Contributed by Simply Business
7/06/2022 - Goldman Sachs
It’s well known that employers are determined to keep their best and brightest employees, particularly those who work the hardest and contribute the most. With 24/7 connectivity nearly everywhere globally, finding time away from the demands of a stressful job are becoming more and more difficult. It is often a challenge for those in the highest demand to get a decent amount of time off to rest and recuperate properly – both physically and mentally – never more so than in the world of financial services.
It may have come as a surprise to many to read that internationally renowned investment bank, Goldman Sachs, announced that senior staff are being moved to a ‘flexible vacation’ policy which will permit time off when needed and not adhering to fixed maximum days per annum.
Having been hailed as progressive for the industry and designed to encourage a decent amount of time off to support health and wellbeing (there will be a minimum level of time off for junior staff which aligns with the statutory requirement in any event), will there really be any change in culture or attitude at Goldman Sachs – often viewed as fiercely competitive?
In the US, the tech sector has actually been offering unlimited vacation for many years which might sound like a significant benefit where vacation is around ten days plus public holidays. The reality however can be quite different.
Unlimited holidays can work for some businesses and sectors, but this type of policy won’t work for every company. In today’s environment it might act as a great benefit to entice new, often younger, starters to join a company. It’s always important to engage with staff and key stakeholders to get a better idea of the appetite for such a policy before committing and if there is desire, prepare thoroughly to avoid any negative ramifications to individual staff and company morale.
What do you think? Would this work for your business?
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