Connect with us

Hi, what are you looking for?

Editor’s Pick

Five day week is ‘in many cases not fit for purpose’, says Atom Bank chief

The concept of a five day working week is “in many cases no longer fit for purpose for 21st century businesses”, the chief of digital lender Atom Bank said today as he hailed the success of a four day week at the firm.

Mark Mullen, who founded Durham-based Atom in 2014, rolled out a four day week for employees on a trial basis in November last year and that said today the move had boosted the financial performance of the bank and not deterred investors or customers.

“We introduced the four day week as a trial back in November and were clear that we would end the trial if there was a detrimental impact on customers, our people or on fulfilling our regulatory requirements,” he said. “For that reason, investors were happy with our outlook and approach to implementing the new working structure.”

Atom said in July it had notched underlying pre-tax losses for the year to March of £2m – a £34m improvement over the previous year – as income jumped by over 200 per cent and its loan book swelled to £3.3bn, up from £2.7bn in the previous year.

Mullen said that the results showed that “the 20th century concept of a five day week is, in many cases, no longer fit for purpose for 21st century businesses.”

“At Atom, we feel the time is right for the next evolution in the world of work,” he said.

“We want and expect to see more companies introducing increasingly flexible working practices in the future, and encourage the government to focus on how such practices can be incentivised and implemented more widely.”

Atom said there was a 49 per cent jump in applications for roles in January after the four day week was rolled out full time, while headcount has grown from 461 in November 2021 to 480 in June 2022.

In a gauge of ‘customer goodwill using metrics including app Store ratings, its Trustpilot score and customer complaints, Atom said that the four day work had delivered a boost from 83.1 per cent in November 2021 to 85.8 per cent in June this year.

Customer complaints have also fallen from 79 in November 2021 to 73 in April 2022.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



SEAN YORO-UNSPLASH By Keisha B. Ta-asan THE INTERNATIONAL Monetary Fund (IMF) expects Philippine expansion to slow this year as rising interest rates cloud the...


THE PHILIPPINE central bank is expected to raise the policy rate to 5% by yearend — higher than the initial 4.5% forecast — to...


PHILSTAR FILE PHOTO By Kyle Aristophere T. Atienza, Reporter PRESIDENT Ferdinand R. Marcos, Jr. should fulfill his campaign promise to modernize the Philippines’ maritime...


PHILIPPINE EMPLOYERS will probably increase their budget for pay increases next...


BW FILE PHOTO By Diego Gabriel C. Robles PHILIPPINE EMPLOYERS will probably increase their budget for pay increases next year amid a tight labor...


PHILSTAR FILE PHOTO Philippine President Ferdinand R. Marcos, Jr. on Monday certified as urgent the proposed P5.268-trillion national budget for next year, citing the...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.