 hours Germany's largest Trade union is Lobbying for Germany to adapt to what They work with since 2020 Germany has Faced economic difficulties from both The pandemic and the struggles to Transition to electric vehicles what Kind of innovation has Germany produced Obviously they got the cars we all know The cars that they produce but airbags a Sea leg the chip on your credit card the MP3 format that's what Germany has done Is it a good idea to go to four day work
Week and only work 34 hours a week That's what Germany wants to do that's What Germany wants to do doesn't Necessarily make it a good idea here's Another one for you Iceland they got 372 000 people living in the largest pilot Of a four-day Work Week took place in Iceland with two and a half people Taking part of to study Iceland is one Of the country's most in support of the Four-day work week between 2015 and 2019. Iceland LED one of the largest Four-day Work Week Pilots the trial was Considered a huge success and has Resulted in a huge shift in Iceland's Standard working hours with 90 percent Of population currently enjoying reduced Hours or other work modifications Fantastic let's move to Iceland Anyways awesome job Iceland proud of you Guys this next one's going to surprise You because it's Japan 126 million People living there the government Released their annual economic policy in 2021 which recommended that company's Let staff work four days a week instead Of five although in the past Japan has Been known for an intense working Culture recently the country has Released the new guidelines encouraging This the four day work week has been Proposed in the past and implemented by Some companies such as Microsoft Japan However the covid-19 pandemic ready for
This and a labor shortage in the country Moved the government to promote it as a Nationwide guideline the goal of the Four-day workweek guideline is to Support employee Wellness family time And social life help the country's labor Shortage what they've invented ready Emojis Walkman CDs DVD Blu-ray VHS jet Ski laptop 3D printing there's a lot of Different great things that they've done In Japan but it sounds like kobit and a Lot of people complaining about it has Scared people in Japan to say instead of Losing these employees get them to work Four day a week I think it's going to Back far on them those of you that want To have a four-day work week you are Going to love this next country ready Netherlands you know how many hours a Week people work in this place 29 The freaking dream can you imagine Living in the Netherlands only work 29 Hours a week in the Netherlands citizens Now have the right to go part-time in Their job unless there's substantial Business reasons justifying why they Cannot as a result workers in Netherlands have the shortest average Working week in the world 29 hours Although Netherlands doesn't necessarily Have a four-day work week it's the norm For many people especially working moms According to government statistics 86 Percent of employed moms work less than
35 hours per week 12 of working fathers Are also low hours compared to other Countries that's what they have you know What they've invented Bluetooth Netherlands thank you so good idea bad Idea again how do you define success but Think about it this way if you go from Five days a week to four days a week you Take one on five that's 20 what does it Mean you automatically increase the Shortage of workers by 20 so I as a Company owner operator CEO need to go Increase 20 of my employees pay the same Salary so they can make the cost of Living their expenses Family Mortgage Tax taxes Insurance how are we going to Do this so my cost just went up 20 and You want me to still sell the products At a discounted rate and that means I Have to increase my product cost by 20 So if the hamburger was 10 bucks now It's 12 bucks if the car was 40 grand Out 48 Grand are you okay with that well No no no no no that's not what we said All we said is let people work only four Days a week how do you want me to make The cars I need workers how do you want To make the technology the computer the TV four-day work week is a great Noble Consideration but it's going to backfire Let me give you another one Industry-wise could it work in certain Industries sure maybe some Industries Can do this can you work in all
Industries there's nowhere in the world You can work this in all Industries Media you brought to break a story no no No four-day work week we're not going to Break the story because it's a four-day Work with Pat that's an excuse you can Hire other people that are going to work Those days exactly I need to increase Labor by 20 so what why don't you do Stop being so greedy put the money into The employees math doesn't work that way Have you rented a company there's this Guy who I interviewed damn price I Believe is his name he said I'm gonna Give all my employees 70 000 including Myself it backfired on the guy have you Heard the articles on this guy everybody Loved them what a noble man backfired They don't work out for everybody Lawsuits from his own family issues HR Issues doesn't work but it was a great Story for socialists to use to go viral With look at this guy so Noble look at These billion they're so greedy right Okay let me continue I still haven't Sold you on it can it work out different Faces of a company maybe if it's a Fortune 100 company that's worth half a Trillion dollars and they got all the Resources maybe you can is it a Mid-faced company that's been around for 20 years 30 years 40 years a billion Dollar companies maybe you can will it Work in a startup probably not do you
Know what it's like to be part of a Startup imagine I start a company hey Guys we got this idea we're gonna go Take over this entire publishing Business and we're going to make books People buy it online but don't worry About it you're only going to work four Days a week for 29 hours because we're a Noble company let's make this Amazon Company work really you really buy that Idea you think it's going to work with Startups what world do you live in if You actually think that's going to Become an idea here's what's funny Journalists are convincing people that This is possible and it's not they just Need an article to right and politicians Said let's do this because people are Going to like it I'm going to get Reelected let's keep selling this Concept here let's go to four day work Week catastrophic again not in all cases It's not going to work in startup let me Give you this other argument so I'm Gonna Pat stop it oh my God why is it All you guys care about is money no Problem okay if you want to pay my bills Out I don't have to worry about money if You want to fulfill my dreams I don't Have to worry about all but here's a Thought for you as parents what do Parents say that I've raised great kids Keep them busy too much time on hand for Your kids is not a good thing well why
Not why should kids go to school as much As they do maybe we need to give kids More time why they go to school from Eight in the morning to three o'clock Why not make it A2 11 o'clock give a Bunch of free time this is not cool why Are you making it so hard on the kids we Should do the same thing for kids as Well let them come home no I I don't Think that's a good idea why not you Want to afford a work week let's give Kids 40 work week no no it's better if You keep your kids busy because the more You keep them busy and they're doing Sports and after school activities they Don't do drugs they don't do drugs it's Better bingo I agree and you agree you Get what I'm saying like hey more people Having more idle time is that a good Thing let me share a study with you by This lady Cassie mcgillner Holmes who is A psychologist finding out to see the More time we have in our hands are we Happy Are we more fulfilled or we're not Here's what she found out she did the Survey investigating 21 000 Americans Who responded to this question okay at What point is it good at what point does It backfire what she found out is if you Have less than two hours of free time That's not good this is where you have a Lot of stress anything between two hours Is good right when you get about to five Hours or more it's not good okay you're
Not happier why this is how they broke It down they broke it on less than two Hours you feel like you're anxious Because you don't have enough time to Get all the other chores done anything About five hours you feel like you're Not fulfilled because you're not making A big impact in the world the idea to Make people fulfilled to do better Things is not giving them more time you Know what's the last thing and then when I had a lot of time on my hands my hair Was orange did you hear what I said the Last time I had a lot of time on my Hands my hair was orange I was 21 years Old I got out of the army I was at Venice speech every flipping day Partying doing the stuff I was doing I Do way too much time on my hands am I Better for society is that what you want Me to do you it's not a good idea here's Another one for you well Pat we should Get people to retire at 55 years old not At 65. it's not good people need to Enjoy their retirement really have you Looked at the studies of what happens When people retire early have you looked At any of that stuff let me do the work For and share it with you early Retirement before age of 62 has been Associated with higher mortality risk in Some instances in a study of Shell Oil Company found that those who retire at 55 years old live to be 65 die 37 sooner
Than those that retire at 65 and in General people retire at 55 ready for This one this is not a good one our 89 More likely to die within 10 years than Those that retire at 65. Social Security Has noticed this trend as well men that Retire at 62 have a 20 percent higher Likelihood of death than the general Population go ahead let's get people to Retire less let's get kids to go to School from 8 to 11. let's do 40 work Week five four let's go three days these Are not ideas that get a person to be Fulfilled bitterness comes from that I No longer matter you no longer matter It's tough to make a big impact when you Don't have the right amount of time to Do so by the way lot of people that are Going to disagree with me and those of You who do you went to a school and a Professor convinced you that this was a Good idea you fell for it take your time You're going to realize not a good idea 10 20 years from now anyway I understand Talking about stories that's going to do Very well let me write a book called Four day work week or four hour work day And people are going to buy that's going To do well of course people don't want To work a lot of hours when I was Younger I don't want to work a lot of Hours but I realized life is more Valuable if you're in pursuit of Something and there's meaning to your
Life just the same way we don't think It's a good idea to have the kids only Go to school 8 to 11 and spend the rest Of the day with us at the house and not Have anything else to do because they Get in trouble and you and I did just The same way we realize data tells us It's not a good thing to retire too Early at 55. just the same way it's Going to be when people realize it's not Going to be a good idea for some Companies to go to four day work weeks We'll the four day work week idea work For certain companies certain niches Certain ideas certain industries sure is It going to work if we define success by Innovation and a company that creates Jobs and makes things better no it's not Going to work doing afford it work week By the way tell people myself hey you Understand I hate my job okay maybe I Understand why you want to work four Days but if you've hated the last 10 Jobs it's not a job it's you you got to Change your mindset you're the problem Not the job not the industry your Mindset people sold you on having said I Got two things for you one if you want To find out what drives you I created a Quiz here on pbdquiz.com if you've never Taken it will take you to find out Exactly which of the four different Factors you're driven by and the other One is if you enjoy this content there's
Another video I did about five six years Ago titled how to reach your full Potential if you've never watched it Like here to watch it take care Everybody Thank you
