Goldman Sachs Rolls Out New Employee Benefits

Goldman Sachs Group Inc (GS.N) on Monday introduced a slew of benefits for its employees, as it attempts to ease the strain on its workers and woo talent.

The bank is increasing its retirement fund, matching contributions for U.S. employees to 6% of total compensation, a jump of 2%, according to a person familiar with the matter.

Goldman will also contribute 8% of total compensation for employees making $125,000 a year or less, the person said, adding the bank was eliminating the one-year waiting period before matching employee contributions for new recruits.

Employees will be eligible for a paid leave of 20 days each for the loss of an immediate family member or in case of a miscarriage, the source said.

Key points:

• Goldman Sachs will provide 20 days of paid Family Care Leave for a miscarriage (applies to loss of pregnancy for yourself, spouse or surrogate) as well as the loss of a family member, including your spouse, domestic partner, or child. The firm will also standardize bereavement leave globally for non-immediate family members to five days, complementing generous leave policies currently in place.
• The new global sabbatical program also provides long-tenured employees a chance to recharge and re-energize whether that’s through spending additional time with their family, traveling, volunteering or just taking a break. It begins at six weeks of unpaid leave for employees with 15 years of service, and provides an additional two weeks for every five years of service at the firm therafter.
• Goldman Sachs will increase its retirement matching contributions for U.S. employees to 6% of total compensation (an increase of 2%); contribute 8% of total compensation for employees making $125,000 with no requirement for employees to contribute for the first 2%; and as a result of employee feedback, eliminate the one year waiting period for firm contributions for new joiners.

"We're focused on delivering energy optimization, resilience, and mental health programs that support our people in caring for themselves and their families," Bentley de Beyer, the bank's global head of human capital management, said in an e-mailed statement in response to Reuters' request for comment.

In February, a group of junior bankers in Goldman's investment bank told senior management they were working nearly 100 hours a week and sleeping 5 hours a night to keep up with an over-the-top workload and "unrealistic deadlines".

In response to the complaints, Goldman Chief Executive Officer David Solomon had said management was going to work harder to give them Saturdays off and to shift bankers from other divisions to the busiest teams in the investment bank. 

(REUETRS)