What is the four-day week pilot? Why is Charity Bank taking part? What does it mean for me? We answer the frequently asked questions from our customers about our four-day week trial…
What is the four-day working week?
The four-day working week is founded on the belief that businesses can increase productivity by reducing working hours and by working smarter.
The approach Charity Bank will be piloting is the “100:80:100” model – which means employees will receive 100 percent of their pay while working 80 percent of their contracted hours, in exchange for a commitment to maintain at least 100 percent productivity.
This means our colleagues will work four days instead of five dropping their hours from the standard 35 to 28 for the same pay and benefits (pro-rata for part-time employees).
Why is Charity Bank trialling the four-day work week?
Adopting a four-day work week is a business improvement strategy centred on working smarter rather than longer with significant investment in the well-being of the most important asset to any business – people.
Over the past six months we have been working closely with flexible working experts ‘The 4-day Week Global’ to fully understand the productivity and wellbeing benefits that the four-day working week could have for our co-workers, customers and society.
Our decision to take part in the four-day work week pilot is based on a whole host of positive benefits that arise from shortening the working week that will improve the welfare of our co-workers in the first instance, and our customers by extension.
To read more about the benefits of the four-day working week read our blog: Why Charity Bank and the four-day working week are a perfect match.
Does this affect your opening hours? No. Opening hours remain as normal, we will still be available to you five days a week.
Is this going to make it harder for me to reach you?
Not at all, the achievement of productivity gains is critical to our decision to adopt the four-day working week trial. We will still be operating our excellent customer service five days a week.
What happens at the end of the trial?
As this is very much a trial there are three things that could happen at the end of the six-month pilot. Either we extend the trial, adopt the four-day week permanently or revert to five days a week. A successful result is dependent on maintaining or improving productivity and customer service as well as the improved wellbeing of staff.
Who is coordinating the trial?
Our four-day week pilot is coordinated by 4 Day Week Global, a not-for-profit community established by Andrew Barnes and Charlotte Lockhart who created the platform for people who are interested in supporting the idea of the four-day working week as the future way of work.
How is productivity measured?
Researchers from 4 Day Week Global are working with us to track relevant productivity metrics for Charity Bank which will be measured throughout the trial. Key measures include our business plan targets, customer service and the health and wellbeing of our Co-workers.
What support are you receiving as part of the 4 Day Week Global pilot programme?
By participating in the 4 Day Week Global pilot, we will receive:
- Workshops: delivered by 4 Day Week Global, alongside Autonomy and other companies and organisations that have already successfully implemented a four-day week.
- Mentoring: from 4 Day Week Global and Autonomy and their network of accredited 4 Day Week Employers. We will be matched with a mentor that best supports our unique situation.
- Networking opportunities: with other UK participants in the pilot programme. This community acts as a peer-support network to share lessons and experiences.
- Wellbeing and Productivity Assessment: by a team of world-class academics, as part of a global research project. Researchers will work with us to establish relevant productivity and worker wellbeing metrics for Charity Bank and help us define what success looks like. These metrics will be monitored throughout the trial.
If you have any other questions, feel free to drop us an email at email@example.com and a member of the team will be happy to respond.
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About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,100 loans totalling over £400m to housing, education, social care, community and other social purpose organisations.
Nothing in this article constitutes an invitation to engage in investment activity nor is it advice or a recommendation and professional advice should be taken before any course of action is pursued.