Professional services and accounting firm Ernst and Young (EY) is to allow its UK consultant employees to take time away from their roles.
Through the employer’s Employee TimeOut initiative, employees without an assignment from March to August 2024 can leave their role for between four and 12 weeks. This time away will be unpaid, but staff will receive a bonus worth 25% of their salary when they return.
In order to be eligible, employees must be graded as at least “performing as expected” by their line manager. They will still be able to access their employee benefits while they are away. The firm can reject requests to join the scheme at its own discretion.
Staff will also be required to submit plans to use around 40% of their holiday by the end of June and 70% by the end of August, as the time out supplements their existing annual leave.
According to EY, the programme creates opportunities for staff to achieve balance in work and personal lives and use their time to travel, be with family or have time out for themselves.
An EY spokesperson said: “EY’s UK financial services consulting business is operating an Employee TimeOut initiative, offering its people four to 12 weeks of unpaid leave over the summer months.”
EY’s employee benefits include matched employer pension contributions of up to 6%, life assurance and group income protection including flex up options, recognition initiatives and team awards, educational guidance and tools to help manage finances, a workplace individual savings account (Isa) and loans, financial and mortgage advice, interest-free loans for those on graduate contracts, season ticket loans, lifestyle discounts and a car cash allowance for managers and above.
It also offers flexible working options, maternity, adoption, surrogacy, paternity and shared parental leave of up to 52 weeks, employer-funded private medical insurance, free eyesight testing, a bikes-for-work scheme, discounted gym membership, a health cash plan and an account preloaded with £500 to invest in health and wellbeing.
