Atom Bank has provided all 430 of its employees with the option to move onto a four-day work week with no salary reduction.
Each employee’s working hours have moved down from 37 hours per week to 34, which, following a “robust” review process, the bank says will introduce no risks to customer services or operations, the former of which will still be offered seven days a week.
The bank says it has introduced the measure after its workers expressed a strong preference for flexible working following the disruption caused by Covid-19.
Chief executive Mark Mullen explains that, since March 2020, “Our experience has exploded many of the myths of the modern workplace.”
Providing a quick history lesson, he goes on to say: “The five day week was popularised in the US by carmaker Henry Ford in the 1920s, and it was formally adopted throughout the country during the Great Depression.
“In the UK, Boots the chemist officially adopted the five day week in 1934 after it was found to increase productivity and employee wellbeing, with the rest of the country following suit. We believe the 20th century concept of a five day week is, in many cases, no longer fit for purpose for 21st century businesses.”
He continues: “A four-day week will provide our employees with more opportunities to pursue their passions, spend time with their families, and build a healthier work-life balance.
“We firmly believe that this will prove beneficial for our employees’ wellbeing and happiness and that it will have an equally positive impact on business productivity and customer experience.”