The New Workday Dead Zone When Nothing Gets Done
Late afternoon, when many colleagues vanish, is why so many managers hate hybrid work
Late afternoon, when many colleagues vanish, is why so many managers hate hybrid work
The 4 p.m. meeting is cancelled because half the team can’t make it. You send an email with what would have been the main discussion points, and the replies roll in through the evening and into the next morning. A consensus that could have been reached before dinner now forms the following day.
The hours that bookend the traditional close of business have become a dead zone at many companies, but employees aren’t just blowing off work to relax for the rest of the day. Workers say the 4-6 p.m. flex time they use to take a turn in the kids’ carpool, hit the gym or beat traffic often requires a third shift at night to finish the day’s tasks. They resent it when leaders assume they aren’t putting in eight or more hours of work, and they’re loath to relinquish the freedom to set their own schedules.
Despite the return of teeth-grinding commutes and overpriced lunches, lots of workers are sticking with the Covid-era habit of clocking out early and making it up later. By 4 p.m. on weekdays, golf courses are packed, according to a Stanford University study, as are many New York City restaurants.
Microsoft researchers have documented what they call a “triple peak” phenomenon in which workers’ keyboard activity spikes in the morning and afternoon, then a third time around 10 p.m. The tech giant predicts this pattern is here to stay.
In a recent, one-month sample of Microsoft Teams software usage, the share of virtual and in-person meetings scheduled between 4 p.m. and 6 p.m. was down 7% from a year earlier, despite widespread office returns.
Bosses can drag employees back to their desks, but good luck keeping them there until the end of a 9-to-5 workday or beyond. The 4-6 p.m. dead zone is one reason so many executives are cranky about hybrid work. They say it’s the hardest time to reach people, and things would be easier if everybody were present and accounted for in person, even though many workers seem to be leaving offices earlier, too.
The Price of Flexibility
Fungible hours are great for those doing the fungeing. For managers and co-workers, one person’s hiatus can be another’s headache.
“A lot of companies have taken a loose approach under the belief that we’re all adults, so everyone will be self-disciplined and stay motivated at whatever time they’re working,” says Albert Fong, vice president of product marketing at Kanarys, a maker of diversity-training software. “That’s just not true.”
Flexibility can be a trap that fuels our always-on work culture, Fong adds. Instead of powering through a late-afternoon gathering and being done for the day, he often finds himself refreshing his mobile inbox all evening or opening his laptop on Sunday to catch up on messages from colleagues who work whenever.
Colette Stallbaumer, general manager of Microsoft’s Future of Work initiative, sums it up: “How do we make it so that my flexibility isn’t your challenge?”
Ana Paula Calvo, an associate partner at McKinsey & Co., says she considers how shifting her hours can affect others. She sometimes works at night or on weekends to make up for bolting to daycare many weekdays at 5:30 p.m. At the start of any new project, she does a norm-setting session to let her team know there’s no pressure for them to work off hours.
“People know that if I get back to them at 11 at night, that doesn’t mean I’m expecting them to reply right away,” she says.
It Can Wait—Or Maybe It Can’t
Accommodating employees’ personal appointments—happy-hour yoga, a teen’s tuba lesson—can be necessary to recruit and retain top talent, several business leaders tell me. They add it sure makes getting a quorum at meetings tough, though. Others, especially child-free workers, complain that their workdays have become longer and less predictable since it became widely acceptable to take breaks during normal business hours.
Maria Banach, a pharmaceutical operations director in Oregon, says she sometimes wants to call a huddle to handle a problem, only to learn that someone on the team has gone offline for a couple of hours. That might not seem very long, but her co-workers are spread across several time zones and their overlapping business hours are limited. Issues can linger overnight when one or two people step away early, Banach says, and every day is precious. The drugs her company manufactures expire 17 days after production.
“Scheduling meetings has become difficult, and I’ve learned: Do it in the morning and never on Friday,” she says.
Some executives have accepted, even embraced, the reality that little gets done from 4-6 p.m. Anthony Stephan, chief learning officer of Deloitte U.S., says recorded tutorials are now a centrepiece of the firm’s professional-development program. Getting employees together for an end-of-the-day training session is seldom an option any more, he says. They hone new skills when they feel like it.
Stephan, a father of five, holds himself to a hard stop at 5 p.m. He initially worried that others would keep hustling after he called it a day, but he now realises others are winding down early or right on time. For emergencies, he tells his team to put #criticalnow in an email subject line. Most things can wait until after his 5:15 a.m. workout the next morning, he figures.
At Komet U.S.A., a South Carolina-based maker of dental equipment, meetings after 4 p.m. or on Friday afternoon are against company policy, except in special circumstances. Chief Executive Mercedes Aycinena, promoted to the top job last year, introduced those calendar blocks last fall after polling the staff.
Aycinena, who has about 100 employees, usually leaves the office at 5 p.m. to spend time with her three children and then resumes work later as needed. She lets subordinates shift their hours, too, and credits flexibility with helping reduce turnover from 50% to 15% over the past year.
“I hate meetings after 4,” she says. “My brain is done.”
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Gold miners are emerging as a compelling way to navigate market uncertainty, with analysts pointing to strong cash flows, attractive valuations and rising profit margins. As gold prices stabilize above US$4,000 an ounce, mining stocks could offer investors both downside protection and long-term upside.
Gold is one of the market’s go-to hedges in rocky times. Don’t forget that gold miners’ stocks are too.
The stock market’s gains in 2026 belie the rocky macroeconomic picture: elevated inflation, heightened geopolitical tensions, and jitters about the artificial-intelligence trade. That backdrop, in theory, should be the time for gold to shine. Instead, the price of the yellow metal has tumbled more than 5% so far, after last year’s blistering 65% rally. In part, the U.S. dollar’s recovery has stymied gold, which benefited from the greenback’s weakness in 2025.
Even with the precious metal’s recent weakness, gold mining stocks could be the best way to profit from this year’s uncertainty.
Gold miners “are a valuable hedge against macro risks that would likely be damaging for equities,” BCA Research’s Noah Weisberger and Rishabh Shah wrote this week.
Concerns about the Federal Reserve’s next moves to tackle inflation, the increasingly crowded AI trade, and steep valuations for tech stocks are just some of the drivers that could help gold’s price get on even footing— and lead to even bigger gains for miner stocks.
These stocks’ prices tend to outpace gold’s moves, because the companies have fixed operational costs. So when gold’s price rallies, their profit margins soar, and vice versa. For instance, the VanEck Gold Miners GDX +7.39% exchange-traded fund has fallen 11% this year as the metal has slumped.
Now, gold’s price just needs to stabilize to help miners’ stocks take off, and that seems to be happening. The precious metal has recently found support above the $4,000 level, and has stuck in a narrow range since the end of June. But its price rose ever so slightly in July, ending a four-month losing streak for the metal. Technical analysis also suggests that gold is due for a comeback.
Barron’s recently wrote that the pullbacks for both gold miners and the metal itself are overdone. Senior technical analyst Doug Busch noted that the VanEck ETF is on the “verge of a breakout” and has the potential to hit $11o in early 2027, up more than 40% from its current price.
Gold miners also have more than their role as a market hedge going for them. Their fundamentals are solid, too, says Chris Mancini, portfolio co-manager of the Gabelli Gold Fund.
“Precious metals miners are generating substantial amounts of free cash flow given profit margins of over $2,000 per ounce, and are returning this cash to shareholders through buybacks and dividends,” he said in an email.
“Buying the miners is a cheap way to get exposure to the price of gold,” he added. His fund owns Newmont NEM +6.71%, a Barron’s stock pick last year, and Agnico Eagle Mines as top holdings, as well as miners Northern Star Resources, Endeavour Mining, and Kinross Gold K+8.59%.
Miners are better businesses than they used to be, the BCA team added.
“Capex is more disciplined, margins are high and rising…and they are largely independent of the AI story,” Weisberger, BCA’s head of equities, and Shah, a senior analyst, wrote.
That last part is key. AI is disrupting the software industry and many other services and information-oriented businesses, and investors have piled into AI stocks. But ChatGPT, Claude, Grok, and other large-language models aren’t going to replace the need to mine for metals.
“Equity portfolios can benefit from exposure to quality that is uncorrelated to AI risk, and gold miners fit the bill,” the BCA team said.
They recommend that investors buy the VanEck Gold Miners ETF, which owns top miners such as Agnico, Barrick Mining ABX +7.24%, and Newmont.
An important bonus for big gold miners’ stocks is that their valuations are attractive after the gold’s pullback, too. The VanEck ETF is now trading at just a little more than nine times next year’s earnings estimates. That’s a big discount to its five-year average price-to-earnings ratio of 14, according to FactSet.
What’s more, the ETF is currently valued at a more than 50% discount to the S&P 500 SPX -0.17%, which is trading for about 19 times earnings estimates for 2027. Mining stocks have typically traded at just a 25% discount to the broader market over the past five years. So there is significant upside for the group if valuations move back toward normal levels.
One factor that complicates mining stocks as a market hedge, of course, is if stocks bounce back, which has been the case so far in August.
But both the market and economic outlooks remain cloudy, and investors remain nervous about the Fed’s next moves and AI stocks. Gold miners should do just fine, even if the anxious mood on Wall Street persists.
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Here’s how they are looking at artificial intelligence, interest rates and economic pressures.