Flex hours aren't really the same as cutting the work week by 8 hours. It also requires you do not just expect people to make up the lost day by putting in 10-12 hour days on the regular. It's a deeply cultural thing and requires top-down executive and mgmt buy in.
Well if you put it that way, it wasn't really on the table for us then. We would have expected employees doing that to do 10 hour days the other days of the week.
I love the idea of not requiring that but the math just doesn't work out for us. We have specific goals we need to hit to make payroll and losing 8 hours a week from everyone wouldn't work.
We are actively working to improve our processes so we can make more money with less hours spent though. When we crack that nut we can consider something like that.
You wouldn't even have to cut the work week by 8 hours. Just cut it by one work day, with the same 40 hour week. Shit, it's not that rough working ten hours officially when you're already working ten unofficially, and that extra day off for a three-day weekend is worth its weight in gold.