Goldman Sachs is giving its top managers a new perk more common in the tech industry: the ability to take as much vacation time as they want.
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. Rank-and-file employees will get at least two more vacation days annually starting next year, the bank said in a separate memo.
“We are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge,” Goldman said.
While the new policy means theoretically unlimited time away from work for senior executives, in practice, doing so would amount to career self-harm, particularly during market upheaval. Wall Street’s elite often have the opposite problem of not using the vacation they are allotted.
Perhaps that’s why Goldman is mandating that all workers take at least three weeks of vacation annually, including at least one consecutive week away, according to the memo, reported earlier by the Telegraph.
The perk for managing directors and partners — the two most senior and difficult-to-achieve ranks at Goldman — is similar to flexible vacation policies at technology companies including Netflix and LinkedIn.
The move could be a way to give senior talent some flexibility back as Goldman CEO David Solomon encourages his workforce to return to the office. Solomon said earlier this month that in-person attendance at U.S. offices is still below the pre-pandemic level of about 80%.