Company lists numerous benefits to trial with shortened work week
Australian insurance firm Medibank has announced that it is doubling the number of participants in its four-day work week initiative following a successful trial.
In a statement, the insurer said it is adding 250 Medibank employees to the four-day work week and plan to raise the total participants to 500.
Medibank first introduced the four-day work week trial in 2023, where employees receive 100% of their pay despite reducing their work hours to 80%.
Kylie Bishop, Medibank Group Lead – People, Spaces & Sustainability, said the initiative has delivered "significant and sustained improvements" since the trial was launched.
"We've seen significant and sustained improvements in employee engagement, job satisfaction, and the health and well-being of participants, while maintaining business performance and customer outcomes," Bishop said in a statement.
Among the benefits the trial brought about are:
According to Medibank, work is underway to determine which teams will join the next phase of the trial.
"Medibank is applying a robust process to identify these next participants, working together with Four Day Week Global and Macquarie University about the ideal characteristics of these teams," it said in a statement.
Medibank's four-day work week trial is part of the company's larger cultural change programme titled "Work. Reinvented."
The programme seeks to challenge conventional workplace norms and increase flexibility for employees while maintaining performance and customer satisfaction, according to Medibank.
"Our four-day work week experiment is just one of the ways we're innovating to drive greater autonomy in the workplace and support better decision-making for customers," Bishop said.
"Australia is undergoing a health transition, and Medibank has an enormous role to play. Our health system needs innovation, and we all need to move faster to respond. The key to this is transforming how we work."
