It seems to me that the only way they could work a day less and not affect the companies productivity is if those employees did nothing during that day anyway. Say that in a work week an employee produced 100 units of work (feel free to substitute this with your favorite productivity microbenchmark). Thus, with the 5 day work-week each day the employee must produce around 20 units of work. Say you reduce that to 4 days, so now each day the worker must produce 25 units of work to be as productive. It follows that in order to work one less day per week the worker must work 25% more per day or overall productivity will suffer.
Imagine that your company implements something like this, suddenly per-day expectations go way up. Can you complete that meeting at 125% speed? Will your builds finish 25% faster? Can you increase your typing speed by 25%? Can you dig that ditch in 3 hours instead of 4? Can you clear tables 25% faster? I don't think anyone wants the consequences of this.
The only way I can remotely see this working out is for the employers of salaried info-workers in high profit-margin industries. For someone employed in a manual or skilled labor position it may be impossible or outright dangerous to attempt to complete tasks at 125% speed. I could however see this being a neat benefit that employers like the Silicon Valley types offer to outbid the competition, but I don't think this is practical for the economy in general.