Goldman’s Unlimited Vacation Is a Mirage for Workaholic Bankers
Long holidays are frowned upon on Wall Street and the impact of the new employee perk will depend on bosses embracing the policy.
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Goldman Sachs Group Inc.’s move to offer senior bankers unlimited time off seemingly marks a step toward a softer side of Wall Street. But there’s policy, and then there’s practice.
Companies are experimenting with all sorts of employee-friendly policies -- the four-day workweek, no-meeting Wednesdays, more casual dress codes -- but unless they’re embraced by the firm’s leadership, they won’t make much of a difference. In a banking world where long vacations are generally frowned upon, providing partners and managing directors all the time off they want doesn’t matter if they simply don’t take it.