Warrington-based brokerage Mortgageable has reported increased productivity from its 30 staff after launching a four-day week trial back in February.
Speaking to FTAdviser, Kristian Derrick, a director at the firm said since beginning the trial, and after working through some initial teething issues, the firm has seem a number of benefits for staff and the business.
“So far, it's progressing well in terms of staff productivity increasing and staff turnover down by a large margin, so it's definitely appreciated,” Derrick said.
“Ultimately, we expect our staff to take accountability for their customers and since we have a commission structure, we find that our team are still extremely motivated and make sure that the customers are always attended to in a timely manner.”
According to a survey last year from Be the Business, just 5 per cent of SMEs operated a four-day week but interest in a condensed work week is growing.
Earlier this year, the world’s largest trial of a four-day work week proved successful, with the majority of firms that took part choosing to maintain the model.
The trial involved almost 3,000 workers, with workplaces ranging from education and consultancy businesses, to banking, IT, retail and recruitment groups.
Workplaces that took part in the trial all adopted a model of 100 per cent of the pay for 80 per cent of the work.
Despite this success however, appetite for a condensed week remained stilted in the advice and mortgage space.
At the time, some business owners told FTAdviser that they did not think a four day week could work in practice at their companies. While others described the idea as a “luxury” that might work well in some industries, but not in advice.
Mortegable’s approach
However, this was not the experience of Mortgageable who introduced the trial four months ago.
Its approach has been to have employees work longer hours per day to make up for the additional day off, with staff working the same number of hours a week as before.
The firm also offers staff a flexible schedule so employees can choose which days they want to work.
“The major motivation for us was feedback from the team and wanting to offer maximum flexibility,” Derrick told FTAdviser.
“We also had the view that it would positively impact retention while maintaining or even improving productivity.”
In the beginning, the firm had some issues arise with customer cases being passed around between different team members which resulted in a some complaints from clients.
But Derrick said this issue was something they have been able to resolve by introducing clearer policies and procedures and ensuring that workloads and deadlines are adjusted accordingly.
“Communication and collaboration is now more important than ever since there will always be days when certain staff are not working, but this has been largely mitigated through careful planning and scheduling,” Derrick explained.
Staff response
According to Mortgageable, employees have reported higher job satisfaction, improved work-life balance, and increased productivity.
“With an extra day off every week, employees have more time to pursue personal interests, spend time with family and friends, or simply rest and recharge,” Derrick said.
“This has led to reduced stress and burnout, as well as increased engagement,” he added.
Despite the initial bumpy start with some customers, Derrick said in general clients seem to appreciate the fact the company is prioritising the wellbeing of its employees.
“It’s important that the same level of customer service is maintained and that customers do not feel like there has been a change in business hours or response times.
“As a result, we have engaged the team in how to create a system that ensures there is ongoing collaboration in terms of scheduling and ensuring that there is sufficient coverage during regular business hours,” Derrick said.
In his view, a four day week will likely become more popular, but it will depend on the industry.
“While automation is on the rise and set to continue, it’s more likely that over time a four-day work week will become more viable for many companies and types of roles.
“However, the major concern from employees seems to be that reduced working hours may result in reduced pay or bonuses, as there is a concern that reduced hours may result in reduced productivity,” Derrick said.
He added: “It ultimately requires careful planning, management and collaboration amongst both employers and employees.”
jane.matthews@ft.com
