App-based Atom Bank has adopted a four-day workweek for its 430 employees without cutting their pay. Staff now works for 34 hours over four days and get Monday or Friday off. Launched in 2016 as a mobile bank, Atom offers business loans services. “Before Covid, the conventional wisdom was you had to commute in, sit at a desk all day and repeat that process when you commuted home,” said Mr. Mullen, Atom Bank’s CEO. “Covid showed us that it wasn’t necessary…I think doing 9-5, Monday to Friday is a pretty old-fashioned way of working.”

An experiment by Microsoft Japan in 2019, in which staff worked a four-day workweek on full pay, resulted in a 40% increase in sales. On the other hand, a three-month study by the UK research foundation Wellcome Trust found that compressing work into a Monday to Thursday window could harm the productivity of employees. According to Ben Willmott, head of public policy at the Chartered Institute of Professional Development, the change to working days is a positive move but the challenge of simply reducing people’s working hours without other changes is that you can increase workers’ stress. Meanwhile, Mr. Mullen hopes that the change could attract new workers during the pandemic.