[Shaanie]

It's the same as working from home. Some people are way more productive at home, away from all the distractions in the office. Others barely get any work done at all at home.

Most people are nowhere close to working fully focused 8 hours a day, and may also benefit from more time to recharge. Others benefit less. The average probably matters more for the company (also shorter work hours will improve retention, or allow you to pay lower wages to compete etc).

[vasco]

It's nowhere near the same. Changing locations is a minimal effect compared to working a full day more than another person. There are many jobs where hours worked are almost equivalent to work performed. Think of any manager spending their week interviewing candidates for hiring. One less day means less candidates interviewed.