Atom Bank, the first digital-only bank based in the United Kingdom, has reportedly become Britain’s largest organization to implement a four-day working week without any change in employee pay scale.
Atom bank, which was established back in 2013, this month officially introduced an industry-first 34-hour working week option to its employees, wherein the 34 hours would be stretched over four days.
A majority of the bank's 430 employees have gone ahead and taken up the new option of a four-day workweek, leaving the previous five-day workweek of 37.5 hours.
According to Mark Mullen, Atom Bank’s CEO, the new approach will allow workers to spend more time on their interests while also increasing productivity.
Mullen further elaborated that the five-day workweek of the twentieth century is, in many respects, unfit for use in 21st-century organizations. The introduction initially allowed establishing the weekend, with all the perks entailed for employees. Atom believes that now is the right time to bring next evolution in the business world.
According to the firm, employees who choose the reduced-hours option will have their work schedule lengthened slightly, working 8.5 hours rather than 7.5 hours. Except for individuals in operational or service positions, whose days will fluctuate to allow for seven-day-a-week customer assistance, most employees are expected to take Monday or Friday off as their default day off.
The decision comes as the pandemic proceeds to change the workplace, with many employees preferring to work remotely rather than in an office.
Mullen added that while it is understood that a four-day work week may not be appropriate for many companies, the trend to working from home has demonstrated that working patterns that may have felt years away may indeed be implemented quickly.
A review officer inquiring into the government workplace stated earlier this year that following Covid-19, a four-day work week might become the new normal.
Peter Cheese, chairman of Flexible Working Taskforce, believes that if there was one thing that could have changed after the pandemic, it would have been the regular five-day workweek.
This, Cheese added, could take form in a variety of different forms, the four-day work week being one of them.