What Happened When Versa Gave Employees Every Wednesday Off
Profits doubled, revenue grew by 46%, and staff retention went from 77% to 88%
Since 2018, digital marketing agency Versa has locked its doors every Wednesday.
The initiative was the idea of Versa’s chief executive and founder, Kath Blackham, who was looking for a way to give people greater flexibility in an industry notorious for a long-hours culture.
When Kath first heard of the four-day work week, she pitched the idea to the rest of her leadership team. She was met with a resounding no, as her partners were scared it would negatively affect revenues.
Even though the pitch was unsuccessful, she still believed in the idea enough to trial it with a handpicked group from her own team.
Over three months, this group of experimenters worked four days a week, while getting paid for five. On Wednesdays, they had the day off. After a successful first three months, the experiment was expanded to the other employees. A year later the results were in.
“Profits have doubled, revenue has grown by 46%, and staff retention has gone from 77% to 88%. Plus, people are healthier, happier, and less likely to take sick days.” (Kath Blackham)
