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Scotiabank will be the first bank to implement a sub-40-hour workweek

InvestChile - April,22,2022

The Canadian multinational will reduce its workweek from 42 to 39 hours, benefiting more than 6,000 employees in Chile.  


Today, several companies in Chile have already established a workweek below the current legal maximum of 45 hours, and little by little others are joining the trend toward a sub-40-hour workweek. One of these companies is Scotiabank, which has become the first bank to move in this direction.  

Why has Scotiabank reduced its workweek? 

The financial institution had already established special working hours, with a shorter day on Fridays, and now the reduction will be even greater. Employees at the bank currently work 42 hours a week, but the workweek will be reduced to just 39 hours from May 2022. 

“Through this measure, we aim to make a significant contribution to our employees’ wellbeing, enabling them to achieve a better work-life balance. This is a reflection of the trust that we have in our team, which has shown high levels of commitment to the organization and a great sense of pride in the company,” explained VP of People Management, Culture, and Corporate Affairs, Jacqueline Balbontín. 

She also noted that this initiative is in line with productivity improvements generated by the company's modernization and digital transformation agenda, which has enabled more efficient use of time. 

The bank currently has more than 6,108 employees, of whom 6,069 are full-time and the remainder part-time. 

What is the normal workweek in Chile? 

Current legislation in Chile establishes a maximum workweek of 45 ordinary hours. In 2019, Camila Vallejos, then a lower-house representative in Congress, introduced a bill to reduce the maximum workweek to 40 hours. The issue has been spurred again by Gabriel Boric’s government, and has been established as a commitment of his administration. 

According to data from Chile’s National Statistics Institute (INE), average working hours increased by 3.6% year-on-year in December-February 2022, reaching 36.3 hours a week. When broken down by gender, the average was 38.9 hours a week for men and 32.8 hours a week for women. 

Foreign investment and good labor practices 

In line with a large number of Chilean companies, Scotiabank has also decided to permanently implement a flexible hybrid working model, which combines time in the office with remote work. 

“Thanks to the fact that the bank had already implemented teleworking policies, we were one of the first organizations in the financial industry to establish a model combining office-based and remote work. This measure has been highly valued by our team,” noted Jacqueline Balbontín. “We are convinced that this framework will be key in our value offering to attract and retain the best talent,” she added. 

The hybrid working model involves employees attending the bank's offices in shifts, which have been defined by each area based on their business objectives and needs, and that of their teams. 

Read the following article to find out more about investment opportunities in Chile and other foreign companies that are contributing to their employees’ wellbeing.  

Source: Pulso 

Learn more about this topic here

Topics: Banking



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