Atom Bank changed to work four days a week without a pay cut

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The Atomic Bank announced on Tuesday that it has also reduced the weekly working hours of its 430 employees from 37.5 hours to 34 hours, and expects most employees to take leave on Monday or Friday. This change is voluntary, which means that employees’ working days will be slightly longer.

The company stated that the policy took effect on November 1 and aims to support the “physical and mental health” of Atom employees and increase productivity. Most of its workers have been transferred to the new work week.

Atom CEO Mark Mullen said in a statement: “The four-day week will provide our employees with more opportunities to pursue their passions, spend time with their families, and establish a healthier work/life balance.”

Mullen said that Atom’s experience during the pandemic “broke many of the myths of the modern workplace,” including the need to work in the office.

Atom was launched as a mobile bank in 2016. It offers savings accounts, business loans, and mortgage loans through its app.

The workers urgently need to work four days a week.It's time for their boss to pay attention

Mullen told CNN that before implementation, Atom did not try out the new schedule in smaller teams.

“Everyone must do this so that we really understand whether it will work,” he said.

He added that so far, he has not seen a decline in productivity or customer service levels, but “people need time to adapt.”

“If you have just spent 20 years on a model, and suddenly you are thrown into a new model, you wake up on Friday morning and you will think,’How do I handle so much time?'” Mullen said .

For a long time, workers have been calling for a greater balance between work and life. Two studies conducted in Iceland between 2015 and 2019 that attempted to work four days a week at the same wage rate found that the productivity of participants did not decrease correspondingly, but the happiness of employees increased significantly.
As the pandemic forces millions of people to work remotely, calls for greater flexibility are increasing.
Elephant Ventures, a software and data engineering company in New York City, said that after successful testing in August 2020, it has permanently changed to work four days a week.

Mullen said in a statement that the five-day work week, a legacy of the 20th century, “is no longer suitable,” and he hopes that more companies will follow Atom’s approach.

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