Move represents turnaround for firm with tough-culture reputation
As major banks jostle for position in the war for talent, leading global financial institution, Goldman Sachs has announced to its senior leaders that there is no longer a cap on the number of paid leave days they can take.
An internal memo that was seen by the Telegraph said, “As a firm, we are committed to providing our people with differentiated benefits and -offerings to support well-being and resilience.”
The move is a huge turnaround for the company which has a reputation for having a tough culture where employees are forced to work long hours. A recent leaked internal survey described inhumane conditions that were leading to mental health issues among staff.
Goldman Sachs was aggressive in making their staff return to the office five days a week, luring them in with free breakfast and lunch after chief executive, David Solomon, labelled working from home “a temporary aberration".
The new flexible vacation scheme came into effect at the beginning of May. The memo said that the scheme will allow Goldman’s senior staff “to take time off when needed without a fixed vacation day entitlement. All employees will be expected to take a minimum of 15 days leave per year, with at least on week of consecutive time off".
Junior employees will still have limits on their vacation days but are all being given an additional two days each year.
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.”
