Bank of America offers up to six weeks paid sabbatical for longtime workers

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 time off to let employees "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. 

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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.

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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. That allowed investment bankers the chance to take off four weeks once they had been at the firm for at least 10 years.

Banker burnout
Offers of paid sabbaticals, though common in some industries, are rare in the banking world. Any firm would have to convince its employees that taking time off wasn't detrimental to their career. Some banking employees may be hesitant to request a sabbatical, on the chance they could be targeted for job cuts or denied advancement.

Others may be motivated to take advantage of the opportunity, especially after the pandemic forced workers to re-evaluate their work-life balance. 

"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."