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Goldman Sachs: executives get unlimited vacation

2022-05-17T20:39:06.949Z


The major US bank Goldman Sachs allows its partners and managing directors to take as many days of vacation as they want. The Wall Street Bank is trying to retain employees with this. IT giant Apple, on the other hand, is failing to compete for talent by dictating when its employees have to work from where.


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US bank Goldman Sachs is known for its long working days:

The new furlough policy comes after the bank's junior analysts complained about 100-hour weeks

Photo: Chris Hondros/Getty Images

After employees complained about working conditions at Goldman Sachs, the Wall Street bank has now reacted by introducing an unusual rule: Executive employees can now take unlimited holidays.

According to a memo seen by Bloomberg, partners and directors will be given flexible vacation time, allowing them to take time off when needed without being entitled to a fixed number of vacation days.

The new holiday regulations have been in effect since May 1st.

The Telegraph first reported on the memo on Saturday.

Junior analysts continue to have limited vacation time, but will receive at least two additional vacation days per year under new company policy.

All Goldman employees will be required to take three weeks vacation each year beginning in 2023, the statement said.

This includes at least one week vacation at a time.

The new furlough policy comes more than a year after junior analysts at the bank complained about 100-hour workweeks and deteriorating physical and mental health in "inhumane" conditions.

This resonated all over Wall Street, and companies pledged to do more to improve work-life balance for their employees.

Even with a rain of money, Goldman Sachs and others tried to hold their ground in the war for talent.

The institutes paid out up to 22 percent more in 2021.

Employees with unlimited holiday entitlement take less time off

However, it remains questionable whether the unlimited vacation scheme will improve working conditions.

According to a study by the HR platform Namely from 2017, employees in companies with unlimited holiday entitlement usually take fewer days of holiday per year than with traditional systems.

In addition, the regulation only applies to the top echelons of the Wall Street bank, workaholics, who are unlikely to derive much benefit from it.

Office duty prompts resignation from senior Apple executive

Nonetheless, companies from Wall Street to Silicon Valley are trying to roll back workplace policies put in place during the Covid-19 pandemic.

Goldman, for example, wanted to lure employees back to work with goodies such as free breakfast and lunch in the office.

The company removed the perks last month.

The bank was one of the most aggressive of the financial firms pushing for a return to the office.

IT giant Apple scared off its managers with an office duty.

The group has now made it clear to its team: A hybrid model with office days on Mondays, Tuesdays and Thursdays will apply from May 23rd.

Apple CEO

Tim Cook

described the benefits of personal collaboration as "irreplaceable".

The staff, on the other hand, reacted with horror.

According to the Börsen-Zeitung, a highly respected expert in artificial intelligence then even resigned from his job.

"I strongly believe that more flexibility would have been the best strategy for my team,"

Ian Goodfellow

wrote in a letter to his team over the weekend.

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Source: spiegel

All news articles on 2022-05-17

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