What is the four-day week pilot? What does it mean for new starters? What happens after the pilot ends? We answer your frequently asked questions about our four-day week trial…
What is the four-day working week? The four-day work week is a reduction in the work week from a standard five days to four days for the same pay and benefits. Charity Bank is taking part in the four-day working week pilot organised and supported by 4 Day Week Global and are adopting their “100:80:100” model.
Is this a “compressed hours” scheme? No. The “100:80:100” model means that employees who opt in to participate in the pilot will receive 100 percent of their pay while working for 80 percent of their contracted hours in exchange for a commitment to maintain at least 100 percent productivity. For those that are employed on a traditional full-time contract of the standard 35 hours, this means dropping to 28 hours a week for the same benefits (pro-rata for part-time employees).
How will productivity be measured? We will be working with 4 Day Week Global’s team of researchers to establish relevant productivity metrics for each team and department which will be monitored and measured throughout the trial.
Who can participate in the four-day week pilot? All payrolled employees including those working part-time or on fixed term contracts can participate.
Will I get paid less? No. The model we are piloting is a four-day week with no reduction in pay. This is the model which nearly all four-day week organisations have adopted across the world and which we believe will yield the best results for both our colleagues and customers.
What happens with holiday allowances? During the trial period- holiday allowances will remain the same (specific guidance about how to book holiday will be given when you join). If the trial is successful and we choose to adopt the four-day week permanently, we may re-evaluate the holiday allowance allocated to account for the 20% increase in days off.
Do I have to take part in the trial if I get a job at Charity Bank? No. This is a voluntary opt-in initiative. There are no repercussions for individuals or teams who do not participate. If you accept a job at Charity Bank between June and early November 2022 you will be given the option to either opt in or out of the trial. Those full-time staff will have the option to stick with their five days or reduce to four, whilst part time staff will be given the option to continue with the same hours for an increase in pay (with agreed increased productivity) or reduce their hours if they wish to take part in the pilot programme.
Can I join the pilot straightaway? When you first join and are getting started you may initially work your full contracted hours. However, our aim is to give all new recruits the opportunity to opt in within their first month of joining.
How does it affect my contract, terms and benefits? As this is a trial, if you join Charity Bank and decide to opt into the trial you agree that the four-day work week is not a contractual entitlement and does not form part of your terms of employment and can be ended by the bank at its discretion at any time.
When does the trial start and finish? The trial officially starts on the 6th June 2022 and will run for six months, ending 30th November 2022.
What happens at the end of the four-day week trial? There are three things that could happen at the end of the six-month trial period. 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 as well as the improved wellbeing of staff, both of which will be continually monitored throughout the pilot.
Although our choice to adopt the four-day week is only temporary at this stage we have chosen to embark on this journey with the hope that we can make this work to our advantage. Studies from organisations that have already adopted the four-day working week have been very encouraging. To find out more about our decision to be part of the world’s largest four-day working week pilot read our blog: Why Charity Bank and the four-day working week are a perfect match.
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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.