Bank claims four-day week for same pay has boosted productivity – despite other firms saying it has caused rota chaos and staff confusion
- Durham-based Atom Bank rushed to the defence of the radical working pattern
- It introduced the policy last year and is not part of ongoing four-day week pilot
- Pilot began in June and involves over 3,000 employees across 70 companies
- Some concerned bosses report the scheme may not survive the trial period
The four-day week has been defended by a bank that has experienced a four-fold increase in applications for job vacancies and reduced sickness leave since it became the biggest employer to make the change when it introduced the policy last November.
Durham-based Atom Bank rushed to the defence of the radical working pattern, which keeps employees on the same pay as if they were working five days, in the wake of reports that some involved in the world’s biggest four-day week pilot had expressed concerns.
The lender is not part of the pilot, which has involved more than 3,000 employees across 70 companies beginning to work a four-day week in June as part of a trial that could overhaul the working life of Britons.
But rota chaos and staff confusion has led some bosses to say the policy may not survive the trial period, which ends in December.
The four-day week has been defended by Atom Bank after it experienced a four-fold increase in applications for job vacancies and reduced sickness since introducing the scheme in November last year
Durham-based Atom Bank rushed to the defence of the radical working pattern, which keeps employees on the same pay as if they were working five days
Ms Lister said neither employees or customer service have been negatively impacted by the new working hours, ‘despite warnings from some sceptics’
Contrastingly, Atom Bank has reported rocketing numbers of job applications as a result of its shorter week, with 603 people applying for 28 roles in June this year compared to 309 applicants for 52 jobs the same month last year.
Furthermore, the lender claimed days lost to sickness have drastically reduced since the new policy was implemented, from 230 in June 2021 to 72 in June 2022.
‘We firmly believe the four-day week is the future of working life,’ Anne-Marie Lister, the bank’s chief people officer, told the Telegraph, with a spokesperson confirming the bank is not set to revert back to longer working weeks.
Ms Lister said neither employees or customer service have been negatively impacted by the new working hours, ‘despite warnings from some sceptics’.
Joe Ryle, director of the 4 Day Week campaign, has described Atom bank’s experience as a ‘win-win for workers and employers’, adding that the ‘9-5, five-day working week is outdated and no longer fit for purpose’.
However, some companies involved in the pilot have not been so convinced by the scheme, with some chief executives starting to believe it cannot realistically continue beyond the pilot’s termination date in December.
As part of the trial scheme, staff are being given full pay for 80 per cent of their time – but they have made a commitment to produce 100 per cent of their usual output.
Atom Bank staff pictured in November last year, the month when the lender introduced the four-day working week. The bank has reported rocketing numbers of job applications as a result of its shorter week, with 603 people applying for 28 roles in June this year compared to 309 applicants for 52 jobs the same month last year
The headquarters of Atom Bank, which became the biggest employer to introduce the four-day working week when it introduced the policy last November
The programme is being coordinated by campaign group 4 Day Week Global, think tank Autonomy and academics at Oxford, Cambridge and Boston College in the US.
There are a range of businesses and charities taking part, including the Royal Society of Biology, hipster London brewery Pressure Drop, Southampton computer game developer Yo Telecom, a Manchester medical devices firm, and a fish and chip shop in Norfolk.
Of those who have signed up, some are reporting happier and more motivated staff as well as improved productivity, while others are suggesting they will not continue with the pilot once the trial period ends.
Samantha Losey, boss of communications firm Unity, told the Telegraph: ‘It’s more likely that we won’t carry on now. One of the things that has struck me is whether or not we are a mature enough business to be able to handle the four-day week.
‘The rest of the world not doing four-day weeks makes it challenging. We agreed we’d go all the way through the pilot, but I’m questioning whether this is the right thing for us long-term. It’s been bumpy for sure.’
She also complained it has created difficulties on handover days due to staff having different days off.
Samantha Losey, boss of communications firm Unity, says she is doubtful she will continue the scheme beyond the end of the pilot
Trio Media boss Claire Daniels has said that the four-day week is complicating the process of hiring
Kirsty Wainwright, 34, the general manager at Norfolk fish and chip shop Platten’s, has previously said that long hours in the hospitality industry push up staff shortages
And Trio Media boss Claire Daniels said the four-day week is complicating hiring and was unable to confirm if her company will continue the scheme beyond the end of the year.
She said: ‘The only challenge is in recruitment currently as we cannot guarantee that we will continue the four-day week pilot scheme.’
Critics argue the concept would be impossible in customer facing jobs, or 24/7 operations including where overtime payments would present an extra cost to employers or the taxpayer.
Pros and cons of a four-day week
Pros:
- Fewer distractions at work
- Longer hours does not mean more output
- Increased mental wellbeing and physical health
- Parents with children find themselves less stressed out
- Lowered carbon footprint
Cons:
- Not all industries can participate
- It might widen existing inequalities
- The cost risk for employers is expensive
- Workers may put in the same hours anyways
- Difficult team management
Source: Adecco Group
A trial of the four-day working week in France previously found workers were putting in the same amount of hours even with a day fewer and companies were having to pay them for their extra time.
Some economists have also said that working fewer hours would decrease the standard of living, while the leader of one of Spain’s main business associations has previously described it as ‘madness’.
It comes as the pandemic has seen more employees working from home and adopting more flexible hours instead of the usual nine-to-five, five-day working week.
Christine MacKay, boss of animation studio Salamandra, said her firm has been unable to start the pilot due to the number of large projects it is currently working on.
She said: ‘I’ve had mixed responses [from staff] – some are very excited and some are not so keen as everyone works at different speeds.
‘It’s quite a stressful prospect if you naturally work at a slower speed. The minute the company or customers are in jeopardy it will stop.’
Contrastingly, Matt Bolton, co-founder of advertising agency Mox London, said it was ‘the best business decision’ he has ever made.
And Joe O’Connor, the person running the campaign, said the feedback has been ‘overwhelmingly positive’.
There are researches involved in the pilot who are analysing how workers respond to the extra day off each week, looking at productivity, performance, stress and burnout, as well as job and life satisfaction.
Beyond Atom Bank, other major companies that have tried out a four-day week but are not part of the trial include Unilever and Panasonic.
The UK companies taking part in four-day week scheme from tech firms, recruitment consultancies to charities:
5 Squirrels – Healthcare
Adzooma – Tech
AKA Case Management – Domiciliary Care
Allcap Limited – Industrial & construction supplies
Amplitude – Creative Marketing Agency
Bedrock Learning – EdTech (Primary and Secondary Education)
Bookishly – Gift
Boom Studios – Creative & Cultural
Charity Bank – Financial Services (Banking)
Comcen – IT
Eurowagens – Automotive
Everledger – Technology
Evolution Money Limited – Financial Services
Future Talent Learning – Online Education
Girling Jones – Recruitment
Happy – Learning
Helping Hands – Housing/Health and Social Care
Hutch – Games
IE Brand – Digital & Branding
Literal Humans – Marketing / Advertising
Loud Mouth Media – Digital Marketing
Merthyr Valley Homes Limited – Housing
MOX – Advertising
NeatClean – Consumer Goods
Our Community – Technology & Training
Outcomes Based Healthcare – Healthcare
Outcomes First Group – Care and Education services
Platten’s Fish and Chips – Hospitality
Pressure Drop Brewing – Brewing / manufacturing
Rivelin Robotics – Software / Manufacturing
Royal Society of Biology – Charity
Salamandra.uk – Animation
Scotland’s International Development Alliance – Charity
Secure Digital Exchange Ltd – IT
Sensat – Software Start Up
Sounds Like These – Media
Stellar Asset Management – Financial Services
Stemettes – Charity
The Story Mob – Public Relations / Comms
Timberlake Consultants Ltd / TLKE Ltd – Software Training Consultancy
Trio Media – Digital Marketing
Tyler Grange – Environmental Consulting
Unity – Public Relations / Comms
Waterwise – Environmental campaigning organisation (not4profit)
We Are Purposeful – Not for profit
Yo Telecom – Telecommunications Southampton
Source: Read Full Article