Atom Bank has seen applications and staff retention soar since it implemented a four-day week.
The app-based bank said the trial had been “overwhelmingly positive” and had resulted in 49% more people applying for jobs in January 2022, compared with January 2021, and a reduction in the number of people leaving; from November 2021 to June 2022, the company saw headcount rise from 461 to 480.
Since November, staff have been given the chance to move from 37.5 hours spread over five days to 34 hours across four days, with no loss of pay.
Four-day week results also included an increase in productivity and an improvement in its sickness absence rate, the bank claimed.
The vast majority of employees (91%) were able to do all of their work in four days, and 92% have changed the way they worked so they can complete their tasks in a shorter time-frame.
Four-day week results
Chief people officer Anne-Marie Lister said: “We firmly believe the four-day week is the future of working life and it is encouraging to now see the range of businesses across the UK embracing the four-day week trials.
“We are a progressive bank and a progressive employer, and our experience in planning for and moving to a four-day week has shown that it is possible for businesses to do this and bring huge benefits to their people.
“We believe most organisations can move to a four-day week and we hope Atom’s experiences will encourage more businesses to make the shift permanently.”
The app-based bank has been taking part in the shorter working week trial led by 4 Day Week Global, the results of which are being monitored by Oxford and Cambridge Universities, think tank Autonomy and Boston College in the US.
Atom said that employees have been spending the additional day off volunteerng, exercising and spending time with their children.
Four-day week advocates have suggested that it would lead to improvements in employee wellbeing and productivity, as staff are more motivated and seek to minimise distractions.
However, there are four-day week challenges, including arranging suitable cover if an organisation needs to maintain a five-day service for its customers, and ensuring that there is not an increase in stress levels as employees seek to finish their tasks within a shorter timeframe.