Senior bankers at Goldman Sachs (NYSE:GS) will be able to take any number of holidays they want under the company's new "flexible vacation" policy.
Staff that typically work 100-hour weeks are eligible for the scheme since May 1, which aims to counteract burnout and is said to be aiming to promote "rest and recharge".
While there will be no limit on paid leave, partners and managing directors at the bank will be able to “take time off when needed without a fixed vacation day entitlement”, according to reports.
Plans also are afoot at the bank to introduce a minimum holiday allowance of 15 days for all employees next year, with at least one week of consecutive leave a year.
In a workplace where even junior employees are paid more than US$120,000, the new policy aims to help offset the long hours most workers put in.
A survey conducted last year reportedly documented "inhumane" conditions by junior staffers, which included 100-hour working weeks.
As a contrast, recent weeks have seen the removal of pandemic-era benefits at corporates, including free access to the company gym.
Though several tech companies, including LinkedIn, Netflix, and Glassdoor, have implemented similar vacation policies, the tight labor market has triggered Goldman Sachs to mirror the trend in order to attract talent and increase retention.
However, companies that have unlimited holiday policies often find that workers take fewer holidays, partly because staff felt guilty about taking more holiday than was appropriate.