Luxembourg-based company Raiffeisen is at the forefront of a trend towards flexible working hours, aiming to attract a wider pool of candidates for vacant positions. The “Quality Time” approach addresses not only the needs of employees but also aligns with the global discourse on the evolving nature of work, a topic which gained prominence during the recent election campaign.
Since 1 January 2023, Raiffeisen in Luxembourg has reduced working hours to 38 hours per week. In concrete terms, this means one day a month off to look after yourself - quality time. Anne Hermes has been working in Leudelange since 2018 and provides online support for clients with transactions. She appreciates the flexibility: “I’ve used Quality Time to spend more time with my family, go on trips with friends, or enjoy an extended weekend. I also have colleagues who like to go to concerts abroad. You can use this day in many different ways.”
Around 80% of Raiffeisen’s staff regularly take advantage of this unique benefit. Yves Sommer, a 16-year veteran of the bank and the manager of the Leudelange branch, describes it as a “nice-to-have” feature. While he doesn’t use the Quality Time option frequently, he recognises its value: “During the summer, I often left early after work was done for the day to go cycling in the afternoon. But now, I’m planning to take a full day off on 6 December to celebrate St Nicholas Day with my children, who are still in nursery.”
Raiffeisen came up with the “Quality Time” concept last year after the bank lost employees to the public sector, a trend not unique to Raiffeisen which has affected several Luxembourg banks.
Laurent Derkum, Head of Human Resources at Raiffeisen, contextualises the decision, stating, “We don’t want to complain about it. It is legitimate competition, and we have to position ourselves as an employer in such a way that we are attractive, and that means breaking new ground. Trying things out. You have to meet the needs of the employees, and we do that with specific measures such as Quality Time. It works. Our ‘rotation rate’ has fallen sharply. We are losing far fewer people to the state and other companies.”
Implementing more flexible working hours was not without its challenges and faced internal scepticism initially. However, the results speak for themselves. Over the first ten months, productivity has remained stable, while the number of candidates applying for vacancies has surged by 50%. Equally noteworthy is the 30% reduction in sick leave, with the HR manager noting that, “It’s a fact that this rate has fallen.” Derkum adds that, “In general, even if this is a subjective observation, you can tell that people are more relaxed at the bank. It’s a different atmosphere, and people appreciate the fact that they can continue to do their work well, but still fulfil their private obligations without causing further stress.”
Employees validate the success of the initiative. For Anne Hermes, this will soon take the form of a long weekend in the south, not only providing valuable personal time but also offering a bonus of respite from the rain and cold.
Full report by RTL Télé (in Luxembourgish)
