As a long time worker of many different jobs, slacking off is the most important part of the job. Even if you like the job. All this will do is burn out all their employees faster than normal and make productivity suffer for the whole company. I've worked for a lot of small companies and penny pinching is the easiest way to lose a lot of money in the long run.
Hence in the upcoming election preference LNP/ALP last. The C-class of these companies will coordinate with these political parties to reduce the influence of employees in the workplace, so they can exploit the excess productivity for there own personal gain.
Though put the Greens ahead of Labor. Labor losing seats to the Greens, and having to depend on the Greens to govern, is a realistic possibility, and Greens MPs holding their feet to the fire could provide a counterbalance to the revolving door to corporate Australia.
Going to such extreme is probably costing the company on a medium/long term.
It may improve productivity for the first few weeks, but this is bad for employees physical and mental well-being. This is obviously increasing injuries and burnout. Meaning more sick leave, worse employee turnover.
If you're from the US, it isn't. The Woolworth part of the company was closed and they focussed on sporting goods, whatever is left of the company is now called Foot Locker.
"Woolworths supermarkets in Australia and New Zealand are operated by Australia's largest retail company, Woolworths Group, a separate company with no historical links to the F. W. Woolworth Company or Foot Locker, Inc."