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#work #business
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Late last month, the paragon of wise economic decisions… Greece… introduced a SIX day forty-eight-hour work week.
The country did this at the same time as its European neighbours have been successfully experimenting with shorter four-day work weeks, but the Greek government has insisted that this new change is the key to tuning its economy around by simply working harder than everyone else.
It’s a bold strategy, and for the sake of working conditions everywhere we better hope it doesn’t work… unfortunately, it just might…
It’s very easy for Greek workers to find jobs that pay better in other countries because as a member of the European Union they are free to reside and work across borders with very few restrictions.
In order to correct for this loss of manpower the government has decided to introduce a six-day work week to make up for all the workers who have left the country and to support all the elderly people who can no longer support themselves.
By raw arithmetic their logic makes sense… kind of…
Output is the hourly productivity of a worker multiplied by how many hours they work. If Greece has fewer workers, it can increase its output by just getting those who are left to work even longer and harder.
Instead of magically creating high paying jobs like promised, what this new law is really about is squeezing the most out of workers on the other end of the pay scale.
Retail, transport, construction and hospitality are jobs where companies just need someone behind a counter or on the tools for as many hours of operation as possible to serve customers periodically.
A large share of what’s left of the Greek workforce are in these types of roles, and businesses are ALREADY demanding a lot of extra hours from their employees.
It won’t make workers work harder, it won’t create high paying jobs, it won’t improve productivity, it will drive away what few young workers the country has left, it will lower hourly wages and create terrible working conditions for the whole country.
It’s all around a terrible policy, but unfortunately, it’s not just Greece doing this.
So it’s time to learn How Money Works to find out why the six day work week might be catching on… everywhere…
DeleteMe international Plans: https://international.joindeleteme.com 🙌
----
Sign up for our FREE newsletter! - https://www.compoundeddaily.com/
Books we recommend - https://howmoneyworkslibrary.com/
-----
My Other Channel: ‪@HowHistoryWorks‬
Edited By: Svibe Multimedia Studio
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
For sponsorship inquiries, please contact [email protected]
Sign up for our newsletter https://compoundeddaily.com 👈
All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
#work #business
-----
Late last month, the paragon of wise economic decisions… Greece… introduced a SIX day forty-eight-hour work week.
The country did this at the same time as its European neighbours have been successfully experimenting with shorter four-day work weeks, but the Greek government has insisted that this new change is the key to tuning its economy around by simply working harder than everyone else.
It’s a bold strategy, and for the sake of working conditions everywhere we better hope it doesn’t work… unfortunately, it just might…
It’s very easy for Greek workers to find jobs that pay better in other countries because as a member of the European Union they are free to reside and work across borders with very few restrictions.
In order to correct for this loss of manpower the government has decided to introduce a six-day work week to make up for all the workers who have left the country and to support all the elderly people who can no longer support themselves.
By raw arithmetic their logic makes sense… kind of…
Output is the hourly productivity of a worker multiplied by how many hours they work. If Greece has fewer workers, it can increase its output by just getting those who are left to work even longer and harder.
Instead of magically creating high paying jobs like promised, what this new law is really about is squeezing the most out of workers on the other end of the pay scale.
Retail, transport, construction and hospitality are jobs where companies just need someone behind a counter or on the tools for as many hours of operation as possible to serve customers periodically.
A large share of what’s left of the Greek workforce are in these types of roles, and businesses are ALREADY demanding a lot of extra hours from their employees.
It won’t make workers work harder, it won’t create high paying jobs, it won’t improve productivity, it will drive away what few young workers the country has left, it will lower hourly wages and create terrible working conditions for the whole country.
It’s all around a terrible policy, but unfortunately, it’s not just Greece doing this.
So it’s time to learn How Money Works to find out why the six day work week might be catching on… everywhere…
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Francisco Gimeno - BC Analyst Work and life conciliation in real life is already hard. Entrepreneurs, founders, and those who are work driven understand this. Others, working the tradicional 9 to 5 life, are also discovering that the economic woes of the new world which is emerging, where inflation eats salaries, unemployment is on the rise, doesnt know what to expect. Some Governments lately appear to be so far detached from their citizens as they try to look for solutions to the economy crisis. Greece, in this case, proposing a six day working week for a normal citizen, while others are either doing the opposite or trying better, more productive ways of fulfilment while working, is a classic example. A normal young Greek person would be already preparing to go to other EU country for better opportunities. A serious global reflexion should be started to think about the present and future of work in this new turn of paradigm in the 4th IR. another reflexion (more difficult) should be about which kind of politicians are we voting for in our countries if they can't understand what the innovation and changes are bringing.