Tightrope to Triumph: The Great Balancing Act of Building Great Workplaces

In today’s world, the concept of a workplace isn’t confined to the walls of a physical office. The COVID-19 pandemic has thrust hybrid working into the spotlight, and it has remained as the new norm; permanently shifting our perception of work. At Atom Bank, a digital-only bank, we’ve embraced this shift, recognising that our workplace proposition extends beyond just a physical space—it includes building a robust digital workplace as well. 

As a bank without branches, Atom has long been committed to taking services traditionally handled face-to-face and transforming them into seamless digital experiences. But our focus on digital innovation doesn’t only extend outward to our customers; it’s equally vital within our own teams.  

The foundation of any great workplace lies in a delicate balancing act. Innovation must be tempered with frugality, collaboration and connectivity with flexibility, and autonomy with predictability. Whilst these are all virtues in their own right, when taken to extremes, they become limiting. For instance, innovation without direction leads to pricey inefficiencies, just as too much autonomy, without alignment, can create chaos. 

In my four years at Atom Bank, I’ve worked across various initiatives, implementing change after change to continuously fine-tune this balance. Creating a truly great workplace means nurturing an environment where collaboration and innovation thrive, but always with a mindful eye on resources, employee empowerment, and the evolving needs of the business. It’s this balance that allows me to look at my team of high-performing experts today and feel confident about the future we’re building together. 
 
So let’s dive into The Great Balancing Act … 

 
Act 1: Innovation and Frugality 

In the fast-paced world of financial technology, striking the right balance is essential. At Atom Bank, we believe that true balance isn’t just about juggling priorities—it's about creating an environment where innovation can thrive while keeping a watchful eye on costs. 

Innovation flourishes in an atmosphere where experimentation is encouraged, and failure is seen as an opportunity for learning. At Atom, we’ve nurtured a culture that values both successes and setbacks for the insights they bring. This approach has been crucial to our growth, allowing us to continuously improve and adapt in a rapidly evolving industry. 

To foster innovation while maintaining frugality, we provide our teams with the time and space to engage with new technologies, explore their potential, and determine what truly works. This isn’t just about experimenting with the latest tools; it’s about empowering our people to think critically, push boundaries, and share insights that drive collective progress. By creating safe spaces where teams can explore, test, and even stumble, we’ve enabled them to make informed decisions that benefit both their roles and the organisation.  

Balancing innovation with frugality is a challenge many organisations face, especially in a cost-conscious environment like ours at Atom Bank. One effective strategy we’ve employed is our time-boxed periods for innovation, such as our Hackfest events. These sessions allow teams to dive into new tools in test environments over a couple of days, experimenting with multiple use cases to fully understand the potential and, more importantly, the limitations of emerging technologies. This approach provides a low-risk, high-reward opportunity to innovate—enabling us to test the waters before committing to significant investments.  

In essence, balancing innovation with frugality at Atom Bank is about being strategic. Giving our teams the time and freedom to engage in critical thinking and exploration, while also ensuring that our resources are used wisely. By doing so, we maintain a culture that values both creativity and efficiency, driving collective progress in a sustainable way. 

Innovation doesn’t happen in a vacuum—it happens when people come together, share ideas, and challenge each other to think differently. With innovation and frugality in harmony, we turn to another crucial balancing act… 

Act 2: Balancing Collaboration and Connectivity with Flexibility 

In a world where hybrid working models are fast becoming the norm, maintaining collaboration can sometimes feel like a daunting task. Yet, as I recently discovered by the coffee machine at our Rivergreen offices, it all boils down to one thing: culture. A simple game of Scrabble set up by an unknown colleague sparked an unexpected chain of events. Seven letters, a blank canvas, and an open invitation to contribute. What ensued was nothing short of magical—a workplace-wide game of Scrabble, played one word at a time.  

This delightful experience got me thinking about the essence of collaboration in the modern workplace. It's about more than just physical proximity; it's about creating an environment where every voice is valued and every contribution counts. As leader, my primary focus is to leverage the unique strengths of each team member to achieve common goals. 

 At Atom Bank, we recognised this challenge and aim to create a workplace where collaboration and connectivity can flourish, while maintaining a hybrid working model. Unlike many banks that have mandated a return to the office, we’ve found that flexibility works to our advantage. It allows us to cultivate a more inclusive environment, where individuals with caring responsibilities can contribute fully to the organisation while balancing their personal commitments. This is particularly important when it comes to fostering a diverse workforce, as women are still disproportionately affected by childcare responsibilities. Mandating office attendance could potentially push out significant inter-sections of our team, particularly those with responsibilities outside of work. 

However, flexibility cannot be boundless. Collaboration, a cornerstone of any great workplace, manifests differently in a digital environment. In a physical office, collaboration might happen spontaneously—a quick chat in the hallway or an impromptu meeting over coffee. In the digital workplace, however, collaboration must be more deliberate. It’s about creating spaces that foster connectedness and camaraderie. When people feel connected & supported, it naturally follows that they feel better empowered to share ideas freely. 

To address this, we’ve implemented a social contract within my team. In-person attendance is required for key team days, but this is complemented by a range of virtual events to maintain regular connection. These include daily stand-ups, well-being check-ins, and monthly virtual coffee catch-ups where we discuss books, shows, and podcasts. This creates regular opportunities for team members to connect, learn from one another, and support each other. This 360-degree approach enables us to balance the flexibility of remote working with the need for meaningful interactions that are crucial for building a strong, cohesive team. 

 
 
Act 3: Balancing Autonomy & Predictability 

 
In a dynamic workplace like Atom Bank, autonomy is a powerful driver of innovation and employee satisfaction. Empowering individuals to take charge of their work, make decisions, and pursue their ideas fosters creativity and personal investment. However, autonomy must be balanced with predictability to ensure that individual efforts align with the broader goals and strategy of the organisation. 

Predictability isn’t about rigid control; it’s about providing a clear direction and framework within which autonomy can thrive. At Atom, we believe that when employees understand the company’s strategy, goals, and key performance indicators, they can exercise their autonomy more effectively. This alignment ensures that while individuals have the freedom to innovate and take initiative, their work remains consistent with the company’s overall direction. 

One way we achieve this balance is by integrating our strategic goals into the day-to-day work of our teams. We ensure that every employee knows how their work contributes to the bigger picture through regular communication, transparent goal-setting, and alignment with our company scorecard. This approach allows individuals to be autonomous in their methods while staying predictable in their outcomes—driving the organisation forward in a cohesive manner. 

We also focus on creating clear but flexible guardrails that guide autonomous work. These include shared values, a common understanding of priorities, and agreed-upon benchmarks for success. By defining what success looks like and how it ties back to our strategy, we empower employees to make decisions confidently, knowing that their autonomy is steering the company in the right direction. 

Furthermore, we recognise the importance of feedback loops in maintaining this balance. Regular check-ins and reviews ensure that as employees exercise their autonomy, there is ongoing alignment with the company’s evolving goals. This predictability in direction, combined with the freedom to explore and innovate, creates a work environment that is both empowering and strategically focused.  

In balancing autonomy with predictability through these measures, Atom Bank ensures that individual creativity contributes meaningfully to our collective success, driving innovation while staying true to our strategic vision. 

And Scene…  

At Atom Bank, the workplace is more than just a physical space—it's a carefully crafted ecosystem where innovation, collaboration, and autonomy are in balance. By fostering a culture that embraces experimentation while staying mindful of resources, we’ve created a foundation for sustainable growth. Our flexible approach to collaboration ensures that connectivity thrives, whether in the office or through digital channels, while autonomy is supported by clear strategic alignment. As we continue to evolve, this balance will remain at the heart of our workplace, ensuring that both our employees and our business are set up for long-term success. 

By Faizah Rafique, Principal Business Analyst at Atom Bank. 

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At Harrington Starr, we are passionate about celebrating and promoting workplace innovation, recognising the companies that truly excel in creating exceptional environments for their people. As leaders in FinTech recruitment, we connect top-tier talent with businesses that are driving change, shaping the future of work, and redefining what it means to be a great workplace.

This blog, featured in The Financial Technologist Magazine as part of the prestigious Top 1% Workplace Awards 2024, offers a unique insight into Atom Bank’s approach to achieving balance in a modern workplace. From embracing hybrid working to fostering innovation and collaboration, Atom Bank exemplifies the values we champion—values that create thriving, empowered, and forward-thinking teams.

To explore more about Atom Bank’s story and other trailblazing workplace strategies, download the full Top 1% Workplace Awards 2024 issue of The Financial Technologist here: The Top 1% Workplace Awards 2024 – TheFinancial Technologist. Let’s celebrate the companies setting the standard for workplace excellence!