Morgan Stanley is trying to woo its vice presidents into staying at the firm by offering them one month of paid leave.
According to the Financial Times, the investment bank started offering a four-week long sabbatical this week to junior bankers who make it to the VP level. A Morgan Stanley (MS) representative confirmed the rolling out of the program to Coins2Day but declined to comment further.
This news comes the same week that the bank announced an overhaul to its review system, discarding its numerical scale (which rates employees from 1 to 5) to one with five adjectives, according to the New York Times.
Morgan Stanley isn’t the only investment bank rethinking how it treats junior employees. Just yesterday, UBS (UBS) announced a new initiative that will give employees two hours of “personal time” every week. Meanwhile, J.P. Morgan Chase (JPM) openly discouraged employees from working weekends earlier this year.
But changes aren’t just limited to giving young bankers more time off. In November of last year, Goldman Sachs (GS) unveiled a new initiative to retain young talent, the provisions of which included faster upward mobility. The Royal Bank of Scotland (RBSPF) and Barclays (BCS) have announced similar programs, according to the FT.