Monzo intends to revamp employee work-life balance by ensuring staff that have worked for the digital bank for over four years are eligible for sabbaticals lasting three months.
First reported by the Financial Times, Monzo confirms that this would be renewed every four years and employees are encouraged to utilise the time off to travel or spend time with their families.
With staff now able to take one month off at a time, or three months at once every four years, Monzo’s people experience director Tara Ryan describes this change as “transformative” for longer-term employees.
This news comes over a year after former CEO and founder Tom Blomfield left the bank after admitting that the pressure of growing the firm in the midst of a global pandemic had taken a toll on his mental health.
Soon after Blomfield’s departure, a refocus on employee wellbeing ensued and Monzo announced in May 2021 that those that had been affected by the loss of pregnancy would receive 10 extra days of paid leave. Extra leave can also be approved if staff feel they need more than two weeks.
This week, Monzo moved out of beta in the US and all Americans are now able to download the Monzo app and set up an account within 10 minutes, getting access to money management features and a contactless debit card.