Revised vacation days program aimed 'to further support time off to rest and recharge'
Goldman Sachs is emphasizing the need for workers to take time away from work.
The American multinational investment bank has given managing directors and partners a new “flexible vacation” benefit, allowing them “to take time off when needed without a fixed vacation day entitlement.”
“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 company announced the policy to employees last month, and the new benefit took effect on May 1.
Read more: You might have to return your bonus if you’re thinking of leaving this financial firm
Meanwhile, rank-and-file employees will get at least two more vacation days annually starting next year, the bank said in a separate memo.
Meanwhile, starting Jan. 1, 2023, all Goldman Sachs people will be expected to take at least three weeks of vacation per year.
“All of our people, including partners and managing directors, will be expected to take a minimum of 15 days (three weeks) away from work in a given calendar year, or your required minimum if greater – with at least one week of consecutive time off (or more if required by Compliance for your role or applicable local law),” according to the bank.
In March, Goldman Sachs announced it is looking to retake vested stock from executives Omer Ismail and David Stark, who left the company last year for companies that would be considered clients, reported Bloomberg. The company is also pulling unvested compensation from the two, according to the report.
Nearly three-quarters (72%) of HR leaders agree that stress resulting from cost-of-living increases is negatively impacting the work of their employees, according to a recent report. And 50% of employees claimed to have left their jobs for their mental health in 2021.
Paid time off (PTO) is the most common benefit employees look for in a job position, according to Robert Half’s 2022 Salary Guide. A third of millennials and Gen Z respondents have taken time off due to work stress and anxiety, according to another report. However, 55% say they haven’t used any mental health benefits offered by their employer, according to yet another study.
“Whether it’s reward and recognition or financial, mental or physical wellbeing resources, HR leaders need all of these tools in their toolkit to best support their people right now, and help them retain their talent,” said Robert Hicks, group HR director at Reward Gateway.
In January, Google expanded parental leave from 12 weeks to 18 weeks for all parents, and from 18 weeks to 24 weeks for parents who give birth. That same month, Bank of America announed it is giving its workers something big: $1 billion worth of restricted stock.