RE: How do we configure Service offerings as Products? How can CRM be configured for a Services business?
I'm not an experienced expert, so regard my answer with a healthy dose of caution.
What you're looking for, I believe, are "Unit Groups" and "Units".
"Unit Groups" are simply the categories of different product units of measure you're using. You would need a "Unit Group" called "Time", which will contain your subsequent "Units" like "Workday", "Hours", "Minutes", etc.
It's good to know that you can create a hierarchy in your units, within a unit group.
To take your case, for example, you'd have:
Unit group "Time"
Unit "Hours" which is the base unit
Unit Workday" which is 8x the base unit "Hours"
Unit Workweek" which is 5x the base unit "Workday"
You can define these settings from Settings > Product Catalog > Unit Groups.
From the unit group, use the related entities to go one level deeper, into the units.
I think you'd end up with a scenario like I added in screenshot. Hope it helps. Good luck!