In an experiment that is likely to provide hope to many Americans, Lloyds Bank announced in December that it would implement a five-day week.
The initiative will not significantly reduce the bank’s pay, but instead it has seen people worked four days during the week and five during the weekend.
The bank’s experienced call center staff started the new system on Monday, January 15.
The policy is being implemented at Lloyds in an effort to combat rising sickness levels.
According to the Times of London, the plan sees staff report to work between 6 a.m. and 9 a.m. on the fifth day.
Recruitment and retention has been a growing issue for banks and the pressure from competitors and the need to boost profits is putting pressure on employee behavior and motivation.
The bank put the policy in place as one of a series of ideas which it hopes will increase efficiency and eliminate errors and fraud.
In a statement, Lloyds Bank Chief Executive Antonio Horta-Osorio said: “Today, we are introducing a shorter working week and a pay rise across our call center and payments business. It’s a radical change to our way of working, but it’s a calculated one and it’s designed to take us from being the UK’s most expensive bank to one of the most productive.
“We need to ensure we can operate the best call centers in the world – with their own modern facilities and attractive financial incentives – to bring even greater convenience to our customers and provide the business with better returns.”
A cost of approximately $4 million was reportedly set aside for the new financial incentives and to improve facilities.
The new policy will be implemented across all positions and roles which support the payment and finance divisions.