By implementing this change:

Optional 4-day Work Week

We provide an option to work 4 days a week @ 8 hours a day.

Outline

20% Pay Cut (receive 80% of their current salary)

A 4-day employee receives a 20% pay decrease. All salary bands remain the same, but scaled to 80%. Review cadence should stay the same.

6-month Commitment in Cohorts

An employee must commit to a 4-day work week for a minimum of 6-months in two yearly cohorts (Jan 1 — May 31 & June 1 — Dec 31). They should give at least 1 month notice if they plan to transition from 5-day to 4-day or vice versa. This is to reduce additional payroll maintenance burden.

Friday Off

A 4-day employee works Monday, Tuesday, Wednesday, Thursday. Clients are less likely to be available on Friday than any other days.

To support this experiment, we will move retro to Thursday and try to make Friday a company-wide no-meeting day.

Premium Fridays

A 4-day worker forgoes Premium Fridays, as they already don't work on Friday.

Scaled PSUs

A 4-day worker receives 0.8 PSUs / month.

Scaled PTO

A 4-day worker receives 12 PTO days per year (6 PTO days / 6 months).

Who Can Do it?

This only works if it is available to everybody, especially new hires (this is a great perk!). However, it is purposely designed in a way that it is de-incentivized - enough to ensure that not everybody would want to do it. I think this only works (or is safe to try) if a small number of people do it (< 5 to start).