Goldman Sachs gives senior managers a new perk: ‘flexible vacation’ policy
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David Solomon (CEO, Goldman Sachs), speaking at the World Economic Forum Davos in Switzerland on Jan. 23, 2020.
Adam Galacia | CNBC
Goldman SachsIt offers its highest managers an unusual perk in the technology industry: The ability to enjoy as much vacation as they like.
The investment bank told managing directors and partners last month that starting May 1, the new “flexible vacation” policy will let them take time off “when needed without a fixed vacation day entitlement,” according to a memo obtained by CNBC. In a separate memo, the bank stated that rank-and-file employees would be entitled to at least two additional vacation days each year starting next year.
“We are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge,” the bank said.
Although the policy allows senior executives to take unlimited vacations, it is actually a career-endangering move, especially during turbulent market conditions. Wall Street’s elite have the problem of not taking advantage of the vacations they receive.
According to the Telegraph memo that was reported earlier, Goldman has mandated that workers spend at least three weeks on vacation per year.
The perk for managing directors and partners — the two most senior and difficult-to-achieve ranks at Goldman — is similar to flexible vacation policiesTechnology firms include NetflixLinkedIn.
Here is an extract from the memo
April 22, 2022
Improvements and changes to the Global Vacation Program for Partners & Managing Directors
We are committed as a company to offering our employees unique benefits to help them feel better and more resilient. As we continue to take care of our people at every stage of their careers and focus on the experience of our partners and managing directors, we are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge:
For partners and managing directors
- Flexible Vacations Effective May 1, we are introducing flexible vacation for all partners and managing directors, allowing you to take time off when needed without a fixed vacation day entitlement.
- Minimum of three weeks’ notice each year: Starting January 1, 2023, all of our people, including partners and managing directors, will be expected to take a minimum of 15 days (three weeks) away from work in a given calendar year, or your required minimum if greater – with at least one week of consecutive time off (or more if required by Compliance for your role or applicable local law).
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