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

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Atom Financial institution introduced on Tuesday that it had additionally diminished the weekly hours of its 430 workers to 34 from 37.5 and anticipated most staff to take both Monday or Friday off. The change is voluntary and would imply workers working barely longer days.

The coverage, which took impact on November 1, was launched to help Atom’s workers’ “psychological and bodily well-being,” and enhance productiveness, the corporate mentioned. Nearly all of its staff have switched to the brand new work week.

“A four-day week will present our workers with extra alternatives to pursue their passions, spend time with their households, and construct a more healthy work/life steadiness,” Atom CEO Mark Mullen mentioned in an announcement.

Mullen mentioned that Atom’s expertise throughout the pandemic had “exploded most of the myths of the trendy office,” together with the necessity to work in an workplace.

Atom launched in 2016 as a cell financial institution. It affords financial savings accounts, enterprise loans and mortgages by way of its app.

Workers are crying out for a four-day week. It's time for their bosses to pay attention

Mullen informed CNN Enterprise that Atom didn’t trial the brand new schedule in smaller groups earlier than implementing it.

“Everybody needed to do it to ensure that us to actually actually perceive whether or not it was going to work,” he mentioned.

He added that, thus far, he has not seen a drop in productiveness or ranges of customer support, however that it might “take time for individuals to regulate.”

“Should you’ve simply spent 20 years in a single mannequin and, abruptly, you are thrown into a brand new one, you get up on a Friday morning you assume ‘what am I going to do with all this time?'” Mullen mentioned.

Employees have lengthy clamored for a better work-life steadiness. Two research in Iceland between 2015 and 2019 trialling a four-day work week on the identical charge of pay discovered no corresponding drop in productiveness amongst contributors, and a dramatic enhance in worker well-being.
And because the pandemic pushed thousands and thousands into distant work, calls for increased flexibility have solely grown louder.
Elephant Ventures, a software program and information engineering firm in New York Metropolis, mentioned it had permanently moved to a four-day work week after efficiently testing it in August 2020.

Mullen mentioned in an announcement that the five-day work week, a relic of the twentieth century, was “now not match for objective” and he hoped that extra corporations would comply with Atom’s lead.

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