I wonder if anyone at the company had ever heard of the Hawthorn Effect [0].
However, here in New Zealand one of the most important is the work life balance. Everything is about being happy and enjoy your life.
For this reason, it is quite common the 37 hours workweeks, flexible hours, working from home at least one day a week and go for coffee or lunch when you want...
super cool country actually ;)
It's actually a bit annoying if you care about some project though. If you do, you get quite frustrated by the people who don't care (the majority) and you have to work with them.
A better test would be to announce a 4-day work week, and tell people it's a permanent change. (Of course, if people's productivity drops, and then you go back to 5 days, morale will take a hit.)