THIS company to allow unlimited annual leave for senior employees

New Delhi: Goldman Sachs has announced that senior executives will be able to take an unlimited number of annual leave days, the latest effort by a Wall Street bank to retain talent in a tight labour market.

According to a company document reviewed by Bloomberg, partners and managing directors at the New York investment firm can take time off as needed "without a predetermined vacation day entitlement." Junior employees' vacation time is still limited, but under a new policy implemented at the beginning of the month, they will be given at least two additional days off each year.

Starting in 2023, all Goldman workers will be expected to take three weeks off per year, according to the memo. At least one week of uninterrupted vacation is required.

More than a year ago, junior analysts at the bank complained of "inhumane" working conditions, including 100-hour work weeks and poor physical and mental health. This resonated across Wall Street, with companies promising to do more to enhance their employees' work-life balance.

In practice, the policy of unrestricted leave may have little influence. Employees at companies with open-ended vacation allowances took fewer days off per year than those at companies with standard vacation policies, according to a 2017 survey by HR platform Namely.

It's a bold move at a time when companies are scrambling to keep employees and recruit new talent. Companies from Wall Street to Silicon Valley are contending with a renewed focus on work-life balance while attempting to reverse workplace restrictions put in place during the Covid-19 outbreak.

Free breakfast and lunches at the office at Goldman Sachs were discontinued last month as a benefit to get employees back to work. The bank has been one of the most vocal in its support for the president's return to office.