Goldman Sachs wants senior staff to ‘rest & recharge’ with unlimited holiday

In an attempt to create a healthier culture and work/life balance, Goldman Sachs has informed its senior staff members that they will now be able to take as much holiday as they wish.

It comes after several complaints of its long-hour culture at the investment bank.

A memo seen by The Daily Telegraph revealed that partners and managing directors were told there will be an unlimited amount of paid days off available, reported the Daily Mail.

The business shared that it hoped the new annual leave policy would improve staff “wellbeing and resilience”, allowing them to have extra time off to “rest and recharge”.

The internal memo added that it came into effect from 1 May to allow senior members of the team “to take time off... without a fixed vacation day entitlement”.

Other employees will also be expected to take a minimum of 15 days leave per year from January 2023, with at least one week of consecutive time off.

In addition to this, junior members will be rewarded with an extra two days off each year.

Pay boost

This isn’t the first attempt Goldman Sachs has introduced to tackle employee wellbeing and burnout, as last year the firm revealed plans to up the salaries of junior staff after several complaints were raised.

In the US the business said first-year analysts will now earn a base wage of £79,000 ($110,000), rising to £90,000 ($125,000) in their second year, while those in a more senior position at the investment bank will receive a boost to £107,000 ($150,000).

Leaked complaints

Back in 2021, a survey was leaked where 13 analysts exposed accusations of large workloads and 100-hour weeks.

It also revealed detailed complaints on worsening mental and physical health.

77% of respondents to the survey shared that they have also been a victim of workplace abuse, while 75% revealed they had considered counselling due to the stress of the job.

The pros and cons of unlimited annual leave is explored in the latest issue of Reward Strategy magazine – read the entire feature here.