Unlimited vacations: the new strategy of a company to retain its staff

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Unlimited vacations: the new strategy of a company to retain its staff

The new strategy of a company to retain its staff

The Goldman Sachs Inc. financial group will allow its executive staff to take an unlimited number of vacation days.

It is the latest move by a Wall Street bank to retain talent in a heated job market, Bloomberg and the Telegraph said.

The partners and general directors of the New York investment bank will be able to take time off when they need it “without a fixed right to vacation days”, according to a company note seen by Bloomberg.

“Junior employees continue to have a vacation limit, but will be granted at least two extra days per year under the new policy that was introduced earlier this month.“, It indicated.

In this sense, all Goldman employees will have to take three weeks of vacation a year from 2023, according to the note. “That includes at least one week of consecutive vacations.”

Facilities on Wall Street to retain your employees
Facilities on Wall Street to retain your employees

The new vacation policy comes more than a year after the bank’s junior analysts complained about 100-hour workweeks and deteriorating physical and mental health in “inhumane” conditions.

This situation, it was indicated, “reverberated throughout Wall Street and companies committed to do more to improve the balance between work and personal life.”

In this regard, it was indicated that “Goldman’s bankers ask to work only 80 hours a week in a coup.”

In this sense, “the unlimited vacation policy may have a limited impact in practice. A 2017 study by the HR platform Namely found that employees at firms with unlimited vacations tend to end up taking fewer days off per year than with traditional systems.”

Still, “it’s a striking move at a time when the competition to retain employees and attract new talent has intensified.”

“Companies from Wall Street to Silicon Valley are grappling with renewed interest in work-life balance, while trying to reverse labor policies applied during the Covid-19 pandemic,” he said.

It should be remembered that, last month, “Goldman ended free breakfasts and lunches in the office, a benefit to attract staff to work.”

The bank has been one of the most aggressive among financial firms in promoting the return to the office after two years of pandemic that affected the routine in companies around the world.

It is worth remembering that Goldman long ago abolished free lunches and ended the pandemic in the office.

goodbye to the office

In this context, days ago, the CEO of Airbnb, Brian Chesky, stated that working in the office is already a relic of the past.

In an interview for The Leadership Brief, Chesky, 40, said he believes the office is “an anachronistic form” that corresponds to “a pre-digital age.”

brian chesky
brian chesky

His comments came after Airbnb announced earlier this month that it will let employees work remotely forever without a pay cut, citing the ability to expand its talent pool and noting the company had its two-year stint over productive while working remotely.

“I think the office as we know it is over,” the executive told Time. “We can’t try to hold on to 2019 any more than 1950. We have to move on.”

In this sense, he added: “If the office did not exist, I like to ask, would we invent it? And if we invented it, why would it be invented? Obviously, people are going to continue going to hospitals to work, they are going to continue going to cafeterias to work, those spaces make perfect sense. But I think for someone whose work is on a laptop, the question is, well, what is he supposed to do in an office?

Shortly after announcing that Airbnb would go fully remote, Chesky said the company’s hiring page received more than 800,000 hits, according to Business Insider.

In January, Chesky said he was “living on Airbnb,” working from various cities in the United States. In his interview with Time, he acknowledged that there will still be some need for some offices, but concluded that “the office has to do something that a house can’t do.”

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