Goldman Sachs will allow its senior staff to take an unlimited number of vacation days, the latest move by a Wall Street bank to retain talent in a heated job market.
According to an internal memo obtained by the Financial Times, partners and managing directors at the bank have been advised that there would be no limit on the amount of paid leave days they can take as part of a new holiday policy.
From next January, all employees will be required to take a minimum of 15 days of leave per year, including at least one week off in a row.
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The new “flexible vacation” scheme, which came into effect from May 1, will allow Goldman’s senior staff “to take time off when needed without a fixed vacation day entitlement”, the memo said.
The memo said: “As a firm, we are committed to providing our people with differentiated benefits and offerings to support well-being and resilience.
“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 move makes Goldman the first major financial institution to implement such a policy and marks a significant shift for the bank which has historically been associated with having a tough culture that forces its employees to work extremely long hours.
While unlimited vacation policies are becoming more widespread among tech organizations, many financial services firms have maintained more traditional structures.
Other companies that offer “unlimited vacation” plans include LinkedIn and Netflix, however these policies have been criticized for causing employees to take fewer days off.
The Chartered Institute of Personnel and Development has criticised such policies, saying they are a good idea in theory, but for them to work, companies must have a culture where it is acceptable to take the leave on offer.
