Good morning!
Employers everywhere are trying to stoke the fire within their workers amid widespread burnout and the Great Detachment. But one company is raising the stakes when it comes to recharging employees by giving them the benefit of not working at all.
Bank of America launched its sabbatical program in January 2023, offering four weeks of paid leave for workers who have been at the company for 15 years, five weeks for 20- to 25-year staffers, and six weeks for employees with 30 years under their belt. The perk allows workers to take two sabbaticals over the course of their careers on top of their regular vacation days and PTO, so that loyal staffers can unplug from work and unwind.
“We know that our employees want to have a fulfilling career with us, and be with us for a long tenure,” Kate Phillips, head of global benefits for Bank of America, tells Fortune. “But we also know that we need to provide them time to connect with the things and people that they care about outside of work. Our long-serving teammates deserve that opportunity to unplug from work and reinvest in their personal lives.”
So far the benefit has been wildly popular with senior staffers. Within the first year, Bank of America allowed about 10,000 employees to take the break. Another 11,000 have taken, or plan to take, their leave this year. Phillips says that workers are energized by the perk because it was created after the HR team listened to employees about the kind of benefits they actually wanted. Phillips has no doubt that tapping into meaningful benefits is more fulfilling than other rewards.
“We listen to our people. What our long tenured-teammates are telling us that they’re looking for is that time away. A chance to disconnect, to take a break,” she says. “You go really hard and fast, and having that opportunity to step away is more valuable than an extra bonus. It demonstrates that we want to invest in you and the things that are important to you.”
Phillips says that it’s always exciting to hear the different ways that staffers approach their sabbatical. Employee adventures range anywhere from traveling to Machu Picchu, or volunteering at a women’s empowerment project in Nepal, to taming their home gardens. “There’s those big stories about amazing trips, but a lot of the stories are about investing in relationships and personal time.”
It can be difficult to adapt operations when thousands of employees take sabbatical, but with a massive workforce of more than 200,000 staffers, Bank of America manages. Phillips explains that they spotlight this benefit and encourage workers to take the leave through a dedicated employee resource group (ERG) and constant conversations with managers. Bosses are notified a good deal ahead of time to best prepare for any productivity gaps.
“The vast majority of teammates that are eligible to take it do in fact take it. We have a culture of manager and teammate support,” she says. “There’s this real energy that is behind it, and everybody gets really excited about it. It feels very supportive.”
Emma Burleigh
emma.burleigh@fortune.com
Around the Table
A round-up of the most important HR headlines.
As AI helps skilled professionals do their jobs, young workers are boxed out from essential learning experiences, worsening the skills gap for junior employees. WSJ
The Biden administration has backed away from defending two federal DEI programs that support minority businesses. Washington Post
Women in their prime working years who are in the labor force peaked this May, but the gains for those with kids under the age of five has plateaued due to the high costs of child care. New York Times
Watercooler
Everything you need to know from Fortune.
No copycats. Hollywood video game performers will go on strike following two years of negotiations with several gaming companies over protecting staffers and their work amid AI usage. —Sarah Parvini, AP
Digital coworker. JPMorgan introduced an AI chatbot, telling staffers to view it as a research analyst. The bot will assist asset and wealth-management workers with writing, summarization, and idea generation. —Denise Wee, Chanyaporn Chanjaroen, Bloomberg
High expectations. Black female Olympians who have returned to their sports after taking mental health breaks highlight the need to recognize the intersectional harm of racism and sexism on these athletes. —Alanis Thames, AP
