Atom Bank makes four-day workweek permanent for 2023

After a busy year, neobank Atom Bank is making its four-day workweek pilot permanent for all staff in 2023.

The change comes after what Atom says was a record-breaking year, with 80,000 new customers (up 77 per cent on 2021), job applications increasing by a third and employee attrition falling by a fifth.

Atom’s employee surveys continue to show staff being more motivated and satisfied in their roles.

“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,” said Atom’s chief people officer Anne-Marie Lister.

“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.”

Lister said employee contracts are now being updated to make the new working structure permanent, after the success of the 2022 pilot.

“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.”

Indeed, 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.