Bank of America is starting a paid sabbatical program to reward its long-term employees, starting with four weeks off for those who have spent 15 years with the company.
Beginning next year, the bank will offer its workers four to six weeks off to "reinvest in their priorities in life," according to a memo seen by Bloomberg News. The move is to recognize tenure at the company at certain career milestones, and to attract and retain talent.
Sabbaticals increase over time, amounting to five weeks for those who have worked between 20 and 25 years, and six weeks for 30 years or more, according to the memo. The paid time off is in addition to normal vacation days, according to a person familiar with the program who asked not to be identified discussing the private details. Employees can take two sabbaticals over the course of their career at the Charlotte, North Carolina-based company, as long as they meet eligibility criteria.
Bank of America staff who have already hit those benchmarks are still eligible to take part in the program on their next "milestone anniversary," according to the memo, the contents of which were confirmed by a representative of the company.
Firms across corporate America and Wall Street are grappling with employee
"Your emotional wellness matters and is an essential component of your overall health," Bank of America said in the memo. "Whether looking to enhance your skills, tackle your daily routine or talk to a professional to help navigate emotions, we want to make finding the right resource for your needs easy."
