It reveals the positive impact the new working structure has on employee engagement and customer satisfaction
Atom Bank, the first UK bank to implement a four-day working week, said the shift has been an overwhelmingly positive experience for its employees, with improved productivity and job satisfaction.
In November 2021, Atom Bank moved all employees to a four-day working week with no change of salary, recognising the positive impact of technology, flexible working and the need to live and work more sustainably.
The implementation of a four-day week aimed to support employee mental and physical wellbeing, enabling people to enjoy a healthier work-life balance, while simultaneously improving levels of business performance. However, recent reports questioned the feasibility of the four-day working week, citing challenges experienced at some companies who are trialling the new structure.
Atom, for its part, revealed a 49% year-on-year increase in applications for roles at the bank in January, while headcount has grown from 461 in November 2021 to 480 in June 2022.
Employee surveys also revealed that 91% of people can accomplish everything they need to in four days. Employee productivity at the bank apparently has improved too, with nearly all - 92% of colleagues - stating that they have found efficiencies in how they work as a result of the shorter week.
Employees are also clearly more motivated working a four-day week, Atom said. Around 92% reported that they look forward to work, and there has been a 13% year-on-year increase in people engagement in February 2022 when staff were last surveyed.
Days lost to sickness also declined since the introduction of the new working structure, dropping from 100 in the month of November 2021, to 72 in June 2022.
One of the most critical metrics associated with a four-day week is the potential impact it has on the level of service a business is able to provide. Since its introduction, Atom said there has been a positive impact on customer service, with Atom’s Trust Pilot score increasing from 4.54 at the start of the new working structure to an impressive 4.82 in June 2022.
Atom said it hopes these results will encourage progressive businesses to realise that the five-day week is now as unnecessary as permanent office working has become for many.
“Over six months on from introducing our new four-day working week, it’s clear that it has been a huge success for our business and our people,” Anne-Marie Lister, chief people officer at Atom Bank, said. “We are extremely proud of how our employees have adapted and the benefit it has brought to many.
“People are rightly looking for a healthier work-life balance, and despite warnings from some sceptics, our metrics and people surveys show that this has not had a negative impact on employees or customer service.
“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 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.”
