Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

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

by August 25, 2022
August 25, 2022
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.

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

0
FacebookTwitterGoogle +Pinterest
previous post
Royal Mail faces £100m hit from strikes
next post
Octopus unveils renewables fund backing UK’s largest battery

You may also like

Investors in tech start-ups do not trust female...

January 3, 2023

Next UK government to benefit from easing inflation...

July 3, 2024

Seaside Charm: Tiny Beachfront Ice Cream Hut Hits...

May 14, 2024

Heathrow forced into bigger cut of passenger landing...

July 11, 2024

From Health Gains to Wallet Wins: The Life-Changing...

November 7, 2024

Boost Productivity and Save Hours with Automatic Timesheets

May 26, 2025

Dizzee Rascal’s latest collaboration

July 14, 2025

Getting to Know You: Sam Tofighi, Founder of...

March 2, 2023

Where to Position Your Consumer Unit in the...

April 26, 2024

You can literally feel Apple’s new ‘F1: The...

June 13, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Three Stocks in Focus: One Old Favorite, One Mag Name, and a Dow Comeback Story

      July 18, 2025
    • Don’t Hate the Player, Hate the Income Tax for Wrecking Health Care

      July 18, 2025
    • State Department says 59,000 tons of food assistance are in motion after reports of incinerated aid

      July 18, 2025
    • Pentagon to probe Microsoft’s use of Chinese engineers on sensitive defense systems, Hegseth says

      July 18, 2025
    • GOP senator reveals the ‘dirty’ secret to Trump’s Make America Healthy Again movement

      July 18, 2025
    • Russia says NATO threatens WWIII in latest deterrence plan that could take down Kaliningrad ‘faster than ever’

      July 18, 2025

    Categories

    • Business (8,524)
    • Investing (2,134)
    • Politics (16,112)
    • Stocks (3,218)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, 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 © 2025 futureretirementsuccess.com | All Rights Reserved