Virgin Money is proving flexible working is good for business, after new data reveals the number of applications to each vacant role at the bank has more than tripled (+211%), while employee attrition has halved (-57%), one year on from the launch of its flexible working package, ‘A Life More Virgin’.
The new working model has also helped to significantly enhance the diversity of applicants to roles at Virgin Money. Employee data shows the number of applicants declaring protected characteristics, such as ethnicity, sexual orientation and gender, has risen by 204 per cent.
New research, carried out by Censuswide for Virgin Money, backs up the data, finding that three in four workers surveyed (75%) agree that the option to work anywhere would be a pull factor for them applying for a job or staying with a firm.
The research also finds 95 per cent of people surveyed who are employed believe the ability to work flexibly will/would improve one or more areas of their life, including general happiness (54%), mental wellbeing (54%) and physical wellbeing (40%).
‘A Life More Virgin’ offers all colleagues whose role is not dependant on a specific location the opportunity to work anywhere in the UK, removing geographical boundaries for the majority of roles. Everyone across the bank also receives 30 days annual leave (pro-rated) plus five wellbeing days, on top of bank holidays.
Employees are encouraged to work flexibly where possible to maintain a positive work-life balance and manage personal responsibilities and commitments around their working day. Following the introduction of the new working model, initial data suggests Virgin Money is starting to see a slight decline in people taking sick leave.
The bank has also seen a five per cent increase in colleagues endorsing the business as an employer of choice. Results from Virgin Money’s latest internal survey show 84 per cent would recommend Virgin Money as a good place to work, outperforming the UK financial services sector average by five per cent. In addition, 91 per cent of colleagues feel ‘A Life More Virgin’ allows sufficient flexibility to meet personal/family needs.
David Duffy, CEO at Virgin Money, said: “Some businesses and high-profile CEOs think flexible working is bad for business but that couldn’t be further from the truth. We’ve seen first-hand that empowering people with more choice and flexibility creates happier, more engaged colleagues that deliver for the business. The old way of working creates unnecessary limitations for people who struggle to meet the requirements of the-9-to-5 in an office. Our model means we retain more people and attract a wider, more diverse talent pool. It’s clear that flexibility is the way forward and we'd encourage anyone thinking of forcing workers back to the office to follow our lead.”
Sarah Brown, business banking associate at Virgin Money, explains how flexible working is helping her to find more time to support her family: “A Life More Virgin has given me the flexibility I need to spend quality time with my family and support my daughter with her autoimmune disease, while still enjoying my job and managing my workload effectively. My daughter can have her ups and downs, so at those times it's helpful if I'm at home to be able to help her manage her daily life, and I can also work around attending appointments. I also like knowing when we’re all sorted, I can log on and get back to my work without feeling guilty for taking the time out that we needed. The flexibility provided is amazing and I think Virgin Money is on the right path in challenging the norm and helping people to build a career and maintain a great work-life balance.”
Anyone interested in a career at Virgin Money can visit https://careers.virginmoney.com/ Link opens in a new window. For more information about Virgin Money, its products and services, visit: https://uk.virginmoney.com/ Link opens in a new window