First the longer holidays. Next the lower pay.
Fresh from reputedly reducing salaries for its VPs in London, Goldman is said to be offering its associates an entire month off before they become VPs. It’s also offering them a week of, ‘protected vacation,’ during which time it will be mandatory for them to ignore telephone calls and emails (implying this will not be the case during the new month off).
This follows the revelation a few weeks’ ago that Goldman is banning weekend work for its staff in Germany. London staff won’t be absolved of the need to work weekends, however. Goldman didn’t return a request to clarify whether associates at Peterborough Court will also benefit from its new longer and protected holidays.
The extended and disruption-free breaks are apparently to improve morale.
Headhunters recruiting associate-level candidates said they’re unlikely to do much to make the firm more alluring to potential hires. “No one ever asks about the amount of holiday they’re going to get. It’s all about the deal flow, the kind of boss they’ll be working with and the size of the package,” one informs us.
"It's questionable how this will work in practice," says another recruiter: "If you're on a live deal, you're on a live deal."