‘I have to say I can’t imagine working on a Friday again’
Since 2016 we had been operating a nine-day fortnight, so people would work five days a week and then four days every other week.
That was our pattern, 9/75 75 hours in nine days.
But this year Lockheed Martin as a global corporation started the four-day week every week.
Our companies in the US moved to it at the beginning of 2021, while we changed in April.
It came about as a result of an employee survey and there was a lot of prep work behind the scenes from a HR perspective.
It’s not compulsory, but means that people have the choice of working 37.5 hours from Monday to Thursday and then having Friday off.
We have also made it very flexible so that people can work their hours when it suits them.
If they want to work an extra couple of hours one day, or work at the weekend, it’s up to them.
What we’ve found is that it fits in very well with other aspects of their lives, such as caring for children.
The majority of people have transitioned to a four-day week - I think it’s 75-80 per cent. As someone who has done it, I have to say that I now can’t imagine working on a Friday again.
Having that time off means I can go shopping when it’s not busy or do some chores, which then leaves the weekend free.
In the summer it’s great being able to head down to the coast.
I think the four-day week is fantastic. I really sing its praises.
After the pandemic, companies have had to look at the future of work.
I’ve seen a lot of organisations looking at flexible working, where someone works three days at home and two days in the office, but not consider a fourday week.
I think Lockheed Martin has been very forward-thinking. Moving to the 9/75 model five years ago was innovative and the four-day week has built on that.
I actually think people work harder from home because they are more focused.
But people do need to go into the office sometimes for collaboration, for meetings and for brainstorming ideas.
It’s important to come together from time to time.
We are human beings, not machines and we mustn’t lose our connections.
Yes, we have good IT systems and communication tools, but coming together does help with working relationships.
It’s just that I don’t see people sitting at a desk five days a week in the future.
So that’s why we’ve opened up our site to hybrid working and introduced a flexible process where people can work from home but also come into the office when they need to.
As an employer you have to listen to what your employees want and need and the majority want the ability to do either.
Our approach is that if working from home suits you, then carry on.
But others prefer to be on site and that’s fine too.
And if you want to do a bit of both, then go ahead.
Meanwhile there are those who can’t work from home because they need to be on site every day as a result of their roles.
I think other employers are going to have to embrace this and they will end up following our lead.
I just can’t see that people will want to go back to the Monday-Friday sat behind a desk in an office.
The pandemic has been a period of time that has caused people to reflect on their lives and what they regard as important to them.
Annual house price growth hit 10% in November, according to an index.
The increase marked an acceleration from 9.9% growth in October, Nationwide Building Society said.
Prices rose by 0.9% month on month, taking the average UK property value to £252,687.
Robert Gardner, Nationwide’s chief economist, said: ‘House prices are now almost 15% above the level prevailing in March last year when the pandemic struck the UK.
‘There have been some signs of cooling in housing market activity in recent months; for example, the number of housing transactions were down almost 30% year on year in October.
‘But this was almost inevitable, given the expiry of the stamp duty holiday (in England and Northern Ireland) at the end of September, which gave buyers a strong incentive to bring forward their purchase to avoid additional tax.
‘Indeed, activity has been extremely buoyant in 2021. The number of housing transactions so far this year has already exceeded the number recorded in 2020 with two months still to go and is actually tracking close to the number seen at the same stage in 2007, before the global financial crisis struck.
‘Moreover, underlying activity appears to be holding up well. The number of mortgages approved for house purchases in October was still running above the 2019 monthly average.
‘Early indications also suggest that labour market conditions remain robust, despite the furlough scheme finishing at the end of September.
‘If this is maintained, housing market conditions may remain fairly buoyant in the coming months, especially since the market has momentum and there is scope for ongoing shifts in housing preferences, as a result of the pandemic, to continue to support activity.’
But Mr Gardner said the outlook remains uncertain, adding: ‘It is unclear what impact the new Omicron variant will have on the wider economy.
‘While consumer confidence stabilised in November, sentiment remains well below the levels seen during the summer, partly as a result of a sharp increase in the cost of living. Moreover, inflation is set to rise further, probably towards 5% in the coming quarters.
‘Even if economic conditions continue to improve, rising interest rates may exert a cooling influence on the market. Indeed, house price growth has been outpacing income growth by a significant margin and, as a result, housing affordability is already less favourable than was the case before the pandemic struck.’
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, suggested mortgage rates could head upwards. Swap rates, which lenders use to price their loans, have increased, and profit margins on home loans are already ‘very tight by past standards’, he said.