Atom bank is embracing a permanent four-day week for all employees in 2024, following a successful trial period this year.
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The company was one of around 70 organisations to take part in a formal trial, monitored by academics from Oxford and Cambridge Universities, think tank Autonomy and Boston College.
It had already begun trialling shorter working hours in November 2021 in a bid to improve work-life balance for employees.
In August, it reported the trial had been “overwhelmingly positive”, resulting in 49% more applications to work there, and a reduction in attrition.
Now that a year’s trial is up, it has reported job applications up by a third and departures down by a fifth.
“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.”
Atom Bank has raised over £100m in equity in the last 12 months, with £75m raised in February led by BBVA and an additional £30m in November.
Its later funding round however was due to its delayed IPO, which had been scheduled for either 2022 or 2023, but has now been pushed back to 2024 at the earliest.
Atom Bank’s balances nearly doubled in 2022 (up 96 per cent) to over £5bn, as the bank launched Fixed Savings accounts and at several times boasted market-leading rates.
