Atom bank is to press on with a permanent four-day week for all employees in 2024, following a successful trial period this year.
In November 2021, the Uk digital bank took a progressive lead in reshaping the future of work, becoming the largest UK business, and the first UK bank, to move all employees to a four-day working week, with no change of salary.
In an update in August, the bank said the measure had proved overwhelmingly positive in terms of both job satisfaction and productivity.
“Moving to a four-day week has not been without its difficulties, however, it is one of the most transformative things we’ve done as a company,” says Anne-Marie Lister, chief people officer at Atom bank. “Since we launched our trial in November 2021, we have not only seen a more productive, healthier, and, crucially, happier workforce, but our customer service metrics are at record highs and more people are looking to start a career with Atom.”
One objective of the introduction of a four-day week was to attract and retain talent more effectively. Atom reported a 49% increase in job applications in January 2022, compared to January 2021, and headcount growth from 461 in November 2021 to 480 in June 2022, thanks also to a reduction in the number of departures.
Atom says this has been vital, with the fight for talent becoming fiercely competitive following the widespread adoption of hybrid working following the pandemic.
Lister says: “Sceptics may argue that a business couldn’t grow under a four-day week, however, this year has been one of continued progress and development at Atom.”
Atom has surpassed £4.5 billion in retail deposits and reported its first monthly profit in Q1.
The bank in November raised £30 million in funding, bringing the total raised this year to £105 million. Atom has long-planned to go public but increasingly tough market conditions have forced it to delay a listing on the LSE until at least 2024.