We do that at the company where I work, for creatives and developers (but not project/client admins, who need to be to clients during regular business hours).

We do that at the company where I work, for creatives and developers (but not project/client admins, who need to be to clients during regular business hours). We call it a 9/80 schedule (9 days, 80 hours), and it doesn't require a pay cut, or a reduction in the number of hours worked. We work 9 hour days, 4 days per week and then we alternate between having the remaining day off and 8 hour work days. We also stagger the our days off, so that any department is never down a significant number of people. It works really well. We arrive 1 hour before anyone else, so that hour of uninterrupted work is very valuable. There is some pushback from a particularly unorganized Account Leader, but I think everyone understands why that pushback exists.