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Atom Financial institution strikes to four-day work week with out reducing pay

Atom Financial institution introduced on Tuesday that it had additionally lowered the weekly hours of its 430 employees to 34 from 37.5 and anticipated most staff to take both Monday or Friday off. The change is voluntary and would imply employees working barely longer days.

The coverage, which took impact on November 1, was launched to help Atom’s staff’ “psychological and bodily well-being,” and enhance productiveness, the corporate mentioned. Nearly all of its staff have switched to the brand new work week.

“A four-day week will present our staff with extra alternatives to pursue their passions, spend time with their households, and construct a more healthy work/life steadiness,” Atom CEO Mark Mullen mentioned in an announcement.

Mullen mentioned that Atom’s expertise throughout the pandemic had “exploded lots of the myths of the fashionable office,” together with the necessity to work in an workplace.

Atom launched in 2016 as a cell financial institution. It presents financial savings accounts, enterprise loans and mortgages through its app.

Workers are crying out for a four-day week. It's time for their bosses to pay attention

Mullen instructed CNN Enterprise that Atom didn’t trial the brand new schedule in smaller groups earlier than implementing it.

“Everybody needed to do it to ensure that us to essentially actually perceive whether or not it was going to work,” he mentioned.

He added that, to date, he has not seen a drop in productiveness or ranges of customer support, however that it will “take time for folks to regulate.”

“If you happen to’ve simply spent 20 years in a single mannequin and, swiftly, you are thrown into a brand new one, you get up on a Friday morning you assume ‘what am I going to do with all this time?'” Mullen mentioned.

Staff have lengthy clamored for a larger work-life steadiness. Two research in Iceland between 2015 and 2019 trialling a four-day work week on the identical price of pay discovered no corresponding drop in productiveness amongst contributors, and a dramatic enhance in worker well-being.
And because the pandemic pushed hundreds of thousands into distant work, requires elevated flexibility have solely grown louder.
Elephant Ventures, a software program and knowledge engineering firm in New York Metropolis, mentioned it had completely moved to a four-day work week after efficiently testing it in August 2020.

Mullen mentioned in an announcement that the five-day work week, a relic of the 20th century, was “not match for function” and he hoped that extra corporations would observe Atom’s lead.

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