London Daily

Focus on the big picture.
Saturday, Jul 05, 2025

Goldman Opens Up Vacation  Rules for Senior Managers

Goldman Opens Up Vacation Rules for Senior Managers

One of Wall Street's best-known and most hard-charging banks is offering staff the option to take more time off
Goldman Sachs Group Inc., the 153-year-old Wall Street firm synonymous with long hours and a hard-charging culture, is telling some senior employees it won't be capping their days off.

Once reserved for only a handful of technology companies like Netflix Inc. and Twitter Inc., unlimited paid time off has been adopted more broadly in the tight labor market, according to a survey from employee benefits adviser Mercer.

Companies that have adopted the policy say the benefit can minimize burnout and instill a sense of trust among workers.

Goldman said partners and managing directors will no longer have a set number of vacation days starting this month.

The company is also expecting all employees to take a minimum of three weeks away from work each year.

More generous vacation paid time off is an especially important benefit at companies that have less-flexible work schedules and modalities, insurance and benefits provider MetLife Inc found.

Many of these firms have pushed workers back into the office more often and are now looking for other ways to match some of the flexibility seen across other industries, according to human-resource managers.

"It's that blurring of time off and work," said Rich Fuerstenberg, a senior partner in Mercer's health and benefits practice. "You get to a point, as an employer -- why am I going to even try to figure out when you're working, when you're not? Just call it unlimited. Work it out with your manager."

In addition to making time management easier, companies without set vacation time don't need to pay out accrued time off or deal with workers rushing to use vacation days by a certain date.

The policies are popular among employees, who often cite unlimited paid-time-off policies as benefits on company-ratings website Glassdoor. Even so, the track record of workers actually taking more days off has been mixed.

For Goldman, the decision marks the latest in a string of moves it has made to adjust to the banking, trading and deals environment since 2020.

Goldman was one of the more aggressive banks about returning to in-person work and had largely full offices in January. Meanwhile, its business has been booming.

Firms like Goldman have raced to bring workers back into the office and hire new ones to keep up with the flood of deals and frenzied markets.

Banks have more recently paid more to keep these workers. Goldman paid an additional $4.4 billion in compensation in 2021. JPMorgan Chase & Co. and Citigroup Inc. each spent billions more in compensation as well.

In November, Goldman announced paid leave for pregnancy loss, an expansion to the amount of time employees can take for bereavement leave, and the introduction of an unpaid sabbatical for longtime employees.

The company said its decision was designed to further support rest and recharge for workers.

"As a firm, we are committed to providing our people with differentiated benefits and offerings to support well-being and resilience," Goldman said in the email announcing the new paid-time-off policy, which was first reported by Bloomberg News.

Goldman has about 400 partners and thousands of managing directors. It has more than 45,000 total employees.

Employees with unlimited vacation time took about two more vacation days in 2019 than did those with capped days, according to the business software maker Justworks.

That has flipped during the pandemic. In 2020 and 2021, people with a limited number of vacation days took more than one full day of additional vacation compared with those with an unlimited number of days off.

Workplace consultants and human-resources officers say managers and company leaders need to set better expectations for their employees -- including recommending floors for annual vacation or taking time off themselves.

The sales software company Seismic implemented a flexible time-off policy for its roughly 1,000 U.S. employees in January after trying it out with executives last year.

The company recommends that staff take a minimum of 15 days a year but has asked employees not to track days. Previously, vacation days were accrued.

"If you need to take time off, you should," said Linda Ho, the company's chief people officer. "They just felt like a minimum would be a really good way to manage it and set expectations -- we believe employees take, on average, 20-something days per year."

Seismic asks that employees who want to take vacation beyond about three weeks consecutively have additional conversations about whether the absence is a vacation or a longer-term leave, Ms. Ho said.

The company estimates the change in policy will save more than $1.5 million annually in paying out accrued time.

Workers may miss that payout.

Kevin Zeillmann, a software engineer, got several weeks of vacation paid out when he left his prior job in August, a perk he appreciated.

He was skeptical of unlimited vacation policies when he was interviewed for a new role at the software company Kajabi last year. He pressed the company during interviews about how it was used. Still, he took the job.

Mr. Zeillmann took time off to travel for weekend trips, and he now is anticipating two summer vacations -- a family reunion in July and a trip to Cancun with his wife in August.

He worried his manager would perceive the trips as too close together, especially in advance of planned paternity leave in the fall. "He didn't seem fazed at all."
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
×