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UK Bank Introduces Four-Day Work Week Without Cutting Pay

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UK Bank Introduces Four-Day Work Week Without Cutting Pay

A UK bank has introduced a four-day work week for all of its staff without cutting pay and they say its largest British company to do so.

To many of us, having three days off in a week sounds like an absolute dream and Atom Bank announced on Tuesday (23 Nov) it has reduced the weekly hours of its 430 employees from 37.5 to 34, as per CNN.

They expect most workers to take to Monday or the Friday off.

However, the change is believed to be completely voluntary and it would also mean working longer hours per day.

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Atom CEO Mark Mullen said in a statement: "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."

Credit: Alamy
Credit: Alamy

He told FT: "People are working for more than 50 years, it's multiple marathons, so we're asking how can we keep our people engaged and keep ourselves healthy.

I'm quite excited about it - there's no going back."

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Atom Bank is UK's first bank built for smartphones or tablets, without any branches, and the first digital-only challenger bank to be granted a full UK regulatory licence.

The CEO says that studies from Europe have shown that reducing the hours of a workforce can increase productivity without any detriment in performance.

Credit: Alamy
Credit: Alamy

He added: "We moved our entire bank to homeworking in a weekend with no disruption to customers, and that kind of opens your mind about what you thought was impossible."

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Mullen also pointed out that a four-day week isn't the 'only way' of getting effective work done.

He went on to say: "We don't have to say that's the only way we can do things, humans want to have choice and flexibility."

In September, Manchester Evening News reported that Wigan-based Belmont Packaging, which specialises in plain and printed corrugated cardboard, had also opted for a four-day working week.

Credit: Belmont Packaging
Credit: Belmont Packaging
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The company, along with its e-commerce sister business, Boxed-Up, had actually trialled the four-day week in its manufacturing department before the pandemic in late 2019.

Their aim is to give 'staff more time to focus on themselves, their mental health and their loved ones'.

It's been so successful that the company will now roll it out to the business' full staff cohort of 31 this coming week onwards.

Commercial manager Gareth Rollo said: "As well as valuing our customers, business trade partners and suppliers we also value our biggest assets, the employees whose hard work, commitment and dedication make our business the success it is."

Featured Image Credit: Alamy

Topics: Work, UK News, Business

Anish Vij
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