Charity Bank, a bank for positive social change, has joined 4 Day Week Global, the four day work week trial, making it the first UK bank to reduce its working week from 35 hours to 28 hours while retaining the same pay and benefits.
Their four-day week pilot begins today, and they will be piloting the ‘100:80:100’ model, meaning that employees will receive 100% of their salary while working 80% of their contracted hours, while making a commitment to maintaining at least 100% productivity.
The pilot forms part of a six-month global programme coordinated by flexible working experts. More than 3,000 workers from 60 UK companies will test a four-day working week in what is believed to be the world’s largest pilot project.
Rather than rewarding presenteeism, the four-day week pilot focuses on productivity, output and results. The adoption of a four-day working week is a business improvement strategy focused on working smarter rather than longer, with a significant investment in the wellbeing of the staff, who are seen as the most important asset of the business.
While undertaking the pilot, Charity Bank will continue to offer its specialist customer service and support five days a week, while giving all employees the option of switching to the four-day week. Charity Bank’s decision to join the pilot can be seen to fit into its wider company mission of delivering sustainable services that aid economic, social and environmental (ESG) development.
Charity Bank’s CEO Ed Siegel said: “With a meaningful redesign of the way we work, we expect to improve efficiency without affecting productivity whilst enhancing the physical and mental health of our colleagues. In essence, a happier and healthier workforce is more productive and delivers superior customer service.
“By valuing productivity over time spent, we aim to bridge the gap often felt between full-time and part-time staff, removing any possible barriers to promotion and progression. We anticipate that the shorter working week will also help us attract a more diverse workforce and encourage people who would previously have been unable to commit to the standard five-day working week to join us”.
“As well as benefiting colleagues, the shorter workweek will help us to reduce our carbon footprint through a reduction in the frequency of commuting and by eliminating unnecessary meetings and travel” he added.
In this article, you learned that:
- Charity Bank has joined the global pilot of a voluntary four-day workweek.
- The pilot is a voluntary four-day work week as part of a six-month global programme coordinated by flexible working experts.
- The adoption of a four-day workweek is a business improvement strategy focused on working smarter rather than longer, with a significant investment in the wellbeing of staff, who are seen as the most important asset of a business.