Investment banking firm Goldman Sachs has enhanced its holiday programme, including adding a minimum of two days to annual entitlements for employees across the globe.
Starting from 1 January 2023, all 45,100 Goldman Sachs staff will be expected to take a minimum of 15 days away from work in a given calendar year, with at least one week of consecutive time off or more if required by compliance for their role or applicable local law.
The bank has also introduced a flexible holiday policy for partners and managing directors, who will be able to take time off when needed without a fixed vacation day entitlement. However, junior bankers will still be provided with a fixed amount of holiday.
Goldman Sachs introduced this initiative as part of its efforts to take care of staff at every stage of their careers. The bank said it is focusing on the experience of its partners and managing directors by supporting their need for time off.
A spokesperson for the bank said: “As a firm, we are committed to providing our people with differentiated benefits and offerings to support wellbeing and resilience.”
Last year, workers on the firm’s graduate recruitment scheme said they would quit unless their “gruelling working conditions” improved. An internal survey highlighted that they averaged 95 hours of work a week, slept just five hours a night, that the job had negatively affected their relationships with friends and family, and that 77% had been victims of workplace abuse.
At the time, a spokesperson for the bank told the BBC it was “listening to their concerns and taking multiple steps to address them.”