Good morning!
Americans are famously hard workers, and the idea of stepping away from a thriving career seems outrageous to most corporate strivers. But the pandemic fundamentally changed the way people think about their work life, and some high achievers are realizing that taking a sabbatical may actually be a good idea.
Jeremy Liew is one of them. A partner at Lightspeed Venture Partners, he put his intense business travel schedule on hold when he realized just how much time work was taking away from his family, writes Sarah Clemence in a new feature for Coins2Day. So he decided to temporarily step back from his job, and set off on a year-long trip with his wife and kids to various countries across the globe. Despite worries that his team would struggle without him, Liew found that his absence allowed others to step up and take on more responsibilities.
“It created all this upward momentum in their careers,” he told Coins2Day.
While sabbaticals are common in academia, they’re still uncommon in the private sector, and they’re often not financially supported by the company. Only 5% of companies offered workers paid extended leave in 2019, a figure that has only grown to 7% in 2023, according to a report from the Society for Human Resource Management (SHRM). But more large companies are warming to the idea of providing their employees with extended paid leave.
Fast-food giant McDonalds, for example, offers an eight-week paid sabbatical for employees who have worked for the company for 10 years or more. Bank of America’s program allows employees who have been at the company for 15 or more years to take two sabbaticals throughout their career between four and six weeks long. Consulting firm Deloitte offers two sabbatical programs: an unpaid one-month sabbatical that can be taken for any reason; and a three- to six-month sabbatical that can be taken to pursue personal or professional growth opportunities. Employees that choose the latter receive 40% of their base pay.
Some leaders are concerned about judgment, especially from other hard-working colleagues and peers who may see taking a sabbatical as lazy or unprofessional. That was the case for Ania Smith, who quit her job leading host services at Airbnb in 2018, and along with her husband and three kids, moved to Buenos Aires to relax, learn Spanish, and expose her family to a new culture. More than one mentor told her at the time that taking an “adult gap year,” as Smith calls it, could be damaging to her career. She’s now the CEO of gig work platform TaskRabbit, and six years later, she credits her time off as being critical to her success.
“My gap year played a pivotal role in my career,” Smith tells Coins2Day. “It gave me the space to reflect on what I truly wanted and develop a clear plan to achieve it, eventually leading me to my current role.”
You can read more about why leaders are benefitting from their sabbaticals here.
Brit Morse
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Today’s edition was curated by Emma Burleigh.
Around the Table
A round-up of the most important HR headlines.
German business Thyssenkrupp Steel will lay off around 11,000 staffers, reducing its workforce by about 40%, as it struggles to stay competitive against cheaper exports from Asia. WSJ
Macy’s has delayed its earnings report after it says an employee—who is no longer with the company—“intentionally” concealed $132 million to $154 million worth of delivery expenses. Bloomberg
Thousands of Amazon employees are expected to go on strike from Black Friday through Cyber Monday, pushing for the retailer to improve workers’ rights and climate initiatives. The Guardian
Watercooler
Everything you need to know from Coins2Day .
WFH war.The number of U.K. Remote job postings have dropped 13% between February 2023 and 2024, and employers who still offer flexible work will receive a ton of talented applicants vying for the spot. —Ryan Hogg
Holiday halt.Airport workers in North Carolina have gone on strike during Thanksgiving week to protest low wages and other grievances. —Erik Verduzco, AP
Tech takeover. Over half of Gen Z believe AI could take their jobs within the next decade, but only 6% of VP and high-level executives believe the same, according to a report. —Chloe Berger
