UK’s Atom Bank reveals that the 6-month trial of a 4-day work week was really positive for workers and that customer service ratings have not been negatively impacted.
App-based Fintech Atom bank said that its four-day working week trial was a success due to several reasons.
The digital banking platform, which is based in the northeast of England, noted that the trial had been quite “positive” for workers, enhancing productivity and overall job satisfaction.
As first reported by Sky News, recruiting and then retaining staff members has also been easier, and there was reportedly no negative impact on client service ratings, the firm claims.
The trial started in November 2021 and at that time, Sky News reported that staff members may be given the option to move from 37.5 working hours spread during the course of five days to 34 hours spread across four business days for the same pay.
Anne-Marie Lister, chief people officer at Atom, stated:
“We firmly believe the four-day week is the future of working life and it is encouraging to now see the range of businesses across the UK embracing the four-day week trials. We are a progressive bank and a progressive employer, and our experience in planning for and moving to a four-day week has shown that it is possible for businesses to do this and bring huge benefits to their people.”
“We believe most organizations can move to a four-day week and we hope Atom’s experiences will encourage more businesses to make the shift permanently.”
The firm’s research revealed that there was around a 50% increase in overall applications for positions at Atom in January of this year compared to January 2021, and that the company’s headcount increased from 461 in November 2021 to 480 in June of this year (due to a reduction in the number of workers leaving).
The firm’s management now thinks that the typical 9-5, five-day working week has become “outdated.”
The firm added that just over 90% of workers had been able to perform all the work required in just four business days and that about 92% changed the way they worked so they’d be able to complete tasks faster.
Some of the employees had been spending the time off by engaging in volunteer work, some had been exercising more, while others enjoyed having more time to focus on personal interests.
There have reportedly been fewer days lost due to sickness and workers have also been more motivated, the firm added.
Joe Ryle, director of the 4 Day Week Campaign, remarked:
“Companies should embrace the four-day week as a way of boosting productivity, improving wellbeing and to help with job retention. The 9-5, five-day working week is outdated and no longer fit for purpose.”