PwC hits the brakes on summer Fridays as growth slows and salaries get squeezed

The accountancy group is beginning to rein in perks from free time to meaty salary increases to make life a bit more uncomfortable for its employees as it struggles with a difficult market and an overstuffed workforce.

The first target is its popular “summer Fridays” scheme allowing them to take a half day every week during the warmer months.  Commonly found in New York, the scheme reportedly started as far back as the 1960s when execs downed tools early to pack their bags for holiday homes in the Hamptons. Some spots on the east end of Long Island are known for being as buzzy as Manhattan during the summer months, with business meetings and important networking held out of the city.

In the U.K., PwC introduced a flexible summer working hours pilot in 2021, which formed part of a push to improve staff’s work-life balance alongside hybrid working during the Covid-19 pandemic. 

Employees hailed the opportunity to start their weekends early. Nearly three-quarters said it had improved their wellbeing “to a great extent,” detailing in an internal survey how they would spend their extra time with friends and family. The employees also had the relief of a quieter email inbox on the days they would finish early.

However, the company has slowly curbed the pilot since its introduction. 

When the program was introduced, staff got the chance to take a half-day for all 12 Fridays of the Summer. This was reduced to eight weeks last year.

Now, that number has been slashed, and staff can only take six half-day Fridays over the Summer, the Financial Times reported.

Productive Fridays?

While PwC hopes that returning its employees to a more rigid working week will boost productivity, the giant accountancy firm may be shooting itself in the foot.

While there isn’t much data to confirm it, Fridays are generally considered to be the least productive in a working week. It’s typically the first day to go among companies that have introduced a four-day working week.

A study by Texas A&M of computer usage among nearly 800 in-office employees found a steep increase in usage on a Friday afternoon.

Some companies have introduced “no meeting Fridays” that allow workers to finish their major tasks before the week wraps up. “Casual Fridays” have long been used as a…