In a job market tht is facing major talent shortage, Goldman Sachs Group Inc. has come up with an innovative idea. It will allow senior staff to take an unlimited number of vacation days, according to Bloomberg.
Partners and managing directors at the New York investment bank can take time off when needed "without a fixed vacation day entitlement," according to a company memo seen by Bloomberg.
Junior employees still have limits on vacation but will be given at least two extra days off each year under the new policy that was introduced at the start of the month.
All Goldman employees will be required to take three weeks off each year starting in 2023, the memo said. That includes at least one week of consecutive time off, the report said.
This change is significant for Wall Street banks, whose employees work extremely long hours. It comes about two months after a group of first-year Goldman Sachs analysts complained in March of being overworked and threatened to quit within six months unless conditions improved, Reuters said.