Revolut is to move the majority of its 2000-strong employees to a permanent remote working model and has begun the conversion of 70% its office real estate into 'Rev Labs', collaborative spaces for teamwork and in-person knowledge exchange.
Revolut's entire workforce has worked exclusively from home since late March 2020, with minimal disruption to services. During the global pandemic, the company successfully launched in three new big markets, USA, Australia and Japan and launched new products including Junior accounts and commodities trading across the world.
The firm says employees have adapted well to remote working with 86% enjoying the benefits of not commuting and 60% reporting a better work/life balance.
The same surveys showed that, while teams have been working remotely, 92% of employees found that their individual productivity had not changed or if there was a change it was positive. 80% of employees felt that team collaboration had not changed or had a positive impact and 96% of employees considered that team performance was not negatively impacted or experienced a positive change.
Nevertheless 65% said that they wanted the freedom to come to the office when they wanted, in order to engender a sense of belonging and the ability to bounce ideas off one another in person.
The new Rev Labs format will cater for this need, providing spaces for creative thinking, brainstorming, training and teamwork, alongside quiet zones and space for external meetings.
Jim MacDougall, VP of people at Revolut, says that over the course of 2021, the firm plans to open Rev Labs in new locations where it has never had a physical presence before while the current offices are gradually repurposed to fit this new model.
“Our people have told us that they really love the better balance they’ve achieved by working from home. But they said they missed colleagues and the chance to collaborate face to face on key projects and to balance the convenience of home with the camaraderie of the office," he says. "Rev Labs offers everyone the best of both worlds. We’ll be completing the flexible working policy over the coming months, to be attractive to our current colleagues and the hundreds who will be joining us as we grow around the world.”