Goldman Sachs is insisting its staff take more vacation ????
Wall Street culture may be more known for its punishing work hours than paid time off. But Goldman Sachs has said it will not only give its staff more leave, it’s insisting staff take enough leave that they come back to work—hopefully—refreshed.
Goldman instated its new holiday policies in April, according to an internal memo seen by Quartz. It mandated unlimited vacation for senior staff, defined as all partners and managing directors globally, effective this month. And starting next year, all staff, including senior executives, will be required to take at least 15 days of holiday annually, including at least one week of consecutive days off.
The changes point to problems with the way US firms in particular have handled burnout and vacation time in recent years. Some companies offered unlimited paid time off, trusting employees not to take too much. But the reality was that many workers, feeling the pressure to self-regulate, took fewer vacation days than when time off was capped. The US has less paid time off than most rich countries, according to a World Economic Forum analysis, and a work culture in which fewer people take it.
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