4-day week ‘adopted or considered at 60% of small and medium engineering firms’

Almost two-thirds (60%) of small and medium engineering firms have moved to or are considering a four-day week, according to a new survey.

With high levels of vacancies nationwide, 17% of manufacturing and engineering SMEs have already implemented a shorter working week, according to the research by Close Brothers Asset Finance. Another 43% are considering it, the survey found.

London topped the list of regions most likely to implement a four-day week, followed by East Anglia.

Four-day weeks can make it easier to attract and keep quality staff, a particularly important issue given 62% of surveyed manufacturing and engineering firms have vacancies, slightly above the UK average of 59%.

More than half (51%) said that filling a vacancy has been a struggle over the past 12 months. The length of time it takes to fill a vacancy varies, but for half of firms it ranges between two to three months, while for a third it typically takes up to 30 days. Around 14% of businesses said it takes more than four months to find a suitable candidate for a role.

“Small businesses are facing a multitude of pressures, but one thing we do know and understand is how resilient they are,” said Steve Gee, CEO of Close Brothers Asset Finance’s industrial equipment division. “There are many options available to employees, and employers are having to be creative to ensure they can attract the talent they need to guarantee success.”

The survey included 911 SME owners across the UK and Ireland in July 2022.

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