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Saskatoon’s Coconut Software has announced that it is implementing its version of a four-day workweek.
Coconut’s ‘Cabana Day’ program allows employees to take Fridays off to focus on things that matter to them. They work regular, eight-hour days Monday to Thursday, and their compensation does not change (despite only working 32 hours each week).
To ensure full coverage for clients every day of the week, Coconut’s Customer Service teams alternate taking off Mondays instead of Fridays.
Coconut is a leading appointment scheduling, lobby management, and video banking solution for financial institutions.
“We believe that if we take care of our people, they will, in turn, take great care of our customers and business,” says Katherine Regnier, Coconut Software CEO. Regnier all penned this blog post about the program.
“That’s why it’s so critical we ensure our employees have time to rest, recharge, and be ready to tackle the week’s challenges. Coconut is very results-driven. Based on the data, performance has remained strong and, in some cases, the team’s productivity has increased.”
In August of 2021, Coconut launched a three-month pilot of its four-day workweek program and the company’s leadership surveyed employees about their experience with the ‘Cabana Day’ program.
The survey found that the large majority of employees felt they were more engaged at work and that the balance between home and work life was better. People managers also observed that their teams were more productive and better able to prioritize their work.
“Coconut Software has historically had high employee engagement scores, quality of work, and levels of productivity,” said Regnier. “And I believe that’s because we’ve always focused on our employee’s outputs rather than when they punch in and out each day. It might not be for all companies, but it works for us—and it has been a game changer.”
The Saskatoon-headquartered startup raised a $28 Million Series B funding round in October 2021. Coconut was named one of Canada’s Top Growing Companies by the Globe and Mail, a “Company to Watch” on Deloitte’s Technology Fast 50 list, and a Great Place to Work for Technology, Inclusion, Today’s Youth, and Mental Wellbeing.