- Goldman Sachs has introduced a “flexible vacation” scheme with unlimited leave, Telegraph reports.
- The move seeks to offset burnout by staff routinely working 100-hour weeks.
- Goldman Sachs joins a wave of companies trying to woo workers and retain staff.
Goldman Sachs will let its senior bankers take an unlimited number of days off, according to a leaked memo seen by Insider and first reported by the Telegraph.
The “flexible vacation” scheme, which took effect on May 1, lifts a cap on the number of holidays for senior staff at the bank, allowing them “to take time off when needed without a fixed vacation day entitlement.”
Next year the US bank also plans to introduce a minimum holiday allowance of 15 days for all employees, with at least one week of consecutive leave a year.
Goldman Sachs declined to expand on the details outlined in the memo.
“As a firm, we are committed to providing our people with differentiated benefits and offerings to support well-being and resilience,” the memo said.
“As we continue to take care of our people at every stage of their careers and focus on the experience of our partners and managing directors, we are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge.”
The new policy could partially offset the very long hours put in by a workforce where even junior staff are paid more than $120,000. In an internal survey last year junior workers described “inhumane” conditions that included 100-hour weeks.
It also contrasts with the removal of pandemic-era benefits in recent weeks, including free access to the company gym.
The move by Goldman Sachs follows similar decisions by major finance groups to entice talent and boost retention rates in an increasingly tight labor market.
Insider reported that PwC would close its offices for two weeks a year to allow employees to recharge. Management consultancies including McKinsey and Boston Consulting Group are ramping up perks to retain their staff.