In a move to improve diversity, Monzo has announced that they allow their employees to opt-out of their bank holiday entitlement. They can then exchange this for any other day of their choice; a great example of innovative perks at work.
The bank recognised that some of their workers might prefer to work over the bank holiday due to other cultural and religious celebrations. Monzo acknowledged the need to diversify their bank holiday entitlement to allow everyone to feel welcome at work and improve diversity. Their post read:
“We embrace differences and make sure everyone feels welcome. We’re committed to our value of helping everyone belong; and that extends to our holiday policy too!”
“if you want to work through Easter and take off time to celebrate Eid, be off on your birthday instead of the Queen’s Jubilee, or simply avoid the half-term crowds – you can.”
As part of this, employees are invited to opt out of the traditional bank holidays in exchange for eight days of extra holiday allowance. This is on top of their existing 24 days holiday entitlement.
Why is Inclusivity Important?
According to research, inclusivity can improve business performance and efficiency. 73% are more likely to perform better when they feel their voices are heard at work. On top of this, truly inclusive teams are more likely to make better decisions 87% of the time.
Workplaces are becoming more and more diverse. Therefore, celebrating and respecting employees’ differences is more important than ever. Creating an open and inclusive workplace is beneficial to employee wellbeing.
How Else Can Employers Improve Inclusivity?
Show that you care about the festivals and occasions that your colleagues celebrate. Make an effort to learn and mark the occasion. Altering bank holiday entitlements is just one way to do this.
It is a fantastic time to learn right now! It is currently the holy month of Ramadan for those of the Muslim faith. During this time, Muslims fast from sunrise to sunset. Therefore it is essential for employers to be flexible during this time.
Flexibility means allowing time off, especially for Eid, which is a celebration that marks the end of Ramadan. Also, being flexible with working hours and working from home can be helpful to those fasting.
An Advantage For Everyone
Overall, flexible bank holiday entitlements are suitable for everyone, irrespective of who you are! They allow employees to spread out their holiday time for when they need it. This will enable people to work to their own schedule, preventing burnout and reducing stress in the long run.
Flexible Holidays Has Worked For Other Companies
Linkedin themselves have recognised the benefits of spontaneous days off. After launching their policy whereby they award random days and even weeks off to their employees, they reported that their employee satisfaction increased substantially.
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