This UK bank has moved to a four-day work week without cutting pay

Atom Bank announced Tuesday that it had also reduced the weekly hours of its 430 employees to 34 from 37.5 and expected most workers to take Mondays or Fridays off. The change is voluntary and would mean that staff would work slightly longer days.

The policy, which took effect on November 1, was introduced to support the “mental and physical well-being” of Atom employees and improve productivity, the company said. Most of your workers have switched to the new work week.

“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,” Atom CEO Mark Mullen said in a statement.

Mullen said Atom’s experience during the pandemic had “shattered many of the myths of the modern workplace,” including the need to work in an office.

Atom was launched in 2016 as a mobile bank. It offers savings accounts, business loans and mortgages through its application.

The workers are crying out for a four-day week.  It's time for your bosses to pay attention

Mullen told CNN Business that Atom did not test the new program on smaller teams before rolling it out.

“Everyone had to do it so that we really understood if it was going to work,” he said.

He added that, thus far, he has not seen a drop in productivity or customer service levels, but that “it will take time for people to adjust.”

“If you’ve just spent 20 years on a model and all of a sudden you’re thrown into a new one, you wake up on a Friday morning and think ‘what am I going to do with all this time?’ “Mullen said.

Workers have long clamored for a better work-life balance. Two studies in Iceland between 2015 and 2019 testing a four day work week with the same pay rate, no corresponding drop in productivity was found among participants, and a dramatic increase in employee well-being.
And as the pandemic pushed millions into remote work, ask for more flexibility they have only gotten stronger.
Elephant Ventures, a software and data engineering company in New York City, said it had permanently moved to a four-day workweek after successfully testing it in August 2020.

Mullen said in a statement that the five-day workweek, a relic of the 20th century, “was no longer fit for purpose” and he hoped more companies would follow Atom’s lead.

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