British bank Monzo has introduced extended, paid sabbatical leave for its 2,100 employees.
The online bank, which already offers a one-month unpaid sabbatical per year, has boosted this to allow staff who have been in their roles for four years to take a three months of paid leave either in one block or one month at a time.
Monzo said the initiative is both flexible and inclusive as all workers can take the time off regardless of their personal circumstances. People can choose to take time out to travel, spend time with their families or focus on themselves without facing any financial impact or job security worries.
According to the bank, the policy is an example of a revamp of working practices to attract and retain talent. It was in development for some time and was created in partnership with employees by taking into account their feedback and ideas.
Tara Ryan, people experience director at Monzo, said: “We’re always looking to introduce best-in-class policies for our employees.
“Our people are essential to our mission of making money work for everyone, and investing in them is a priority as we continue to grow.
“Our aim is to not only reinvent banking for customers through a stand-out product and experience, but to shake-up and vastly improve the experience for employees working within it.”
The announcement follows the bank’s founder Tom Blomfield leaving the company in 2021 after suffering anxiety and stress running the business during the Covid-19 (Coronavirus) pandemic.
Last year Monzo introduced 10 days of paid leave to employees who experience the loss of a pregnancy or are undergoing fertility treatment. It also introduced flexible hours for staff so they can work where they like, as long as they are available for meetings and training in its London and Cardiff offices when needed.