Some super interesting questions here! Thank you!
What progressive policies you have in place or are looking at that perhaps differ from traditional banks?
Our teams here and I personally love our policies on supporting personal development and growth. For example, we offer our teams up to 6 days a year in paid study leave, in addition to funding our teams training courses to help them learn and grow.
Our Progressive Policies encourage a healthy work-life balance are something that works really well with our team at Monzo.
Monzo support flexible working, so although we set the expectation that our teams work their contracted hours, we don’t generally mandate specific shifts: some people start work at 7am, others begin at 10am. Generally we trust our teams to work with their colleagues to find a pattern that enables them to work the most effectively.
We have a ‘work from home’ policy where we recognise that there’s rarely a genuine need for our team to work at the same desk every day, so giving the freedom for our team to work at home whenever it works better for them.
Monzo offer up to a month of unpaid leave each year, to support our teams if they would like to go off on their travels or have an extended break in addition to their annual leave.
Finally, our teams really appreciate our Parental Leave policy. moved away from ‘Maternity and Paternity’ leave and offer caregiver leave. We mirror our policies with society so we offer primary and secondary caregiver, with the same policies applying to families adopting children.
Would we sign up for the Dying to Work charter?
It’s been really helpful to gain awareness of the Dying to Work Charter you’ve mentioned. Thank you so much. I’m currently engaging our team here on how we can make this work for our team at Monzo.
Would we recognise a union?
From the research we’ve done with our people, most of the unions currently out there do not represent the kind of people we have at Monzo and the things they do. However, if someone wanted to join one we would support them 100%.
As you’ve mentioned, as we scale, the needs of our team may change. So we’ll certainly continue to engage our people on whether a unionised workplace is something that our teams want.
What one policy do you think you need to focus on?
All of them!
We are currently in the process of reviewing all of our policies to see that they are still fit for purpose as we scale. It’s also a focus of ours to rejuvenate the way we engage our teams on People Policies.
We understand that what worked for our People when we were a team of 9 in 2015 might not work for our 400+ Monzonauts - hence our focus on reviewing right now.
We’re in a great position where our teams are telling us that they are satisfied with the benefits and People Policies according to our monthly colleague engagement surveys. However, we don’t want to become complacent. We want to continue to deliver progressive People Policies that really are exceeding the benchmark for the industry.
Bank Workers Charity
Again, this is so useful to have awareness of this initiative. Thank you for flagging. I’m currently working with the team here to understand how this could benefit our teams here.
It’s reassuring to know that many elements mentioned on www.bwcharity.org.uk are things we’re already supporting our people with at Monzo.
For example, we’re currently running Mental Health First Aid Training for any Monzonaut that wants to gain this skill. My Manager, Tara, our Head of People is a fully qualified Mental Health First Aid trainer and has been delivering our training. The mental health first aid programme we run at Monzo is there to ensure there is someone to talk to at Monzo when you need to and that there is someone who is there to help you find extra resources if you need them.
Thanks again for your questions.
Have a great weekend.