MortgagesMay 22 2023

Productivity up for mortgage brokerage trialling 4-day week

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Productivity up for mortgage brokerage trialling 4-day week
Kristian Derrick, director of Mortgageable

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.