World

Atom Bank moves to four-day work week without cutting pay


Atom Bank introduced on Tuesday that it had additionally decreased the weekly hours of its 430 employees to 34 from 37.5 and anticipated most employees to take both Monday or Friday off. The change is voluntary and would imply employees working barely longer days. The coverage, which took impact on November 1, was launched to help Atom’s staff’ “mental and physical well-being,” and enhance productiveness, the corporate stated. The majority of its employees have switched to the brand 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 stated in a press release. Mullen stated that Atom’s expertise in the course of the pandemic had “exploded many of the myths of the modern workplace,” together with the necessity to work in an workplace.

Atom launched in 2016 as a cellular financial institution. It presents financial savings accounts, enterprise loans and mortgages through its app.

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Workers are crying out for a four-day week. It's time for their bosses to pay attention
Mullen informed CNN Business that Atom didn’t trial the brand new schedule in smaller groups earlier than implementing it. “Everyone had to do it in order for us to really truly understand whether it was going to work,” he stated. He added that, to this point, he has not seen a drop in productiveness or ranges of customer support, however that it could “take time for people to adjust.” “If you’ve just spent 20 years in one model and, all of a sudden, you’re thrown into a new one, you wake up on a Friday morning you think ‘what am I going to do with all this time?'” Mullen stated.

Workers have lengthy clamored for a larger work-life steadiness. Two research in Iceland between 2015 and 2019 trialling a four-day work week on the identical price of pay discovered no corresponding drop in productiveness amongst contributors, and a dramatic improve in worker well-being.
And because the pandemic pushed thousands and thousands into distant work, requires elevated flexibility have solely grown louder.
Elephant Ventures, a software program and information engineering firm in New York City, stated it had completely moved to a four-day work week after efficiently testing it in August 2020.

Mullen stated in a press release that the five-day work week, a relic of the twentieth century, was “no longer fit for purpose” and he hoped that more firms would observe Atom’s lead.

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