"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."
It is now more than a year since Atom bank became the largest UK business, and the first bank, to move all employees to a four-day working week, with no change in salary. In that time, Atom says it has seen a significant positive impact on employees, customer service, and operations - as well as hitting a number of business milestones during 2022.
Customer goodwill and satisfaction, the most important metric by which the impact of the four-day week was judged, has risen, contrary to expectations that the new working structure could lead to a decline in service levels. Customer goodwill rose from 83 in November 2021, to 87 in November this year. Meanwhile the ratings of Atom’s iOS and Android apps are at new highs and Atom has also reached 7.7 on Trustpilot, making it the 3rd best rated bank in the UK.
Atom has seen applications for roles increase by a third (33%) this year, compared to 2021, with headcount increasing from 451 to 468. Most significantly, Atom’s employee attrition rate has declined hugely. From November 2021 to October 2022, Atom’s attrition rate decreased by over a fifth (22%) on the previous year. The four-day week has also resulted in people becoming more motivated and satisfied in their roles. There was a 12% rise in people engagement during the latest internal survey in October compared to February 2021.
Alongside these metrics, Atom has also achieved business growth under a four-day working week. Total customer numbers have had a record increase, with 80,000 people deciding to bank with Atom in 2022, up 77% on last year.
Atom recently saw two consecutive months of record operating profit in October then November, a positive step as the bank seeks to reach profitability. Atom has also raised more than £100m in equity in the last 12 months, which will be used to fuel further lending and drive the ongoing growth and development of the bank.
Anne-Marie Lister, chief people officer at Atom, said: “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.
“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. It took a lot of planning, communication and listening to make it work, but having started out as a pilot we have now confirmed the new working structure into people’s contracts.
“Sceptics may argue that a business couldn’t grow under a four-day week, however this year has been one of continued progress and development at Atom. Customers have flocked to the bank in record numbers and the service we have offered them remains among the best in the country. With our latest capital raise allowing us to fuel further growth, we are confident that we will see another fantastic year for the business and our people as we move into 2023.”
