Atom Bank rolls out 4-day week, with no pay cut

The policy was introduced at the business after a majority of its employees supported the move to a shorter week and the opportunity to work flexibly.

430 employees have been enjoying the new perk since 1 November, with no reduction to their salary.

The initiative allows employees to choose to move to a 34-hour working week, while receiving their same salary for a 37.5-hour week.

Atom shared that Monday and Friday will be the expected default days off for workers, except for those working on operational and services roles whose day out of the office may vary to ensure a continuous and uninterrupted level of service to the bank’s customers.

In a release from the company, Atom revealed that the move to a four-day week is to help boost employee mental and physical wellbeing together with improved business productivity.

Mark Mullen, chief executive officer (CEO) at Atom, reflected on the past 18 months, stating that the experience Atom shared helped to explode “many of the myths of the modern workplace,” which has helped the bank make the decision to shorten the working 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. 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,” Mullen continued.

Atom’s CEO noted that the move to a four-day working week may not be the right fit for every business but shared that the pandemic has proved new working practices, such as remote working, can be a success.

He concluded: “While we appreciate a four-day working week will not be right for all workplaces, the move to working from home has proved that working practices that may have seemed years away can be introduced rapidly.

“With Covid-19 causing vast numbers of people to reconsider how they want to live their lives, anything that leads to more productive, healthier, and, crucially, happier colleagues, is a win for everyone.”

Embracing a shorter week

Other businesses have also shown support for a four-day week, with car finance and loan company Billing Finance previously revealing on LinkedIn its plans to implement such a policy.

At the time, the business explained that this change was to help employees think about their health and wellbeing without being negatively impacted financially.

Similarly, pie manufacturer Vale of Mowbray introduced the scheme to allow its staff to spend more time with their families and enjoy their own leisure time.

Sheree Walker, head of HR at Vale of Mowbray, stated: “Our people are our most valuable asset, and we’re keen for them to enjoy a work-life balance. It suits us operationally to make the change to a four-day week but more importantly it suits our staff, especially since they have the option to use one of their days off to earn additional money if they wish to.”