Goldman Sachs, an American multinational investment bank, has decided to allow its senior executives to take as many paid holidays as they want to. Feels strange to believe right? Yet, it’s true. The company has taken this step to promote “rest and recharge.”
According to a BBC report, the bank stated in an internal memo that there will be no paid leave restrictions under the business’s new flexible vacation policy. Junior bankers, on the other hand, will have their leaves assigned in accordance with previous protocol.
In a memo sent to employees worldwide, the bank stated that from next year, employees will be forced to take at least three weeks of annual vacation, including at least one week of consecutive days off. “As a firm, we are committed to providing our people with differentiated benefits and offerings to support wellbeing and resilience,” the company noted.
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The exact statement of the firm reads, “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.”
Stressing on the “careful” management of this policy, Claire McCartney, inclusion and resourcing adviser for the Chartered Institute of Personnel and Development (CIPD), said that it could be “open to abuse”. She also highlighted the fact that if this policy is only available to certain employees, the rest may feel undervalued and resentful. Nevertheless, she further said that unlimited leave might be a means of empowering employees as well as attracting and retaining talent.
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This move, however, has go resistance from younger staff. Last year too, employees hired via Goldman’s graduate recruitment scheme said that they are overworked. An internal survey among 13 employees showed they averaged 95 hours of work a week and slept just five hours a night, as reported by BBC.
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