Monzo introduces three-month paid sabbaticals for staff
The digital banking giant bangs the drum for work-life balance, part of an industry-wide push to prioritise employee welfare.
The pandemic’s legacy, in terms of changing attitudes towards employees' work-life balance, has been well documented. But Monzo Bank has now announced that it is taking flexibility to a new level with the decision to offer three-month-long paid sabbaticals to its 2,200 staff.
Monzo opened a consultation with its staff to review pre-existing working policies and see how they could be adjusted to improve employees’ work-life balance.
The benefit is available to any employees that have worked at the company for four years or more. Monzo says it envisages the time being used to travel or spend more time with families.
Tara Ryan, Monzo’s head of HR, said: “We’re always looking to introduce best-in-class policies for our employees. Our people are essential to our mission of making money work for everyone and investing in them is a priority as we continue to grow. Our aim is to not only reinvent banking for customers through a stand-out product and experience, but to shake-up and vastly improve the experience for employees working within it.”
The digital bank had already adapted to a flexible working arrangement post-pandemic, allowing staff to work from wherever they choose, provided they are available for on-site training or meetings.
The news comes as other industry players make radical changes to work patterns—such as Atom Bank’s trial of a four-day working week—driven by growing demand among workers for more flexibility post-pandemic.