BofA offers six weeks paid sabbatical for longtime staff

Bloomberg

Bank of America Corp (BofA) 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 time off to let employees “reinvest in their priorities in life,” according to a memo seen by Bloomberg News. The move is to recognise tenure at the company at certain career milestones, and to attract and retain talent.
Firms across corporate America and Wall Street are grappling with employee burnout, and fighting to retain talent. About half of US workers could be described as “quiet quitters,” according to recent research by survey firm Gallup, meaning they fulfill their job description but are psychologically detached from their work.
Bank of America’s 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 vacation days, a person familiar with the program said, asking not to be identified discussing the 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. The new program will replace an existing sabbatical option that was offered to employees in the firm’s global banking and markets division, the person said.