Goldman Sachs Is Offering Unlimited Leaves To Its Senior Staff To ¡®Rest And Recharge¡¯: Report

Goldman Sachs is ready to allow most senior bankers to take as much holiday as they want to 'rest and recharge'. Under a new 'flexible vacation' scheme introduced from May 1, partners and managing directors are free to 'take time off when needed without a fixed vacation day entitlement', Sachs told its staff in a memo last month.

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The new policy doesn't have much to offer to its junior bankers. Bankers who haven't progressed in the company as partners or managing directors will remain on a fixed vacation allotment but will be granted two extra days starting next year.

The removal of the quota on the amount of time off that senior bankers can take will apply globally.

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The Bank has informed its staff that more details of their holiday allowances for each region would be communicated separately. Employees at all levels will spend at least three weeks away from work annually from 2023. This also includes taking at least one whole week of consecutive days off.

The new policy by the bank comes after their working practices last year were under scrutiny.

A group of junior investment banking analysts told management they were working in ¡°inhumane¡± conditions.

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A year ago, a group of first-year bankers informed their managers about unhealthy working conditions.

They shared how they were working 100-hour weeks, sleeping just five hours a night, and facing workplace abuse that was deteriorating their mental health.

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The analysts presented a slide deck with proposals such as capping their working week at 80 hours and respecting an existing policy that junior bankers should not work between Friday at 9 pm and Sunday morning.

In the memo issued to staff on April 22, Goldman said it was ¡°committed to providing our people with differentiated benefits and offerings to support wellbeing and resilience.¡±

It added, ¡°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 support time further off to rest and recharge."

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"As a firm, we are committed to providing our people with differentiated benefits and offerings to support well-being and resilience," the memo reads.

The 'unlimited' days off is a practice that is common in the tech sector, but for a financial service company, this comes as a big first step.

The Unlimited leave schemes haven't gone down too well with everyone, including bodies like the Chartered Institute of Personnel and Development, as it could result in staff taking fewer days off.

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