In order to combat employee burnout, Goldman Sachs revealed it would be adding new employee benefits to retain workers and prevent turnover.
“We’re focused on delivering energy optimization, resilience and mental-health programs that support our people in caring for themselves and their families,” said Bentley de Beyer, global head of human capital management at Goldman Sachs.
The benefits include increased paid leave for those who have lost a family member, paid leave for those who have suffered a miscarriage, as well as a six-week unpaid sabbatical for long-term employees.
The banking company is also expected to increase its retirement fund for U.S. employees to 6% of their total compensation, or 8% for employees that earn less than $125,000 a year.
“We wanted to offer a compelling value proposition to current and prospective employees, and wanted to make sure we’re leading, not just competing,” said de Beyer.
An internal survey from March showed that first-year analysts stated that if their working conditions did not improve over the next six months, they would leave the company.
“Being unemployed is less frightening to me than what my body might succumb to if I keep up this lifestyle,” one employee said.